Absolutely! Children can have a savings account.
First Choice encourage children to join our First Choice Kids Club that comes with some helpful tips and gifts to keep these young members engaged. Children’s accounts are set up as an UTMA account.
What is a UTMA account?
The most common trust for a minor is known as a custodial account (UTMA account). The Uniform Trust to Minors Act (UTMA) established a simple way for a minor to own securities without requiring the services of an attorney to prepare trust documents or the court appointment of a trustee.
Children are not allowed to withdraw from the account without the custodian’s consent.