Custodial Accounts, or the Uniform Transfers to Minors Act (UTMA) with State Farm Bank®
These accounts give parents, relatives, and family friends a way to give money to a minor without going through the complicated process of establishing a trust. Though not specifically designed for college expenses, the Uniform Transfers to Minors Act (UTMA) has helped many families pay for higher education. Anyone can make contributions to the account and there are no limits. Contact an agent for details or to open a Custodial Account with State Farm®.
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Fast Fact
This account belongs to the minor whose name is on the account. Once the child reaches the age of 211 and gains control of it, the funds can be used for any purpose, not just education expenses.
Save with a Name you Know and Trust – Anywhere, Anytime
State Farm Bank is a full-featured online bank, providing our customers 24-hour access to a wide range of products that offer both convenience and the security of FDIC insurance. You can fund the Custodial Account with:
- Money Market Savings
- Fixed Rate CDs
- Savings Accounts
- Checking Accounts