Custodial Accounts (For Youth)
“A penny saved is a penny earned.” – Benjamin Franklin
Custodial Accounts are a great gift to give to your children or grandchildren. This account can be used for a variety of reasons: education, cars, or even help saving for a down payment. No withdrawals may be made from the account unless the funds are used for the benefit of the minor, who cannot have access to the account until he or she reaches the age of 18 or 21.
Once the minor turns 18 or 21, the account is closed and a membership savings account can be opened in his or her name. Dividends are earned once there is a balance of $50 in the account. You may open a certificate to earn a higher dividend rate. See certificates for details.