Youth Savings Accounts
A benefit that lasts a lifetime
Langley Federal Credit Union is committed to helping young people acquire good financial skills. We provide the tools children need to build wealth and learn the value of saving, earning and investing.
Teaching the concept of saving at a young age benefits a person for a lifetime. Our goal is to help young people become knowledgeable and confident about money, so they'll make smarter financial decisions as adults.
Types of Youth Savings accounts
A Custodian or VUTMA (Virginia Uniform Transfer to Minors) account is a valuable savings plan opened by an adult for the benefit of a child. Children are able to make deposits. You, however, specify the age when withdrawals can be made (at age 18 or 21). Since you are the account manager, children will not have access to Online Banking or Telephone Banking.
Parents may establish the membership of their child in Langley, and as a joint account holder have complete access to the child's account. As with any joint account, the child will have full access — including the ability to deposit and withdraw money, and even sign up for Langley Online Banking.