Establish a Custodial account for your child or any child under age 21.* JHFCU Custodial accounts are set up under the requirements of Maryland’s Uniform Transfers to Minors Act (UTMA).
To open a Custodial account, members must make an initial deposit of $25. As the Custodian, you can monitor the account’s activity and contribute to the child’s account. Only the Custodian can withdraw from the account, but deposits can be made by anyone at any time. Once the child reaches the age of 21, the custodian can withdrawal the funds or the account can be converted to an account in just the child name (as long as the child is eligible under standard membership guidelines).
You can also open a regular share savings account for your child with the adult member as joint owner: the child must be at least 14 years of age with a valid state-issued ID.
* The child must be eligible for membership at JHFCU.