It’s never too early to give youths a strong financial foundation and money management skills. We offer products, services, and programs that will teach young people the importance of saving money for the future.
Youth Savings and Checking
Visit one of our branches to sign up and start saving!
Custodial Youth Savings Accounts
- Coverdell Education Savings Account or Certificate: Tax deferred account for education savings1
- Uniform Transfer to Minors Account: Custodial account that helps build savings for minors. Click here (PDF) for an application.2
In addition, we offer Youth Workshops that we can bring to your child’s school or organization, at no charge.
Apply For A 2017 Youth Scholarship Today
As a San Francisco FCU youth member, you may be eligible for a scholarship from San Francisco Federal Credit Union. We have established a scholarship program to assist youth members who plan to continue education in college or vocational school programs. Scholarships are offered each year for full-time study at an accredited institution of the student’s choice. Click here to apply today. The deadline to apply is March 31, 2017.
*For members 12 years and younger, we provide custodians with a VISA® Debit Card. At 13 years or older, youth can have their very own VISA® Debit Card (with parental and/or custodian approval, of course).
1Subject to IRS eligibility requirements. Your modified adjusted gross income must be less than $110,000 ($220,000 if filing a joint return). Maximum annual contribution to any one beneficiary is $2,000 regardless of number of accounts opened or number of contributors to account(s). Benefit applies to higher education, as well as secondary and elementary education expenses. Please consult your tax or financial advisor for advice.
2This account will be governed by the California Uniform Transfer to Minors Act (“UTMA”). All funds deposited in an UTMA account irrevocably become the property of the minor, but are managed by the custodian until the minor reaches the age of majority, at which time the custodian is responsible for distributing the funds to the minor. Each account is limited to one custodian over age 21, and one minor. Certain fiduciary and record keeping obligations are imposed by law on the account custodian and interest earnings are reported to the IRS under the minor’s Social Security number. Please consult your tax or financial advisor for advice.