In an effort to better serve our members of all ages, Commonwealth Credit Union offers three ways for members to open accounts for minors age 17 and under.
Kentucky Uniform Transfer To Minor Account
This type of account can be opened by any adult member for any eligible minor and represents an irrevocable gift to the minor. The minor does not have any access to these funds. The person who opens the account (custodian) is the only person who can transact business on the account. Only one custodian can be named per account. This is a great way to set aside money for a young relative for specific purposes such as college education, a car, or more!
Minor Account Age 13-17
This account allows the minor to save money, use Online Banking, eStatement and more. The minor is the only name on the account and the only one with access to conducting transactions on the account.
Traditional Minor Accounts
Parents, grandparents and other adults can open accounts for their relatives ages 17 and under. The signature of an adult who is at least 18 years of age is required on the account.
Open Yours Today
To open an account for your minor-age relative, stop by any branch, give us a call or use our online application.