While traditional youth accounts can only be opened by a child's parent or legal guardian, Verity offers other accounts that can be opened by grandparents, aunts, uncles, or any other adult for the benefit of a child.
Uniform Transfer to Minor Account (UTM)
An UTM account allows any adult to open an account on behalf of a child. The account is in the name of the youth, but the adult who opened the account is the one who has transactional control until the youth turns 21 years old. At that time, the account is transferred to the named youth.
This is a great account for grandparents, aunts or uncles looking to put money aside for a younger relative.
Help save for higher education costs with an Education IRA. An adult can open an Education IRA and use the funds to support a child as they need it. The funds must be used for educational purposes without tax penalties.
Uniform Transfer to Minor accounts and Education IRAs cannot be opened online. Please contact us to get started.