We all know that as the cost of college tuition skyrockets, ensuring our children's financial futures is getting harder and harder. Ease the burden of educational expenses, or any other long-term goals, by setting aside money for your child today.
When you're ready to start saving for your child's future, your credit union can help. We offer accounts that can be opened under the Uniform Transfers to Minors Act (UTMA) for the benefit of a minor. This type of account requires that an adult over age 18 be named as a “custodian” of the account.
If you wish for the minor to have equal access to an account, consider setting up an account with joint ownership.
If you have any questions or if we can help you in any way, please contact Member Services at (800) 640-1228.
*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.