Start saving money for your children
A Minor Account is a great way to help children start building strong financial habits early. It allows parents or guardians to save on their child’s behalf while teaching them how money grows over time through earning dividends.
A custodian* manages all account activity until the minor reaches the age of majority and must be a SUMA FCU member.
Eligible account types for minors include:
- Regular Share** Savings Accounts
- Money Market Share Accounts
- Term Share Certificates (CD)
- IRA Coverdell Education Savings Accounts and CD
Youth Account Benefits
- Free Teen Debit Card VISA® for ages 13 and up
- Interest-bearing savings options
- Free starter checks
- No monthly service fees
- No minimum balance requirement
- Free Online and Mobile Banking
A Minor Account is a simple way to start saving for a child’s future while encouraging smart financial habits from an early age.
Ready to apply?
Frequently Asked Questions
Requirements to Open a Minor Account
- Minor must be under 18 years of age
- Minor account requires a custodian*
- Custodian must provide a valid government-issued photo ID
- Minor’s Social Security Number (SSN) and a valid government-issued ID are required
- Custodian must provide minor’s basic personal information (name, date of birth, address)
- Minimum $50 deposit to open and maintain membership savings account
- Custodian must complete and sign all required account opening documents
- Beneficiary and custodial designation are required
- Who Can Join (Eligibility) https://www.sumafcu.org/about/become-a-member
What is a Minor Account?
A Minor Account is a savings account designed for children and teens to help them learn good money habits while saving and earning dividends under a custodian’s supervision.
Who can open a Minor Account?
A parent (custodian) who is a SUMA FCU member can open a Minor Account on behalf of a child.
Is there a minimum deposit to open a Minor Account?
Yes, a minimum deposit of $50 is required to open and maintain the membership savings account.
Is there a membership fee?
Yes. A one-time membership fee of $5 is required to establish SUMA FCU membership.
Who controls the account?
A custodian (parent) controls all transactions until the minor reaches the age of majority.
Can a minor have a debit card?
Yes, teens ages 13 and older may receive a free debit card* with parental or custodian approval.
*Debit Card requires a free checking account, if not already set up.
The teen debit card/checking can either be a sub-account of a parent's account or a sub-account of a teen's saving's account.
The teen debit card/checking can either be a sub-account of a parent's account or a sub-account of a teen's saving's account.
Does the Minor Account earn interest?
Yes, the account is interest-bearing and earns dividends on eligible balances.
Are there monthly fees or minimum balance requirements?
No, there are no monthly service fees and no ongoing minimum balance requirements beyond the membership savings requirement.
What happens when the child turns 18?
When the minor reaches adulthood, the account is typically converted to a regular membership account in their name, and full control is transferred to them.
*Custodian (parent) must be a SUMA FCU member
**Regular Share is required for SUMA FCU membership