Can grandparents open a youth account for a grandchild?

Youth accounts can only be established by parents or legal guardians. However, grandparents have a fantastic alternative to help their grandchildren save for the future: the Virginia Uniform Transfer to Minors Act (VUTMA) account.

With a VUTMA account:

• Who can open it? Parents, legal guardians, or grandparents.
• Flexible Gifting Age: The custodian decides when the funds are gifted—at age 18, 21, or 25.
• Pathway to Savings: A great way to support your grandchild’s financial future.

Call or visit a branch today to learn more about our VUTMA accounts and how you can open a custodial account for your grandchild!