Uniform Transfer to Minors
HFCU's wide range of Savings Accounts provides you with the flexibility you need to help you prepare for your future financial wants and needs.
A Uniform Transfer to Minors savings account is a trust-like account established in the name of a minor child, by a person of legal age, for the sole benefit of the minor.
Call us at (866) OUR-HFCU or contact us for more Information on this special type of account, which can prove a possible tax break (for the member) in addition to allowing the money in the account to earn interest over the years.
Standard Features
- All deposits made to this account belong irrevocably to the minor, so you can contribute money for the child’s future without worry of anyone else acquiring it.
- Child receives money upon reaching legal age, and the money has earned interest over the years.
- Plus, you may possibly receive income from the account when taxed at the child’s rate, providing a possible tax break (check with your tax advisor concerning this).
Fees and other conditions could reduce the earnings on the account.