Fiduciary Accounts

Money Market Account

• A high-yield account with a tiered dividend rate. Once a particular balance range is met, the dividend rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
• No minimum balance is required, however a minimum of $1,000 is needed to earn interest.
• Dividends are compounded daily and credited monthly. 
• Interest rate varies based upon account balance. 
• Rates are variable and may change after the account is opened. 

Uniform Transfers to Minors

• A custodial account, established under the Florida Uniform Transfers to Minors Account, UTMA can be used as a savings, checking, certificate or money market account and allows you to permanently transfer funds to a minor.
• Funds withdrawn can only be used for the designated minor.
• Dividends are compounded monthly and credited monthly. 

No, retirement accounts, loans, credit cards and safe deposit boxes cannot be placed under a Revocable Trust. You'll need to open a general membership account for these types of accounts to go under.

A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor (under the age of 21, authorized up to the age of 25). The minor to whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor and is the only party entitled to make withdrawals, or close the account. Withdrawals made from the account should be used for the benefit of the minor.

You can establish at UTMA once you provide Suncoast with the name of the custodian, successor custodian and the social security number of the minor receiving the gift (verbal verification of the social security number is acceptable). The UTMA is a tiered rate account with the highest dividend rate paid on balances of $1,000 or more. On days when the balance falls below $1,000 the dividend rate shall be the same rate as paid on regular share savings accounts.

Although the minor owns the funds in the account, he/she cannot access it. It is the custodian’s responsibility to release the funds to the beneficiary at the applicable age.

Any adult may open an account as a custodian for a minor as long as the minor meets eligibility requirements. Suncoast requires a Successor Custodian be named at the time the account is established, and Suncoast can only release funds at the direction of the custodian or the court, not upon the request of the beneficiary (minor).

The custodian has full power and discretion to use the money deemed necessary for support, maintenance, education, or other benefits of the minor.

Establishment of a UTMA may affect the minor’s ability to qualify for education benefits, such as FAFSA.

Establishment of a UTMA may result in tax savings. Consult your tax advisor for advice on your individual needs.