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.
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 Funds cannot be withdrawn from a Coogan Account (unless they’re transferred to another Coogan Account) until the child turns 18, at which point they’ll need a certified copy of their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.
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.