When you build good financial habits young, your kids are more likely to carry those habits with them into adulthood.
So when they’re ready to start managing some of their own money, whether due to successful savings or having an income, they can start a savings account or open a checking account with a debit card.
Rest assured parents, an adult must always be connected to a youth account, meaning you can still monitor their activity and ensure they’re saving and spending funds wisely.
Helping your kid access enrichment activities, like music lessons, sports, and summer camps, can get expensive. So we want to help support you and your child by relieving some of the financial burden.
Kids with youth accounts are eligible for an annual activity reimbursement. The amount varies depending on the age of the child:
- $20 for 0-10
- $30 for 11-13
- $40 for 14-17
Qualifying activities include: sports, art classes, summer camps, music classes, swim lessons, extracurricular school trips, and many more.
Just provide proof of paying for the activity, and we’ll deposit reimbursement into the youth account.
*Verification of qualifying payment is required; please bring it to any Verity Credit Union branch for reimbursement into your youth savings account. Activity reimbursement caps limited to each calendar year.
Other accounts to help kids save
While traditional youth accounts can only be opened by a child's parent or legal guardian, Verity offers other accounts that can be opened by grandparents, aunts, uncles, or any other adult for the benefit of a child.
Uniform Transfer to Minor Account (UTM)
An UTM account allows any adult to open an account on behalf of a child. The account is in the name of the youth, but the adult who opened the account is the one who has transactional control until the youth turns 21 years old. At that time, the account is transferred to the named youth.
This is a great account for grandparents, aunts or uncles looking to put money aside for a younger relative.
Help save for higher education costs with an Education IRA. An adult can open an Education IRA and use the funds to support a child as they need it. The funds must be used for educational purposes without tax penalties.
Uniform Transfer to Minor accounts and Education IRAs cannot be opened online. Please contact us to get started.Contact Us
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