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*
  • Open
  • Request Info
  • FAQ
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Opening an account is easy!

We've made it easy to open a new youth account for your child. You can complete the process at home or at any branch location.

Just follow these simple steps:

Not yet a member?

  1. Determine your eligibility
  2. ReadOpens in New Window our account terms & conditions
  3. DownloadOpens in New Window and complete our membership application
  4. Mail the application, along with a $5.00 opening deposit to:
    Chesterfield Federal Credit Union
    Attn: New Accounts
    P.O. Box 820
    Chesterfield, VA 23832
    Make sure you include a copy of your driver's license. You can also bring your forms & initial deposit to any branch locationOpens in New Window.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens any savings, checking or other account, is added as a signer on any account or who signs for a loan.
What this means for you is that when you open any type of account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We will also ask to examine your driver's license or other identifying documents and we will retain copies of documents used to verify your identity.We ask for your understanding as we work to support these efforts to maintain the security of your funds and to protect against terrorist financing. Please speak with a staff member if you have questions or concerns about our identification policies.
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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.