Kids Accounts Available at MMCCU

Marshfield Medical Center Credit Union > News > Kids Accounts Available at MMCCU
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Teaching kids about finances is a great way to help them be prepared for adult life. Concepts such as Spending and Saving are a good place to start. Marshfield Medical Center Credit Union is dedicated to helping our members of all ages. Below, find the resources available for kids at MMCCU!

RELATED: Local Credit Union Members Share How They Teach Kids About Finances 

Kids Savings Accounts

  • Regular account listed under a child’s name
  • Must be joint with parent/guardian until age 18
  • Child allowed to access to transact an account
  • Great way to teach children about managing finances!

Custodial Accounts

  • Custodian assigned to manage funds on behalf of child
  • Funds can be turned over to child at age 18; must be turned over at age 21
  • In WI, established under Uniform Transfers to Minors Act (UTMA)
  • Can be used for tax planning purposes*

Education Savings

  • Set aside funds for schooling purposes
  • No tax benefit (unlike Coverdell ESA or 529 account)
  • Ultimately no restrictions on use of account

Coverdell ESA

  • Comes with tax advantages* (check with a tax advisor for your specific circumstances)
  • Save money for a child’s education expenses (tuition, fees, books, supplies, etc)
  • Nondeductible contributions made on behalf of a child until the child reaches age 18.
  • Earnings generated remain tax deferred while in the ESA.
  • When the child uses the ESA assets to pay for qualified education expenses, the contributions and earnings come out tax free

Saver’s Sweepstakes

  • A prize-linked savings account offered by Wisconsin credit unions that lets consumers earn entries into drawings for cash prizes by making deposits into qualified savings accounts.
  • Available to minors with a parent/guardian permission

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