Custodial Accounts, or the Uniform Transfers to Minors Act (UTMA) with State Farm Bank®
These accounts give parents, relatives, and family friends a way to give money to a minor without going through the complicated process of establishing a trust. Though not specifically designed for college expenses, the Uniform Transfers to Minors Act (UTMA) has helped many families pay for higher education. Anyone can make contributions to the account and there are no limits. Contact an agent for details or to open a Custodial Account with State Farm®.
Contact an Agent
This account belongs to the minor whose name is on the account. Once the child reaches the age of 211 and gains control of it, the funds can be used for any purpose, not just education expenses.
Save with a Name you Know and Trust – Anywhere, Anytime
State Farm Bank is a full-featured online bank, providing our customers 24-hour access to a wide range of products that offer both convenience and the security of FDIC insurance. You can fund the Custodial Account with:
- Money Market Savings
- Fixed Rate CDs
- Savings Accounts
- Checking Accounts
Find an Agent
1This account will be governed and administered in accordance with Illinois law to the extent not preempted by Federal law.
For more information about FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
If you have additional questions about FDIC coverage limits and requirements you may also call the FDIC toll free at 877-ASK-FDIC, or call State Farm Bank toll free at 877-SF4-BANK (877-734-2265).
Neither State Farm nor its agents provide tax or legal advice.
State Farm Bank, F.S.B., Bloomington, Illinois ("Bank"), is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm Agent.