Options for Minors

Atlas Bank offers a variety of exciting savings options for children and teenagers. In addition to Coverdell Education Savings Accounts (ESA) and Savings Bonds we offer Minor Accounts and Uniform Transfers to Minor Act (UTMA) Accounts. Atlas Bank also offers Checking Accounts for minors who have turned 17 years of age. Interest rates may be found on the current rate sheet. See our updated Fee Schedule by clicking here.

 Minor Account 

Minor Account offers a great way to encourage savings at an early age. It can be opened for a teenager (minor) between 14 and 16 years of age where the minor is the primary owner. An adult is required to be the joint owner on this account; however, the minor can make transactions on this account on his or her own. The minor may also have an ATM card (non-CD accounts only) and online access on this account with a joint owner's approval.

Note: A minor who is 17 years of age may not open a Minor Account. Instead, he or she may open a regular Savings Account with or without a joint owner.

Atlas Bank offers the following types of Minor Accounts:

• Savings Account 
• Money Market Account
• Certificate of Deposit (CD)

 UTMA Account 

UTMA Account is a legally restricted account, governed by the Uniform Transfer to Minors Act. It offers a way to save for a child and provides some tax benefits. UTMA Account can be set up by an adult (custodian) for the benefit of the minor. Withdrawals from UTMA Account can be initiated by the custodian as long as the expenses are for the minor’s legitimate needs. ATM card (non-CD accounts only) and online access on this account is available to custodian only. Custodian is the only person authorized to manage this account until the minor reaches the age of 18. Upon reaching that age, the custodian is responsible for distributing or transferring the funds to the minor.

Atlas Bank offers the following types of UTMA Accounts:

• Savings Account 
• Money Market Account
• Certificate of Deposit (CD)
  

 Checking Account 

Atlas Bank understands that learning how to handle money at a young age can build the foundation for good financial habits. That is why we make our general checking account products available to minors who have turned 17 years of age. Checking account for a minor may only be opened with a parent or legal guardian as a joint owner on the account. The joint owner must be aware that the minor may use this account in any way and with no restrictions.

For more information regarding Atlas Bank checking products click here.

If you would like to learn more about our accounts for minors or learn more about other money saving ideas please visit one of our branches or call (718) 768-4800.

Funds are insured up to a maximum FDIC limit of $250,000 per depositor

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