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Draft: Youth Savings Accounts

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Draft: Youth Savings Accounts

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PUTMA

PUTMA (Pennsylvania Uniform Transfers to Minors Act)

The PUTMA Youth Account provides a way for an adult to save on behalf of a child.

A York Traditions PUTMA Account allows any adult to act as the account custodian for a young person under the age of 21. Adult custodians can make deposits into the account and gift them to the child at a later date

You (custodian) grow the account. The minor child has no transaction authority. When the child turns 21, the custodian transfers the funds in the account to the child, giving them a head start in reaching their financial goals!

How Do I Open an Account?

Gather documentation and visit a convenient branch location to open a PUTMA account today!

For the custodian:

  • Name
  • Date of Birth
  • Taxpayer Identification Number
  • Street Address
  • Mailing Address (if different from street address)
  • Phone Number
  • Photo ID: driver’s license, passport, etc.

Required documentation for the minor child is the same for PUTMA accounts:

  • Name
  • Date of Birth
  • Taxpayer Identification Number
  • Street Address
  • Mailing Address (if different from street address)
  • Phone Number (may be the same as the custodian)
  • Two forms of ID; such as a Social Security card and birth certificate

Start saving with a PUTMA account today!
Young Traditions Savings Account

Young Traditions Savings Account

A Young Traditions Savings Account is ideal for teaching children ages 6-12 to save for the future.

The parent or grandparent, who are York Traditions Bank customers, are co-owners on the account. From an early age, your child can deposit coins and cash, monitor their growing balance, and witness the magic of compound interest with each deposit. Parents/guardians may also transfer funds from other York Traditions accounts into the savings account.

Between the ages of 13-22, as long as the child has a parent or a grandparent who is a York Traditions Bank account holder, the child may have the account in their name alone.

How Do I Open an Account?

Gather documentation and visit a convenient branch location to open a Young Traditions Savings Account today!

For the joint applicant (parent or grandparent, if the child is between the ages of 6 and 12):

  • Name
  • Date of Birth
  • Taxpayer Identification Number
  • Street Address
  • Mailing Address (if different from street address)
  • Phone Number
  • Photo ID: driver’s license, passport, etc.

Required documentation for the minor child is the same for PUTMA and Young Traditions accounts:

  • Name
  • Date of Birth
  • Taxpayer Identification Number
  • Street Address
  • Mailing Address (if different from street address)
  • Phone Number (may be the same as joint applicant)
  • Two forms of ID; such as a Social Security card and birth certificate

Start saving today with a youth savings account!
PUTMA and Young Traditions Comparison
Youth Savings Account Highlights
PUTMA Young Traditions Savings Account
Account Ownership Adult acts as custodian for the account; Funds in account gifted to the child at age 21 Jointly owned by the parent/grandparent who is a YTB customer and minor is aged 6-12; May be opened in child’s name between 13 & 22, if parent or grandparent is YTB account holder
Minimum Balance Requirement $0 $0
Monthly Service Fee $0 $0
Qualifies for the IRS Gift Tax Exclusion
Direct Deposit or Auto Transfer Funds from Another York Traditions Account
Long-term Savings Vehicle
Minor Participation Encouraged

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