Youth Savings (WUTMA)

a great tomorrow starts today

Whether you’re saving for college, setting money aside for smaller expenses or simply hoping to develop healthy saving habits, our Youth Savings Account is the right place to start!

Youth Savings Features

  • Available to savers up to 18 years old
  • No monthly maintenance fee
  • No minimum balance requirements
  • Parents can set up monthly automatic transfers from their account into child’s account
  • Establishes the importance of saving at an early age
  • Free Digital Banking
  • $5 minimum deposit to open

College Planning

A 529 College Savings Plan is one of the most flexible and potentially tax-advantaged education funding tools ever created.

Coverdell Education Savings Accounts (ESAs) offer a potentially tax-efficient way to save not only for college expenses, but costs associated with elementary and high school education as well.

See the table below for more information.

Education Savings Comparison

Education Savings Comparison
  529 Plan Coverdell ESA Traditional Savings Accounts
High Limits on Contributions Yes   Yes
No Federal Taxes on Current Earnings Yes Yes  
No Federal Taxes on Qualified Distributions Yes Yes  
State Tax Benefit May Exist Yes Yes  
Investment Options are Mutual Fund Portfolios Only Yes    
Portfolios Chosen by Account Owners/Custodians Yes Yes Yes
Original Account Owner Maintains Ownership Yes Yes  
Account Owner Can Designate New Beneficiary Yes Yes  
Can be Used for Primary/Secondary Schools   Yes Yes
Deadline Exists for Full Account Distribution or Transfer of Ownership   Yes Yes
Income Cap Limit to be Eligible to Open Account   Yes  


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