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Custodial Accounts

Use a variety of CIT Bank products to set up a Custodial Account under the Uniform Transfers to Minors Act (UTMA) for a child in your life and give them a head start on their dreams.

Help a child you care about enjoy a more secure tomorrow

Open an account in the name of a child in your life and start them on the savings path. You'll enjoy added tax benefits, and they'll have a head start when they need it most. 

  • As custodian, you control the account until the minor reaches age 18, unless a later age is designated which may be up to 25 years of age
  • Part of the earnings may be free of federal taxes
  • There is no maximum annual contribution limit and potential to not incur federal gift taxes; please refer to: IRS Publication 559 for the Gift Tax Annual Exclusion amounts
  • It’s FDIC insured
  • Manage your account and view statements online
  • Easy account setup
  • Most CIT Bank products can be set up as custodial accounts under the Uniform Transfers to Minors Act. IRA accounts cannot be opened as CIT Bank Custodial Accounts.