Youth Accounts
Youth Savings Accounts
We have two types of savings accounts available for our young members.
Eligibility: Youth Savings is available from birth - 12 years old. An adult (18 years or older) must be a joint account holder.
Under The Ohio Transfer to Minors Act (OTMA), a custodian may want to set money aside for the minor as an irrevocable gift. In this case, the money belongs to the child. If the custodian withdraws any of the money it must be used for the benefit of the child or the child may sue. Upon the age of majority (21 in Ohio), the funds will be turned over to the child. Only one custodian and one child are allowed per account. In the event of the death of the child, the child’s estate will receive the funds. In the case of the death of the custodian, the guardian of the child will name a successor custodian. The child’s social security number is used, and their signature is not necessary.
The other type is a regular share savings account and the child must be old enough to sign their name. The child’s social security number is used and an adult needs to be a joint owner on the account with them.
There are no minimum balance requirements to earn dividends, which are posted quarterly.
We are excited to introduce our brand-new Youth Savings Program, designed exclusively for our youngest members aged Birth to 12 years old!
Here’s what’s new starting January 1, 2025:
Higher Interest Rate: Youth accounts will earn an interest rate that’s 1% higher than our current savings rate, up to a balance of $5,000. (For example, with a regular savings rate at 0.25%, your child’s Youth Account would earn 1.25%!)
Kick-Start Savings: To get your little one’s savings journey off to a great start, we’ll contribute the first $10 as their opening deposit. This offer is available to all new accounts for kids 12 and under.
Monthly Rewards: Each month all members ages 0 to 12 years old will be entered into a drawing for a $10 gift card. It’s our way of celebrating and encouraging their savings milestones!
For Existing Youth Savings Account Holders: If you currently have a Youth Savings, Youth Rewards or an OTMA Account, it will automatically transition to the new program. You’ll now have access to all the exciting benefits and opportunities that come with these updates.Youth Checking Accounts
Eligibility: You are eligible for a Regular Savings Account with a Youth Checking Account. Youth Checking is available for members aged 13–17. An adult (18 years or older) must be a joint account holder. Youth Checking accounts cannot be combined with OTMA/Guardianship Accounts (formerly known as UGTMA or UTMA). You must open a regular savings account to be eligible for this new program.
Debit Card Access: A debit card can be issued with an adult’s signature, giving you convenient and secure access to your money.
Earn While You Learn: Take online financial education classes through MoneyEd and earn rewards! There are 9 classes available, and you’ll receive a $10 deposit for each class you pass with a score of 70% or higher. (Each class is eligible for one payout.)
Build Credit: You can build credit with our $50 Overdraft Loan Protection.
Mobile App: Download our LCEFCU app through the app store.
For Existing Youth Checking Account Holders: If you currently have a Youth Checking Account, it will automatically transition to the new program. You will now have access to all the exciting benefits and opportunities that come with these updates.
