Custodial Accounts for Minors

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.

Get Started


 Already have a VACU savings account?

Whether you’re looking to set up direct deposit, discover ways to maximize your savings or learn more about the features of your VACU savings account, our resources can help.

 View our account holder resources

The establishment of a custodial account may have legal and tax limitations, including income, gift, and estate tax consequences. You may want to consult your tax advisor before opening a custodial account.