Share Accounts for Minors

When it comes to saving for your child's future, PFFCU has your best choices for saving dollars. We offer Uniform Transfers to Minors Act (UTMA) Accounts and Education Savings Accounts (ESA) that will enable you to earn high yields with significant tax benefits.

Uniform Transfers to Minors Act (UTMA)
The Uniform Transfers to Minors Act (UTMA) is an account that is established in a child's name for the purpose of saving for the minor's future. The parent or legal guardian is the custodian of the account and he or she must oversee and make all withdrawals on the account until the minor reaches the age of consent (21 in Pennsylvania).

UTMA Investment Options
PFFCU Money Market Plus Account
   • Higher yields than bank money market and savings accounts
   • No minimum balance requirement
   • No fees
   • Easy access in person, online or by phone

PFFCU Premium Yield Account
   • Yields competitive with money market mutual funds
   • Minimum balance of $2,500 required to earn dividends
   • Two FREE withdrawals or transfers out per month

PFFCU Certificates
   • Yields consistently superior to the competition
   • Minimum balance of $500 required
   • Terms available from 3 months to 5 years

UTMA Features & Benefits
   • IRS allows a person to give $13,000 per year to any other person with no tax consequences.

   • Income that accrues to a child under 19 years of age is taxed as follows: The first $900 is tax-free, the next $900 is taxed at 10% and rest is taxed at the parent or custodian's tax rate. After the child turns 19, the income is taxed on the child's tax return at his or her rate.

   • Custodian must oversee and make all withdrawals from the account until the child reaches the age of consent (21 in Pennsylvania).

   • Funds can be withdrawn at any time for any expenses and there are no restrictions or penalties.

   • Anyone can contribute at any time.

Open an UTMA
To open an UTMA, choose your investment option and open an account online. You may also stop into any of our conveniently located branches or give us a call at
215-931-0300 or 800-228-8801.    Apply Now»

Education Savings Account (ESA)
The Education Savings Account is a tax-advantaged account that is used to save and pay for qualified higher education expenses. It can be used to pay for elementary and secondary education expenses, including tuition at private, parochial and trade schools. The annual contribution limit is $2,000 per student per year.

ESA Investment Options
ESA Money Market Account
   • FREE transactions
   • NO minimum balance required to earn dividends

ESA Certificates
   • Terms from from 3 to 60 months
   • $500 minimum balance required

ESA Features & Benefits

   • Contributions are non-deductible, earnings are tax-deferred, and distributions are tax-free if used to pay for the account beneficiary's qualified education expenses.*

   • Distributions can be withdrawn at any time for qualified education expenses. (This includes, but is not limited to tuition, fees, academic tutoring, books, supplies, room, board, uniforms and transportation.)

   • Maximum annual contribution limit is $2,000 per student.
Contributions can be made by anyone until April 15^th of the following tax year.

   • No contributions are allowed after the account beneficiary reaches age 18, with the exception of special-needs children.

   • The only person who may withdraw funds from the account is the "responsible individual" named on the account. The beneficiary on the ESA may be changed at any time. Those eligible to be named as beneficiaries include children, grandchildren, brothers, sisters, nephews and nieces.

Open an ESA
After you establish an UTMA account, you may open an ESA online, and start saving for your child’s future today.  You have the option to open your first ESA with PFFCU or move assets from another ESA to PFFCU. You may also stop into any of our conveniently located branches or give us a call at 215-931-0300 or 800-228-8801.    Apply Now»