Deposits

Open Checking Accounts for Minors in South Florida

When your children are crying for bottles and pulling things off the shelves, it’s hard to believe they’ll ever be adults.  But one day, they’ll be asking you for your car keys.
 
Are you ready to start a children’s savings for your child's future? When the time is right, Tropical Financial Credit Union can help. A Custodial Account is a convenient and easy way for parents or other interested adults to make monetary gifts to minor children and save for their benefit while limiting their access to the account. This type of account is an excellent way to save for long-term goals, such as college tuition, a car or, even a wedding. 
 
Under the Florida Gifts to Minors Act, depositors may contribute up to $10,000 a year to a Custodial Account for a minor child without paying gift tax. You can even have a daily, weekly or monthly transfer deposited into the children’s savings account from your own account.
 
A Custodian Account requires that an adult, usually a parent or a guardian, over age 18 be named as a “custodian”, or caretaker, of the account. The minor is not able to make transactions on this account until a designated age – usually between the ages of 18 and 25. Before that time, only the custodian of this child’s savings account can withdraw from the account, make deposits or close the account. After the child reaches the designated age, the custodian must turn control of the funds over to the child. To open a Custodian Account the minor must have a Social Security number.

For further information contact the IRS or visit online at www.irs.gov.

Open a Custodian Account for your minor today at your local South Florida TFCU.  It’s easy. And, just think, the sooner your children have their independence, the sooner you’ll get your car back.