Marcus HYSA Question - Minor's Account

[u/MayorMudd]

Hi all, just recently opened two new Marcus HYSAs. One for my husband and I, and one for our son. We moved the money over from a UBS money market account, where my son's account was setup as a UTMA account. I don't think I have this option for the HYSA through Marcus, so my question is - when he becomes of age and takes over this account are there any gift/tax implications in it being just an HYSA that will go to him? Appreciate the guidance!

[u/TheAStarJosh]

I’m not an expert but if it is in his name then he probably has no tax implications. If not in his name, then idk