Open an Account
Get a head start on your child’s savings by opening a Virginia Uniform Transfer to Minors Act (VUTMA) account, also known as a custodial account, in his or her name. You’ll maintain full control of the account until he or she reaches the age of 18 or 21.

Start saving for the future, today.

Chesterfield Federal Credit Union is proud to offer parents and grandparents an option to begin savings for their children and grandchildren. A VUTMA (Virginia Uniform Transfer to Minors Act) account allow you to save money in the child's name while maintaining control over the funds until the child turns 18 or 21.

About Custodial Accounts

With a custodial account, also known as a VUTMA account, the parent (or grandparent) creates a custodial account on behalf of the minor child. Assets are transferred into the account and the custodian, usually a parent, manages the account until the child reaches legal age. At that point, the parent releases the funds to the child and he or she can do whatever they wish with the assets.

Benefits

A VUTMA account is one of our most popular accounts for parents, and for good reason.

  • Earn dividends on deposited funds
  • Available with savings accounts & certificates
  • No limits on deposits
  • Deposits are federally insured by the NCUA up to $250,000
  • Earnings are taxed at the minor's tax rate*
  • Request Info
  • FAQ
Request Info
 
FAQ

Secure your child's future with a VUTMA account today.
* Consult a tax advisor for more details on the tax benefits of a VUTMA account.