Student Accounts

A joint or custodial account can help parents and guardians introduce saving early and help children begin learning the value of money.

A joint savings or checking account can help teens begin practicing money management with support from a parent or guardian.

Eligible students may be able to open an individual savings or checking account and begin managing money more independently.

A minor eligible for membership may open their own savings and checking account with a debit card at age 16.

Photo identification is required, such as a valid driver’s license or school ID. Proof of address is also required, such as a report card or statement from another financial institution. 

A parent or legal guardian can only be added as a joint owner with the written authorization of the minor by completing a new Membership Application with the joint owner.

A minor may open a joint account with a parent or legal guardian. To open a joint account, the minor must be able to sign their name on the signature card. Otherwise, a custodial/UTMA account can be opened.

If the last names of the minor and the joint owner do not match, a birth certificate or legal guardianship documentation is required to verify the relationship.

Photo identification is required for the joint owner, such as a driver’s license, passport, military ID or other government-issued ID. If the minor is age 13 or older, a checking account may be opened. 

Check endorsements are limited to the minor or the parent or guardian, who must include the following wording:

Signature of parent/guardian
Parent/guardian of [child’s name]

A custodial/Uniform Transfers to Minors Act (UTMA) account can be opened by a custodian who is a parent or legal guardian.

Deposits to a custodial account are an irrevocable gift to a minor. Checking accounts are not permitted under the custodial account ownership type. A debit card can be issued to the custodian of the account.

If the last names of the minor and the custodian do not match, a birth certificate or legal guardianship documentation is required to verify the relationship. The child can assume control of the funds when they reach the age of majority. The designated custodian does not own the deposits in the account. The minor is ultimately the owner of the funds in the account.

Members ages 13–15 can open a checking account with a joint owner. At age 16, students may be eligible to open their own checking account.

To open an account, students need to provide a school ID or photo identification as well as proof of address, such as a report card or statement from another financial institution.

The documents needed may depend on the student’s age and account ownership type. Photo identification and proof of address are generally required. A parent or legal guardian may also need to provide identification for joint or custodial accounts.

If the last names of the minor and parent, guardian or custodian do not match, a birth certificate or legal guardianship documentation is required to verify the relationship.

A custodial/UTMA account is an account opened by a custodian who is a parent or legal guardian. Deposits to the account are an irrevocable gift to the minor. The minor is ultimately the owner of the funds in the account and can assume control when they reach the age of majority.