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A custodial account under the Uniform Transfers to Minors Act (UTMA), available through PNC Investments, allows you to save for your child or grandchild's future needs. This includes higher education expenses.
Anyone can open an account; no income restrictions or qualifications to be met
There is no limit on contribution amounts or the number of contributions you can make
Account beneficiary gains control of the funds at age 18 or 21, based on your state
A custodial account under the Uniform Transfers to Minors Act (UTMA) allows you to save for your child or grandchild’s future needs, including (but not limited to) higher education expenses. Although custodial accounts are not tax-advantaged accounts, earnings and withdrawals may be subject to the child’s tax rate rather than the account holder’s.
Pricing & Fees
For pricing and fee information, please contact PNC Investments or see the PNC Investments Client Schedule of Commissions & Fees.
Gift Tax Exclusion
Contributions to custodial accounts under UTMA qualify for the annual federal gift tax exclusion, up to $15,000 for 2020.
Though there are a few exceptions, in most cases the beneficiary has no right to the assets in the account until he or she reaches age 18 (or 21, in some states).
This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC Investments and its affiliates and vendors do not provide legal, tax or accounting advice.
Important Investor Information: Brokerage and insurance products are:
Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value
Securities products, brokerage services and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member FINRA, and SIPC. Annuities and other insurance products are offered through PNC Insurance Services, LLC, a licensed insurance agency.
This document provides information on additional compensation that PNC Investments receives from certain mutual fund companies, 529 plan program managers and insurance companies.
This material does not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so.
PNC Investments does not guarantee the performance of any investment. Investing results may vary. Investments may lose money. Diversification and asset allocation may not prevent a loss of investment.
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