Uniform Transfer to Minors Act Accounts
If you prefer a savings account for your child that you control, consider a Uniform Transfer to Minors Act (UTMA) account. The child's name appears on the account and the dividends are reported using the child's tax ID number. However, the child has no access to the funds. Funds must be disbursed by the time the child reaches age 21. SFCU offers UTMA savings, checking and certificates.