Save for a young family member’s financial future
Prepare a family member under the age of 18 for lifelong financial success. Choose a Custodial account that you manage on their behalf, or a Youth account that you and your young family member manage together.
Manage the Youth or Custodial account from anywhere, 24 hours a day, using Digital Banking.
Earn up to 3.00% APY1 as you save for your young family member’s future.
Have peace of mind knowing that the money is insured up to $250,000.
Save securely on behalf of a family member ages 0–17. The minor will not have direct access to the money in these accounts.
Give a family member ages 12–17 the opportunity to manage their own money. You will both have access to these accounts through Digital Banking.
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Custodial |
Youth |
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|---|---|---|
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Age range |
Custodial 0–17 |
Youth 12–17 |
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Primary account holder |
Custodial The minor |
Youth The minor |
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Managed by |
Custodial The UNFCU member who opened the account |
Youth The minor and the UNFCU member who opened the account |
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Accounts available |
Custodial
|
Youth
|
|
Access to Digital Banking |
Custodial The UNFCU member who opened the account |
Youth The minor and the UNFCU member who opened the account |
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Link a debit card |
Custodial — |
Youth With the following daily limits:
|
|
Visa® foreign transaction fee |
Custodial — |
Youth 1.00% for non-USD cash withdrawals and USD cash withdrawals outside the US |
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Mobile & email account alerts (setup required) |
Custodial
|
Youth
|
|
Arrange for payroll deposit |
Custodial
|
Youth
|
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Custodial Up to $250,000 |
Youth Up to $250,000 per account holder |
|
|
Custodial
|
Youth
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Give the gift of good money habits.
UNFCU members who are eligible for membership based on their employment or affiliation with a membership association may open a child/minor account. UNFCU members who joined as family members are not permitted to open these accounts.
When a minor becomes an adult, they can become a member of UNFCU:
When a minor reaches the required age, we will send them instructions on how to become a member of UNFCU. They can also close their account(s) if they prefer. The former minor will have 60 days to complete their membership application or close their child/minor account(s). After 60 days, their access to the account(s) will be frozen. We will remove this freeze as soon as they complete their membership application or close their child/minor account(s).
With a Youth account, the minor can access the money in the account. For security, anyone with access to the account needs to present a valid form of identification.
All US financial institutions, including credit unions, must comply with the reporting rules of the US Internal Revenue Service (IRS). To report the correct information, we need to know if a member and account holder pays taxes in the US. Form W-8BEN should be completed by members and account holders who are not US taxpayers. Form W-9 is for US taxpayers.
For Custodial accounts, the custodian needs to sign the applicable tax forms. For Youth accounts, either the minor or the adult joint account holder can sign.
The successor custodian takes over the management of the account on the minor’s behalf if the custodian passes away, resigns, becomes incapacitated, or is removed. The successor custodian must be eligible for UNFCU membership and become a member of UNFCU before beginning custodial duties on the account.
Continue teaching good money habits with a spending account for ages 12–17 featuring limited debit card and ATM access.
