See which type of account is right for your child
Youth under age 13
As a parent, grandparent, other family member, or guardian, you can make an irrevocable financial gift to a child and open a savings account on their behalf. This is called a Custodial Account. The custodian isn’t required to be a PSECU member, but the child must be eligible for membership.
Custodial Account benefits include:
- Special youth savings rate: Children under age 18 qualify for a 1.00%1 Annual Percentage Yield (APY) on savings account balances of up to $500.
- Low fees: There are no account opening or monthly maintenance fees for a Custodial Account.
- Adult control: The account custodian (family member or guardian) can make deposits, withdrawals, write checks, and access the account through digital banking.