The custodian is responsible for managing and distributing the funds in the Custodial (UTMA) Savings Account of BoA (Bank of America) on behalf of the minor.

The details of the Custodial (UTMA) Savings Account for Children offered by BoA (Bank of America) are as follows:

Account ownership
Parent/guardian acts as custodian for the minor's account

Interest Rates
0.01% interest rate
0.01% Annual Percentage Yield (APY)

Ability to make automatic transfers to help build the savings
Yes

FDIC insured to maximum amount allowed by law
Yes

Minimum Opening Deposit
$25


Fees and Policies
No monthly maintenance fee for each statement cycle that:
Maintained a minimum daily balance of at least $300
One may also make combined monthly automatic transfers of $25 or more from Bank of America checking account to custodial savings account during the immediately preceding statement cycle.
Or
Pay $5/month

Withdrawal Limit Fee
Total of 6 transfers and withdrawals each monthly statement cycle without a Withdrawal Limit Fee
One may be charged a $10 fee for each additional transfer and withdrawal make before statement cycle ends.
One will be charged no more than 6 of these fees each statement cycle.
If maintain a minimum daily balance of $20,000 or more in this account, won’t be charged this fee.
Transaction limits apply