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Child/Minor Savings Accounts

From one generation to the next

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. 

Custodial and Youth account details

Custodial Youth

Age range

Custodial

0–17

Youth

12–17

Primary account holder

Custodial

The minor

Youth

The minor

Managed by

Custodial

The UNFCU member who opened the account

Youth

The minor and the UNFCU member who opened the account

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

Link a debit card

Custodial

Youth

With the following daily limits:

  • Purchases: $140
  • ATM withdrawals: $60

Visa® foreign transaction fee

Custodial

Youth

1.00% for non-USD cash withdrawals and USD cash withdrawals outside the US

Mobile & email account alerts (setup required)

Custodial
  • Account transactions
  • Account balances
  • Share certificate maturity dates
Youth
  • Account transactions
  • Debit card purchases
  • Account balances
  • Share certificate maturity dates

Arrange for payroll deposit

Custodial

Youth

Insured by NCUA

Custodial

Up to $250,000 per account holder

Youth

Up to $250,000 per account holder

Member Loyalty Rewards

Custodial

Youth

Toddler in a garden.

Open a child/minor savings account

Give the gift of good money habits.

Top child/minor account FAQs

When a minor becomes an adult, they can become a member of UNFCU: 

  • Minors with Youth accounts may convert their Youth accounts to standard accounts at age 18. 
  • With the custodian's consent, minors may convert their Custodial accounts to standard accounts at age 18. Minors with Custodial accounts may not convert their Custodial accounts to standard accounts on their own until age 21. 

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.

Resources to help you manage your account

Visit the Help Center
Savings & Spending Accounts

Compound savings calculator

Savings & Spending Accounts

Convert a Custodial account to a Youth account

Savings & Spending Accounts

Update share certificate renewal options 

Digital Banking Setup

View account statements

An introduction to smart spending

Continue teaching good money habits with a spending account for ages 12–17 featuring limited debit card and ATM access.