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.
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:
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 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.
Either the minor child or custodian may make deposits, but only the custodian may withdraw funds until the custodial arrangement terminates.
Yes, Custodial accounts earn quarterly dividends, just like Share Savings accounts.
Once the child reaches majority age, it is the responsibility of the custodian to close the account and transfer funds to the child.