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Custodial Accounts for Minors

Set them up for success.

When you're ready to start saving for your child's future, your credit union can help. A custodial account requires that an adult over age 18 be named as a “custodian” of the account.

Account details:

  • One minor and up to two custodians can be named on the account
  • Only a custodian can withdraw from the account, make deposits or close the account
  • Designate the age of 18 or 21 years old to turn control of funds over to the child
  • Funds from the account may only be used for the benefit of the minor
  • Account may be set up as a savings or checking account
Savings Account Options
Checking Account Options

  Regular Savings
Money Market Savings
Savings Certificates

Regular Checking
Checking Plus
Extra Credit Checking
Enhanced Benefit Checking

Account benefits:

  • A convenient way to save for the benefit of a child while limiting their access to the account
  • Easy way to save for long-term goals, such as college tuition
  • Allows parents or other interested persons to make monetary gifts to minors

If you wish for the minor to have equal access to an account, consider setting up an account with joint ownership.