The title requirement depends on the type of account. One type of custodial account for a minor is established under the Uniform Transfers to Minors Act (UTMA). Such accounts must be designated in the name of the minor’s account custodian followed by the words “as a custodian for  ………….. (name of minor) under the Illinois Uniform Transfers to Minors Act.” 

Notably, the Illinois Banking Act also permits a bank to set up an ordinary deposit account for a minor in his or her own name, separate and distinct from an UTMA account. It is not necessary to add an adult to such an account or to title such an account in an adult’s name.

For resources related to our guidance, please see:

• Illinois Banking Act, 205 ILCS 5/45.1 (“A state bank may accept deposits made by a minor and may open an account in the name of such minor and the rules and regulations of such bank with respect to each such deposit and account shall be as binding upon such minor as if such minor were of full age and legal capacity.”)

• Illinois Uniform Transfers to Minors Act
  • 760 ILCS 20/2 — Definitions
  • 760 ILCS 20/10 — Creation of Custodial Property
  • 760 ILCS 20/13 — Care of Custodial Property​
  • 760 ILCS 20/21 — Termination of Custodianship