Youth/Custodial Savings

At JHFCU, we believe in investing in our youth and cultivating good financial habits at a young age to create a strong foundation for lifelong financial well-being. Our Custodial Savings account is available to any eligible child under 21*—open one today and take the first step in helping them build a financial safety net for their future.

Custodial Savings accounts are opened in the child's name and maintained by the custodian - you! Anyone may deposit into a Custodial Savings account, but only the custodian can make withdrawals. If your child is 13 or older, they're eligible to open a teen account with an adult joint owner.*

Start your child's financial journey today. Open a Custodial Account by June 30, 2024, to get a $50 bonus!*

Get Started


Features & Benefits of a
Custodial Savings Account

Custodial Savings account comes with many unique benefits and resources to help your young saver bloom into a financially responsible adult:

Competitive Rates


No Fees & No Minimum Balance*


Free Educational Resources


Parental Controls


Save for College


Federally Insured



Financial Wellness Starts
With Saving

JHFCU members can establish a Custodial Savings account for any eligible child under the age of 21.*

As the custodian, you open and maintain the account in your child's name. Anyone may deposit into a Custodial Savings account, but only the custodian can make withdrawals.

You can transfer the account to the child when they turn 21 if they are eligible for membership. 

* To open a joint savings account, the minor must have a valid state ID.



“I love this credit union! They are very prompt with handling any questions or concerns and really put your needs first. The products they offer are top notch as well! Every time I go to one of the branches the staff is always very helpful and friendly! I am a member for life :)”

- Kristen F.




Next Steps When Considering a
Custodial Savings Account

Custodial Savings Account FAQs

  • How does a Custodial Savings account work?
    A Custodial Savings account works and functions like a regular savings account for a minor. However, an adult (usually a parent, grandparent, or legal guardian) acts as the custodian. They will manage the account until the child reaches legal adulthood. Friends and family can make deposits in the child's name.
  • Who can open a Custodial Savings account for a child?
    A parent, grandparent, or any other adult can open a Custodial Savings account for a minor. The adult who opens the account becomes the custodian. They will manage the assets until the child reaches the age of majority.
  • Are there any tax advantages to using a Custodial Savings account?
    Custodial Savings accounts may offer some tax advantages. For example, the first $1,100 of unearned income (such as interest or dividends) is typically tax-free. The next $1,100 is taxed at the child's rate, which is usually lower than the parent's rate. Check with a tax professional for information that pertains to your unique financial situation.
  • What happens to the assets in a Custodial Savings account when the child reaches the age of majority?
    The custodian must transfer over account control and assets when the child reaches the age of majority. The child then assumes full ownership and control of the account.
  • How do Custodial Savings accounts differ from educational savings accounts?
    Custodians of Custodial Savings accounts can use the money for anything that benefits the child. Educational Savings accounts (like 529 plans and ESAs) are specifically for education costs and generally offer tax advantages. Custodial Savings accounts can significantly impact financial aid eligibility, whereas Educational Savings accounts have a lesser effect.



1 Each offer comes with terms and limitations. Minimum purchase may be required; see offer for details. Some retailers limit the amount per offer, but there is no limit on the total amount you can earn from multiple offers. Cash back will be credited to your account the last day of the following month from which it was earned (e.g., cash back earned on purchases made in July will be credit the last business day in August). To opt out, simply click “Stop Receiving Offers.”
2 Subject to loan approval
*Offer ends 6/30/24 and subject to change. $25 minimum balance to open account. Share savings account required to open checking account. | Equal Opportunity Lender Federally Insured by NCUA | © 2024 Johns Hopkins Federal Credit Union
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