Maxx Money Account

One of the most important things children should learn is how to manage money. CPM Federal Credit Union understands the importance of teaching sound saving practices at an early age. That is why we offer a variety of accounts to suit children of all ages.

The Maxx Money Club is an interest bearing share savings account designed for kids from birth to 12 years of age. All you need to open this account is the child’s Social Security Number and a $10 opening deposit. Once the account reaches $25, that balance must be maintained to ensure ownership in your credit union. The account must be opened as joint with a parent/guardian or another responsible adult.
 

Benefits include:

• Welcome package from Maxx including: Savings Passbook, T-shirt, Stickers
• Birthday cards and potential prize money in their account if they visit the branch during the month of their birthday.
• Report card rewards. Maxx Money Club members can earn $1 for each “A” earned on their report card. Report cards must reflect the most current grading term and only one dollar per subject.
• Children under six months of age receive their first $25 as a gift from CPM Federal when the account is opened.
• Quarterly newsletter with coloring contest.

Uniform Transfer To Minors Act

Uniform Transfer to Minors Act (UTTMA) account. The account is owned by the child but controlled by the custodian, who can be a parent or another adult. Either the child or the custodian must be eligible for membership. The custodian also has the option to name a successor custodian to act in the event of his/her incapacity, death, resignation or removal. Funds in a UTTMA account may be released to the minor at age 18, and must be released when you reach age 21.

Coverdell Education Savings Account

Get a head start saving for college with a Coverdell Education Savings Account. Parents can add up to $2,000 each year until the child reaches 18 years old. Get the money out—including the dividends we pay —tax-free if you use it for elementary, high school or college.

Children's Online Privacy Protection Act