Kids Savings Account

Help your child save and grow with a custodial savings account.

Savings that belong to your child, with your guidance every step of the way.

Looking for a dedicated bank account for your child? More than just a savings account, New Omni Bank’s Kids Savings Account¹ is a way to show love, intention, and future-minded care. This custodial savings option helps parents, grandparents, and guardians give children a financial head start — saving toward education, milestones, or life goals.

Established under the California Uniform Transfers to Minors Act (CUTMA), our Kids Savings Account makes it simple to turn small steps today into lifelong impact.

What is a CUTMA account?

CUTMA stands for the California Uniform Transfers to Minors Act. It allows an adult (the “custodian”) to manage money for a child until they reach adulthood.

The funds belong to the child and can only be used for their benefit.

Who Is This Account For?

Our Kids Savings Account is designed for families who want to build a child’s future with care and intention:

Parents and grandparents saving for education, a first car, or other milestones
Families in the U.S. or abroad (including non-U.S. residents) who want to save in USD for a child’s future
Adults seeking to leave a legacy and create a meaningful financial gift for a loved child
Culturally connected families who value bilingual service and relationship banking

Why Families Choose New Omni Bank

Earn competitive interest

Grow savings faster with our competitive rates when your balance meets the $1,000 minimum.²

Open to non-residents

Custodians do not need to live in the U.S. to open an account.

Belongs to the child

Funds are in the child’s name, protected until they reach adulthood — anywhere between 18 and 25.

Covers more than education

Custodian may withdraw for the child’s direct benefit, including education, healthcare, extracurriculars, and milestones.³

Family-friendly contributions

Accept deposits from family and friends — even from overseas — at any time. Monthly, yearly, or as gifts for birthdays, holidays, or milestones.

Fee-free & FDIC-insured

No monthly service fees. Savings protected up to applicable FDIC limits.

Why Choose a CUTMA Account Instead of a 529 Plan?

Unlike 529 plans (mainly for college expenses), a CUTMA account can cover any expense that benefits your child — while staying FDIC-insured and free from market risk.

Account Overview

Minimum Opening Deposit

$1,000²

Interest

Yes — if the daily balance is $1,000 or above (variable rate)²

Monthly Maintenance Service Charge

Transaction Limitation

Up to six (6) certain withdrawals or transfers per monthly statement cycle

Age of Majority

Default 18 in California, but may be set as high as 25 at account opening

Open to non-residents

Open to U.S. residents and non-residents as custodian, age 18 or older.

Example Savings Goal

How your child’s savings can grow

(with an opening deposit of $1,000 and 1.50% APY for illustration)

Years Saved	Monthly Deposit	Estimated Savings*
10 years	$300	$39,954.52
15 years	$300	$61,717.70
18 years	$300	$75,574.84

* This example is hypothetical and for illustration only. It does not guarantee future results, assuming monthly compounding. Actual earnings will vary based on your account’s interest rate, which is subject to change.

Why Start Now?

Start early – small deposits add up over time
Perfect gift idea – family and friends can contribute anytime, anywhere
Build good habits – children learn the value of setting goals and saving

Ready to open a Child Custodial Savings Account?

Visit your nearest New Omni Bank branch, call us today, or submit an online inquiry form now.

SEND US AN INQUIRY

Frequently Asked Questions

1. Who can open this account?

Any adult—parent, grandparent, relative, or trusted friend—can be the custodian for a minor under 18, including non-U.S. residents.

2. Can other people contribute?

Yes. Contributions can be made by parents, grandparents, relatives, and friends. Please speak with us about the correct way to make deposits under CUTMA.

3. How many people can be on the account?

Each Kids Savings Account can have only one custodian and one minor. The custodian may also name a successor custodian.

4. Can the child withdraw money before reaching adulthood?

No. Only the custodian can withdraw before the legal age.

5. Can the custodian use the money before my child reaches adulthood?

Yes, but only for the child’s direct benefit—such as education, healthcare, extracurricular activities, or other life milestones.

6. What happens when my child turns 18 (or the chosen age up to 25)?

Control transfers fully to the child.

Disclosure

The Kids Savings Account at New Omni Bank is established under the California Uniform Transfers to Minors Act (CUTMA). Funds deposited belong to the minor and are managed by the custodian until the minor reaches the age of majority, which is 18 in California or up to 25 if specified at account opening. Withdrawals may only be made by the custodian and must be used solely for the benefit of the minor. Terms, conditions, and eligibility requirements apply. This account is FDIC-insured up to applicable limits. Rates and terms are subject to change without notice.
Interest rates and annual percentage yields (APY) are variable and subject to change at any time. Interest is calculated using the Daily Balance Method, compounded and credited monthly. The Daily Balance Method applies a daily periodic rate to the full amount of principal in the account each day. If the account is closed before the accrued interest is credited to your account, you will not receive the accrued interest.
New Omni Bank limits certain withdrawals and transfers from savings accounts to a maximum of six (6) per monthly statement cycle. This includes checks, ACH, telephone, and online transfers. Transactions made in person at a branch, by mail, or by messenger are not subject to this limit. An excess transaction fee of $20 applies to each transaction that exceeds this limit, regardless of your account balance.

For more information, please refer to our Deposit Agreements and Disclosures and Deposit Rate Sheet. Products, services, interest rates, and fees are subject to change. To determine how much of your deposits are insured, visit the FDIC Electronic Deposit Insurance Estimator (EDIE) at https://edie.fdic.gov/index.html.

Earnings of this account may be subject to federal and state taxes. Please consult a tax professional for details.