Youth Savings Accounts

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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

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

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

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