Why Open a Bank Account For Your Child?
It’s never too early to teach your child financial literacy. Starting at a young age, children learn good financial habits that can help them for life.
Benefits of Teaching Children to Save
- Encourage healthy financial habits
- Teach children to save
- Watch kids’ spending habits
Find out everything you should know about Child Savings Accounts.
Arizona Central Credit Union’s CU Grow Benefits
- Savings passbook to keep track of the money in their account
- Fantastic prizes for deposits
- Membership card
- Lots of other fun things to come!
To open an account, call us at (602) 264-6421 toll free (866) 264-6421 or visit any of our 9 local branches.
How To Open a Kids Savings Account
Please bring your child’s social security card and one of the following documents to open the savings account. The documents should be in your child’s name:
- Birth certificate
- School photo ID
- Passport
- Driver’s license (if your child is old enough to have one)
Kids Savings Account vs Custodial Account
There are typically two types of accounts you can open for your child: a savings account or a custodial account.
Kids Savings Account vs Custodial Account
- Joint account between parent and child
- Child has access to funds at any time
- Parent can monitor use of funds
Custodial Account Features
- Also referred to as a Uniform Transfers/Gifts to Minors Act (UTMA/UGMA) account
- Money is fully owned by the child
- Funds cannot be accessed until they are 18
- Some tax implications
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