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FNBA’s NJUGMA custodial savings account lets you save on behalf of a minor with competitive interest and no complications. You manage the account. Your child benefits from every dollar you set aside.
Whether you’re a parent, grandparent, or guardian, a custodial savings account is one of the simplest ways to build a financial foundation for a child. Open an NJUGMA account at any South Jersey FNBA branch and a local banker will walk you through every step.
NJUGMA stands for the New Jersey Uniform Gifts to Minors Act. It is a state law that allows an adult to open and manage a savings account on behalf of a minor. The adult (called the custodian) controls the account and makes all decisions about deposits and withdrawals until the child reaches the age of majority.
In New Jersey, the age of majority for NJUGMA accounts is 21. At age 21, the Custodian transfers ownership and control of the account to the beneficiary. Until then, the custodian manages everything.
Feature | Detail |
Monthly Service Fee | Monthly service charge if daily balance falls below $25 any day of the month: $2.00 Accounts closed within first 6 months: $5.00 charge |
Minimum Balance | $25.00 |
Interest | Quarterly interest credited/compounded on your balance |
Account Control | Managed by the adult custodian until child turns 21 |
Transfer of Ownership | Custodian transfers to the child at age 21. |
Statements | Quarterly, paper or free e-Statement |
e-Statements | Free, faster, paperless, available on demand |
Free Mobile Banking | Custodian can check balances and manage the account |
Online Banking | Free, available 24 hours a day |
FDIC Insured | Insured up to $250,000 per deposit account, funds greater than $250,000 are eligible based on ownership category. |
NJUGMA accounts are subject to New Jersey Uniform Gifts to Minors Act requirements. Ownership transfers to the minor at age 21. APY = Annual Percentage Yield. Rates subject to change without notice. Member FDIC. Equal Housing Lender.
In New Jersey, NJUGMA account ownership is transferred to the minor by the custodian when they turn 21. Upon transfer by the custodian, the beneficiary gains full control of the account and all funds in it. Deposits made to the account are considered irrevocable gifts to the minor.
Because of this, it is important to understand that funds placed in an NJUGMA account belong to the child from the moment they are deposited. Your FNBA banker can answer any questions about how this works before you open the account.
Looking for a straightforward savings account for yourself alongside your child’s custodial account? Statement Savings earns competitive quarterly interest with no surprises and no fine print.
The FNBA Growing Family Hub brings together all the accounts, tools, and resources designed for South Jersey families building their financial foundation.
The adult custodian controls the account entirely until the child reaches the age of majority. The custodian makes all decisions about deposits, withdrawals, and account management. The minor has no access until the account is transferred to them by the custodian.
In New Jersey, NJUGMA accounts shall be transferred by the custodian to the minor at age 21. At that point, the beneficiary becomes the sole account holder and gains full control of the funds.
Yes. Additional deposits can be made to an NJUGMA custodial account at any time by the custodian. Keep in mind that all deposits are considered irrevocable gifts to the minor under NJUGMA rules; funds cannot be taken back once deposited.
No. NJUGMA accounts allow only one custodian at a time. Speak with your FNBA banker for details on how this works in practice.
Visit any of our four South Jersey branches with the minor’s information and a valid ID. A banker will walk you through the process and answer any questions about how the account works.
Visit any FNBA branch in South Jersey to open an NJUGMA custodial savings account. A local banker will walk you through the process from start to finish.
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