Trustee Accounts are Savings Accounts that are deposited in the name of a trustee (member) and controlled by the trustee during his lifetime. The account is paid to a prenamed beneficiary upon the trustee’s death. The trustee is responsible for taxes on the account’s earnings and retains the right of withdrawal until the account is paid to the beneficiary.
A Custodian Account is a Savings Account set up by the custodian (member) in the name of a minor that is controlled by the custodian member until the minor reaches the ages of 18. Dividend earnings are taxed in the minor’s name, who is usually in a lower tax bracket.
More Youth Accounts
To teach your young saver responsibility, open a MyFi Savings Account (ages 0-20 years) or a MyFi Student Checking Account (ages 16-22 years). These accounts grow with our younger credit union member to help them prepare for the responsibility of saving and managing a checking account as an adult. To find out more about our MyFi Accounts click here.