Custodial Accounts

This is a savings account that administers your gift money to a minor with potential tax savings. You save because a portion of the dividends are taxed at the minor’s lower rate. Provision for these accounts is established under the Uniform Transfer to Minors Act.

The minor cannot withdraw this money until reaching the age you determine (usually 18 or 21). Then, if the minor is eligible for Navy Federal membership, the account can be converted to a regular savings account in the minor's name.

To start, call 1-888-842-NFCU (6328), international numbers.