As a dedicated partner for our members, we’re committed to helping the kids in your life start developing good money habits and skills as early as possible. It’s never too early to start saving, and with our variety of accounts for children and minors, you can start building a strong financial foundation for any special child in your life.
Youth Savings Accounts
Minors under 18 years old (along with a Joint Guardian, 18 years or older) can open this account with a minimum balance of $5 — and it has no minimum average daily balance requirement. A Youth Primary Savings Account will automatically convert to a Primary Savings Account after a member turns 18.
Coogan Account
Parents or guardians, set up this special trust account for your minors who earn income from entertainment or sports-related jobs. As directed by law, 15% of their related income must be directly deposited to the account. Funds cannot be withdrawn from a Coogan Account (unless they’re transferred to another Coogan Account) until the child turns 18, at which point they’ll need a certified copy of their birth certificate to withdraw the funds.
Happy Savers Club
Start a Happy Savers Club for the child in your life with just $5. Designed for children up to age 12, the account makes savings fun with a variety of prizes and rewards for achieving milestones. (When the balance reaches $50, they’ll get a small stuffed puppy … and once the savings balance hits $500, they’ll receive a large stuffed puppy!) As a Youth Primary Savings Account, it will automatically convert to a Primary Savings Account after a member turns 18.
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Contact meReady to help give the kids in your life a strong financial foundation? Check out these helpful blog posts. And for more financial tips, visit our blog.
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