See which type of account is right for your child
Custodial account for youth under age 13.
For children under age 13, parents, grandparents, other family members, or guardians 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 Accounts can remain open until the child turns 21 and 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.
- No opening or monthly maintenance fees: Your child’s savings won’t be eaten up by fees.
- Adult control: The account custodian (family member or guardian) is the only one who can make deposits, withdrawals, write checks, or access the account through digital banking.