Youth Savings Accounts

Compare Youth Savings Accounts

When exploring options for a savings account, invest in one that has low minimum deposits, waived or low fees, and a competitive annual percentage yield (APY). Traditions Bank offers convenient options to save on a child’s behalf or to help teach them great financial life lessons.

Creating a youth savings account for your child or grandchild allows you to start proactively planning for their future. Start teaching them how to manage and save their money effectively while encouraging healthy financial habits to last a lifetime.

PUTMA Young Traditions Savings Account PUTMA and Young Traditions Comparison

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

The custodian grows the account, and the minor child has no transaction authority. When the child turns 21, the custodian transfers the funds in the account to the child’s ownership, giving them a head start in reaching their financial goals.

Start saving with a PUTMA account today!

Young Traditions Savings Account

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

The account custodian, who are Traditions Bank customers, are co-owners on the account. From an early age, your child can deposit coins and cash, monitor their balance, and watch their deposits grow. The account custodian may also transfer funds from other Traditions Bank 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 Traditions Bank account holder, they may have the account in their name alone.

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 Traditions Bank customer and minor is age 6 to 12; May be opened in child’s name between age 13 to 22 if parent or grandparent is Traditions Bank 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 Traditions Bank Account
Long-term Savings Vehicle
Minor Participation Encouraged

How Do I Open an Account?

Gather documentation listed below and visit a convenient branch location to open a youth savings account today! The minimum deposit for opening either a PUTMA or Young Traditions account is $100.

For the custodian/joint applicant:

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 (this may be the same as the custodian or joint applicant)
Two forms of ID, such as a Social Security card and birth certificate

The Benefits of a Youth Savings Account

As the child gets older, you can work with them to plan for, set, and meet their savings goals. A savings account can help kids focus on their needs and desires. It can also help them learn to prioritize saving for their expenses or schooling while creating as little debt as possible.

Talking about finances can be difficult at any age. However, beginning money management education at an early age can set on the right path toward a healthy financial future.

Youth Savings Account (PUTMA and Young Traditions) as of April 17, 2024Rates may change without notice.

Balance	Interest Rate	APY*
$0.01 to $49,999.99	0.05	0.05
$50,000 & Over	0.05	0.05

*Annual Percentage Yield (APY) is subject to change after account is opened. Fees could reduce earnings. Minimum deposit required to open the account is $100.

Contact Us Today

At Traditions Bank, we’re here for you. Submit the contact form below to be contacted by a member of our Personal Banking Team.

We look forward to partnering with you and your family for a bright financial future.

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