Trust Accounts
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.
Custodian Accounts
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.