Specialty Savings Accounts

What is a custodial account?

A custodial account allows parents or other adults to give money to a minor under the Pennsylvania Uniform Gifts to Minors Act, without the need for a court-appointed guardian.

The account is established in the minor’s name and Social Security number, and the custodian manages all transactions until the minor reaches the age of majority.

Key features

• Custodian controls all transactions until age 21
• Dividends computed daily and compounded and posted monthly

What is an estate account?

An estate account helps legally appointed executors manage the financial affairs of a deceased person, including paying bills and distributing assets.

Key features

• Simplifies payment of estate expenses and asset distribution
• Dividends computed daily and compounded and posted monthly