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We have the Right Minor Account for your child

Finance Land Explorer (Age 0-9)

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
Child As Primary Account Holder Child has no access
Parent/Legal Guardian As Joint Account Holder
Savings Account

Money Market Account

Term Share Account

ESA

Goal Account

Direct Deposit

Young Financial Manager (Age 10-15)

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
Qualified Transaction Visit Incentives (non monetary)
Child As Primary Account Holder
Parent/Legal Guardian As Joint Account Holder
Savings Account

Money Market Account

Term Share Account

ESA

Goal Account

Direct Deposit

Online Banking

ATM Card $200 daily withdrawal limit
Checking Account (For Debit Card only)

eStatements

Online Banking (view only)

Debit Card* ($100 purchase daily limit)

Young Financial Expert (Age 16-18)

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
Qualified Transaction Visit Incentives (non monetary)
Child As Primary Account Holder

Parent/Legal Guardian As Joint Account Holder
Savings Account

Money Market Account

Term Share Account

ESA

IRA

Goal Account

Checking Account

Direct Deposit

eStatements

Check Image Access

Online Banking

Telephone Banking

ATM Card

Debit Card

Student Visa Card**

Coverdell Education Saving Account (ESA)

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 or call our Member Services Center at 1.855.PSFCU.4U (1.855.773.2848).

*Students aged 10-16 will require parent/legal guardian's consent.
**Students aged 16-25 will require parent/legal guardian guarantor, unless they prove ability to repay.

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