Launch Pad Accounts
It's a Uniform Transfers to Minors Act (UTMA) Savings Account - an irrevocable custodial savings account held for the benefit of a minor. While all assets in the account belong to the minor, the adult custodian manages the funds, investments, or assets until the minor reaches the age of majority. This savings account is a great way to build wealth for your child and enjoy potential tax benefits too. It’s never too early to prepare for your child’s future.
The Logix UTMA Launch Pad Savings Account helps to secure your child’s future and helps them learn good money habits while having fun with educational tools, like interactive web activities and coloring books. You’ll help build their independence while teaching them to develop good financial habits that they’ll use for the rest of their lives!
There are many benefits to opening an UTMA Launch Pad Savings Account. Here are a few benefits:
- Income earned on the contributions is generally taxed at the minor’s tax rate
- Money contributed to the account may be exempt from paying a gift tax
- Assets can be withdrawn, for the benefit of the minor, without penalty
- Educational tools that teach your child about money management
Visit a branch or contact our Member Service Center to open a Logix UTMA Launch Pad savings account for your kids today, and get a free children's snack bag!
The content is provided for informational purposes only, and not intended to provide investment or tax advice. Please consult your tax advisor for information and advice on the tax implications of a custodial account. Logix membership is required, including opening a savings account with a minimum $5 deposit. Limit one free children’s snack bag per child, while supplies last. Logix Smarter Banking is a registered trademark of Logix Federal Credit Union.