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Featured Opportunity: Savings Accounts for Children
Here is information on savings accounts for children at institutions that support the Tempe Financial Stability Initiative. Bank of America
One option for children is an account that accrues interest with a minimum $100 deposit. Second option for children is a no minimum (interest accrued) account. Deposits can be made but you are unable to withdraw the money until the child is 18. Parents will need to set up and provide child's Social Security number to open the account.
Click here for more information or visit a local branch.
Comerica
Provides UTMA accounts (savings account), which allows gifts to minors up to age 21. Parents or anyone can set up the account for a child. The person setting up the gift will need the child's Social Security number and date of birth. There is no monthly fee and the account does gain interest which is reported under the child's Social Security number.
Click here for more information or visit a local branch.
Tempe Schools Credit Union
Tempe Schools Credit Union has a "Grade A" All Star Rewards Program for students of the Tempe, Kyrene, Gilbert, and Chandler school districts who receive letter grades.
Click here for more information or visit a local branch.
Wells Fargo
Offers a minor savings account with no minimum deposit. It does not have a monthly fee. With options to accrue and not accrue interest. If the parent does not have an account at Wells Fargo, the parent will need to bring a form of picture ID such as driver's license, passport, etc., as well as, a second form of ID such as debit card or credit card. Parent will also need the child's birth certificate and social security number.
Wells Fargo also offers a checking account for children 13 and over with no minimum balance or monthly charges. The same forms of ID are needed as above to set up the account.
Click here to learn how to plan for your child's financial future or visit a branch for more information.
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