From those first deposits toward college, to weekly allowances, to an official paycheck, a Custodial Share Savings account provides our younger members a foundation for a lifetime of good financial habits.
Custodial Share Savings accounts are opened under the terms of the Uniform Transfers to Minors Act. A parent or legal guardian may open an account for a minor who is under 18 years of age.
Opening a Custodial Share Savings account for a minor is a smart way to help them start saving early. It can also be a way to teach foundational banking skills by:
At Wings, we're big believers in the value of education. So every year, the Wings Financial Foundation awards over $30,000 in scholarships to members planning to attend college, university or post-secondary technical school.
A parent or guardian opening a Custodial Share Savings account will need to provide the minor child's Social Security Number or Taxpayer Identification Number.
Either the minor child or custodian may make deposits, but only the custodian may withdraw funds.
Yes, Custodial Share Savings accounts earn quarterly dividends.
Once the child reaches majority age, it is the responsibility of the custodian to close the account and transfer funds to the child.