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Custodial Accounts

Get them off to a great start with a Custodial Savings account.
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Young girl sitting at a desk in school listening to a teacher while taking notes with a pencil

    More than an account, it’s a life lesson.

    From those first deposits toward college, to weekly allowances, to an official paycheck, a Custodial Savings account provides our younger members a foundation for a lifetime of good financial habits. A parent, grandparent or other custodian may open an account for a minor under 18.

    Custodial Accounts are the first step to lifelong saving.

    Opening a Custodial 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:

    • Taking trips to the credit union to make deposits together

    • Looking at statements to talk about how saving adds up over time

    • Talking about what to save for and setting goals

    Offering a leg up to higher learning.

    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.

    Find the Scholarship for You

    Soon to be college graduates standing in a row in their caps and gowns

    Common Questions About Custodial Accounts

    View All FAQs

    What do I need to open a Custodial account?

    A parent or guardian opening a Custodial account will need to provide the minor child's Social Security Number or Taxpayer Identification Number. The account will be held jointly by the adult custodian and the minor child.

    Who can make transactions on a Custodial account?

    Either the minor child or custodian may make deposits, but only the custodian may withdraw funds until the custodial arrangement terminates.

    Do Custodial accounts earn dividends?

    Yes, Custodial accounts earn quarterly dividends, just like Share Savings accounts.

    What happens to a Custodial account when the child is no longer a minor?

    Once the child reaches majority age, it is the responsibility of the custodian to close the account and transfer funds to the child.