All BMO Harris branch location ATMs are also available free of charge to Park Bank customers!
If you want to set aside money for college expenses that aren’t covered by an Education Savings Account or 529 plan, a custodial account can help. Custodial accounts—also known as UGMA or UTMA accounts after the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act that created them—are created for your child and managed by you. These trust-like accounts let you invest for a child’s education by making irrevocable transfers of income-producing assets to that child (and a lower tax bracket). You have broad control how the money is invested and spent while your child is a minor. When your child reaches maturity, typically 18, 21 or 25 years depending on your state— the account will need to be transitioned to the child and the money becomes his or hers to use in any manner they choose.
Assets placed in a custodial account are excluded from the gift tax, which also requires the money to be an irrevocable “no strings attached” gift
Money from a custodial account can be used for college expenses that are not covered by an Education Savings Account or 529 plan, such as membership dues or car repairs
Anyone (parents, grandparents, other relatives and friends) can make unlimited contributions to a custodial account up to the annual gift tax limit
It takes as little as $100 to open a Custodial Account at Park Bank