Saving for Your Child
Good money habits start early. Whether you want to help a child build a savings habit of their own or set aside a gift for their future, Arize has a simple way to do it.
A Savings Account in Their Name
A Share Savings account is an easy place to start. It gives a child an account to watch grow and an early introduction to saving and managing money.
- Available to eligible minors with an adult joint owner
- A $5 opening deposit establishes the child's membership share and must remain in the account for the duration of their membership
- Earns the current Share Savings dividend rate — see Deposit Rates
- Federally insured by NCUA to at least $250,000
PUTMA Accounts: A Gift for Their Future
If you want to give a child money that is legally theirs — whether for college, a first car, or a start in adulthood — a Pennsylvania Uniform Transfers to Minors Act (PUTMA) account may be a good fit.
- An adult custodian manages the account, but the money belongs to the child
- Funds may only be used for the child's benefit
- For a standard gift-funded PUTMA account, control of the funds passes to the child at age 21
- The account is opened using the child's Social Security number
- Earns the current Share Savings dividend rate — see Deposit Rates