There are several options when setting up savings accounts for kids:

For joint accounts,  we treat all owners, who are referred to as “co-owners,” as joint tenants with right of survivorship (described below), unless:

• Applicable state laws require other treatment, or
• We agree with you in writing that the account is owned in some other way.

Regardless of how your account is owned, we don’t keep a separate record of each co-owner’s interest in the account. We act on instructions from any co-owner (or a co-owner’s authorized representative) without obtaining other co-owner’s consent, including withdrawing or transferring funds, making payments, or closing the account. Each co-owner has complete control over all of the funds in the account. We may pay out money from the account upon the request or direction of any co-owner (or a co-owner’s authorized representative), regardless of their contributions to the account, and whether any other co-owner is incapacitated or deceased, or whether the account includes a right of survivorship.

Uniform Transfers/Gifts to Minors Act account.  An account established under a state’s Uniform Transfers/Gifts to Minors Act that is controlled by a custodian (an adult who holds the minor’s funds in the account for safekeeping). We may disclose account information to the minor or their authorized representative. When the minor reaches the age established by the UTMA/UGMA laws in your state, we may pay the funds in the account to the minor without waiting for instructions from the custodian.

Minor by account.  One or more adults may open an account, as custodian (an adult who holds the minor’s funds in the account for safekeeping) in the name of a minor. The minor owns the funds in the account. The adult, as the custodian, has exclusive control of the account and the minor cannot make deposits, withdrawals or transact on the account. If there’s more than one adult as the custodian on the account, each may act independently. We’re not obligated to inquire about the use of the funds. When the minor reaches the age of majority, they still will not be able to make deposits, withdrawals or transact on the account except to close the account. If the adult as the custodian (or the last of the adults as the custodian to survive) dies before the minor reaches the age of majority, we may transfer the funds to a successor custodian according to the applicable Uniform Transfers/Gifts to Minors Act.