Membership in Northrop Grumman Federal Credit Union means co-ownership in one of the strongest credit unions in the country.
A great way to develop a savings habit early on is to move a child's savings to a special NGFCU Youth Account. Just as with any other Credit Union account the savings are insured and they have the added benefit of paying dividends. It allows your young one to have a dividend-bearing savings account and start receiving the benefits and value of Credit Union membership at an early age. The Youth Account is available to anyone with a social security number under the age of 18 who is otherwise eligible for membership and is able to sign his or her name. Youth accounts held by a primary accountholder under the age of 18 requires an adult joint accountholder.
A custodial account called an UTMA may also be established for children from birth with a social security number. These accounts offer some tax advantages.
An NGFCU Youth Account offers a young person a variety of benefits:
- Your accumulated funds on deposit in the Credit Union are federally insured to at least $250,000 by the NCUA
- Pays dividends
- If established as an UTMA account, it could offer some tax advantages.
- Quarterly statements by mail and online (Monthly statements if there is a transaction on a savings account or there is an active share draft (checking) account.)
- When the parent or guardian is a joint owner, an ATM card (when only a regular share account is open) or, additionally, when the primary owner is at least 13 years of age, a share draft (checking) account with a debit card may be available.
- Allows unlimited free over-the-counter withdrawals per month per suffix when total shares are $1,000 or more. (When this minimum requirement is not met, 5 free over-the-counter withdrawals per month per suffix.) See Schedule of Fees.
- No maintenance fee