We have the Right Minor Account for your child
Finance Land Explorer is for a child up to the age of 9. An “Explorer,” can open first savings account jointly with a parent, grandparent or a legal guardian.
PRODUCTS & SERVICES |
FINANCE LAND EXPLORER 0-9 YEARS |
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Child As Primary Account Holder | Child has no access |
Parent/Legal Guardian As Joint Account Holder | |
Savings Account |
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Money Market Account |
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Term Share Account |
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ESA |
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Goal Account |
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Direct Deposit |
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Young Financial Manager is for kids from 10-15 years old. With this account a minor can receive an ATM Card with a $200 daily withdrawal limit and gain access to our Internet Banking site, dedicated to this age group.
PRODUCTS & SERVICES |
YOUNG FINANCIAL MANAGER 10-15 YEARS |
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Qualified Transaction Visit Incentives (non monetary) | |
Child As Primary Account Holder | |
Parent/Legal Guardian As Joint Account Holder | |
Savings Account |
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Money Market Account |
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Term Share Account |
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ESA |
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Goal Account |
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Direct Deposit |
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Online Banking |
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ATM Card | $200 daily withdrawal limit |
Checking Account (For Debit Card only) |
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eStatements |
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Online Banking (view only) |
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Debit Card ($100 purchase daily limit) |
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Young Financial Expert is a young adult aged 16 through 18. This age allows Young Expert to open a checking account with a Debit Card. This is a great opportunity to get an independence in financial transactions, or using other electronic services.
PRODUCTS & SERVICES |
YOUNG FINANCIAL EXPERT 16-18 YEARS |
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Qualified Transaction Visit Incentives (non monetary) | |
Child As Primary Account Holder |
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Parent/Legal Guardian As Joint Account Holder | |
Savings Account |
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Money Market Account |
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Term Share Account |
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ESA |
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IRA |
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Goal Account |
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Checking Account |
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Direct Deposit |
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eStatements |
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Check Image Access |
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Online Banking |
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Telephone Banking |
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ATM Card |
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Debit Card |
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Student Visa Card |
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A Coverdell Education Savings Account (ESA) an incentive in preparing for their children’s future educational expenses incurred at an eligible public, private, or religious school, at the primary, secondary, or a post-secondary level.
Beneficiary
- A Coverdell ESA may generally be established for a child under the age of 18.
Contributions
- Account offers tax-free earnings on contributions if the funds are used to pay for qualified educational expenses.
- The current annual contribution limit is $2,000
- The deadline to make a contribution for the given year is April 15 of the following year.
Distributions
- The money in a Coverdell ESA can be used to cover a wide range of educational expenses, not just tuition. These expenses can include fees, books, supplies, and equipment.
- Before a child turns 30, accumulated ESA funds must be spent on qualifying educational expenses or they are subject to a penalty fee of 10%.
How to Open
To open an Minor Account, please visit one of our branch locations. For additional information please contact our Member Services Center at 1.855.PSFCU.4U (1.855.773.2848).
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