Share Accounts for Minors

When it comes to saving for your child’s future, PFFCU has options to help you maximize returns. We offer Uniform Transfers to Minors Act (UTMA) Accounts and Education Savings Accounts (ESA) that will enable you to earn high yields with significant tax benefits.

Uniform Transfers to Minors Act (UTMA)

The Uniform Transfer to Minors Act (UTMA) Account is established in a child’s name for the purpose of saving for his or her future. The parent or legal guardian is the custodian of the account and, as custodian, must oversee and authorize all withdrawals on the account. When a minor reaches the age of majority (21 in Pennsylvania and New Jersey) the parent or legal guardian must turn over the funds or retitle the account in the name of the minor.

UTMA Investment Options

PFFCU Money Market Plus Account

  • Higher yields than money market and savings accounts at other institutions.
  • No fees.
  • No minimum balance required to earn dividends.
  • Easy access by phone, online or in person at a branch.

PFFCU Premium Yield Account¹

  • Yields competitive with money market mutual funds.
  • Low minimum balance of $2,500 required to earn dividends.
  • Two FREE withdrawals or transfers out per month.

PFFCU Certificates

  • Yields consistently superior to the competition.
  • Terms available from 3 months to 5 years.
  • Low minimum balance of $1,000 required.
UTMA Features & Benefits
  • IRS allows a person to gift $15,000 per year to any other person with no tax consequences.
  • Investment income that accrues to a dependent child under 19 years of age (or 24 if a full-time student), is taxed as follows: The first $1,050 is tax-free, the next $1,050 is taxed at the child’s tax rate and the remainder may be taxed at the parent or custodian’s tax rate. After the child turns 19 (or 24 if a full-time student), the investment income is taxed on the child’s tax return at his or her rate.
  • Custodian must oversee and make all withdrawals from the account until the child reaches the age of majority (21 in Pennsylvania and New Jersey).
  • Anyone can contribute at any time.
  • Funds can be withdrawn at any time for the minor’s benefit and there are no restrictions or penalties.
Open an UTMA

Apply Now

If you prefer, call 215-931-0300 or 800-228-8801 or visit any of our conveniently located branches.

Education Savings Account (ESA)

The Education Savings Account is a tax-advantaged savings account that is used to save and pay for qualified higher education expenses.² It can also be used to pay for elementary and secondary education expenses, including tuition at private, parochial, and trade schools. Maximum contribution limit is $2,000 per student per year.

ESA Investment Options

ESA Money Market Account

  • FREE transactions.
  • No minimum balance required to earn dividends.

ESA Certificates

  • Yields consistently superior to the competition.
  • Terms available from 3 months to 5 years.
  • Minimum balance of $1,000 required.
ESA Features & Benefits
  • Contributions can be made until April 15th of the following tax year.³
  • Contributions are non-deductible, earnings are tax-deferred, and distributions are tax-free if used to pay for the account beneficiary’s qualified education expenses.³
  • Maximum annual contribution limit is $2,000 per student. Contributions can be made by anyone until April 15th of the following tax year.
  • Distributions can be withdrawn at any time for qualified education expenses.²
  • No contributions are allowed after the account beneficiary reaches age 18, with the exception of special-needs beneficiaries.
  • The only person who may withdraw funds from the account is the “responsible individual” named on the account. The beneficiary on the ESA may be changed at any time. Those eligible to be named as beneficiaries include children, grandchildren, brothers, sisters, nephews and nieces.
Open an ESA

You can open your first ESA with PFFCU or move assets from another ESA to PFFCU. Call 215-931-0300 or 800-228-8801 or visit any PFFCU branch.

Apply Now


1. Premium Yield Account owners are entitled to two FREE withdrawals per calendar month, including the transfer of funds. Accounts will be charged $10 for each additional withdrawal/transfer per month.
2. Qualified education expenses include, but are not limited to tuition, fees, academic tutoring, books, supplies, room, board, uniforms and transportation. Monies not used for qualified education expenses will be subject to taxes and a 10% penalty. Check with your tax advisor for full details.
3. Contribution eligibility and limitations are based on contributors’ modified adjusted gross income. 

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