Utah Educational Savings Plan

Opening Your Account

When can I open a Utah Educational Savings Plan (UESP) account?

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You can open a UESP account anytime. If opened manually, UESP must receive your paperwork by the last business day of the year in order to receive credit for a contribution in that particular tax year.

 

How do I open an account?

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You can open an account online or by completing an Individual Account Agreement. Account Agreements can be submitted in one of the following ways:

  • Fax to 800.214.2956
  • Mail to UESP at PO Box 145100, Salt Lake City, UT 84114-5100
  • Hand deliver or send overnight to the Board of Regents Building, Gateway 2,
    60 South 400 West, Salt Lake City, UT 84101-1284
 

What is the difference between an individual, institutional, and UGMA/UTMA custodial account?

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Individual account. An individual account is an account opened and controlled by an adult for the benefit of a beneficiary. This is the most common type.

Institutional account. An institutional account is opened and owned by an institution such as a trust, corporation, or other organization.

UGMA/UTMA Custodial account. A UGMA/UTMA Custodial account may only be established with liquidated funds from an existing Uniform Gifts to Minors Act (UGMA)/ Uniform Transfers to Minors Act (UTMA) custodial account. The beneficiary is the irrevocable owner of the account. A custodian (agent) will manage the account for the beneficiary until the beneficiary reaches the age of majority in the state in which the UGMA/UTMA account was established.

For complete definitions and descriptions of the account types, see the Program Participation Information section of the UESP Program Description.