A minor account must be joint with a parent or legal guardian.
We're helping our youth reach their highest potential with financial education and special offers.
Win an iPad!1 Open a new Minor Membership Savings Account between April 1 and April 30, OR register and attend one of our April webinars and be entered to win.2
In our free Youth Month webinars, you can learn about planning for college and how to prioritize spending to start saving money.
Get a $50 bonus when you open a new Minor Membership Savings Account .3
A minor account is no different than any other account at Star One, with the exception that the account must be joint with a parent or legal guardian. The minor has access to his or her accounts, but must display a valid ID when visiting a branch in order to transact.
The minor and joint owner control the account.
If the minor is 13 years of age or older, a checking account and Visa Debit card is permissible.
A transfer or gift to minor account is an irrevocable trust for the benefit of a minor. The dividends earned are reported under the minor's social security number. The custodian, who opens the account, controls it and can make withdrawals, and is solely responsible for explaining withdrawals to the Internal Revenue Service, if audited. (All withdrawals must be for the benefit of the minor.)
If the minor is in the field of membership, i.e., lives, works, or attends school in Santa Clara County, Alameda County, Merced County, Monterey County, San Benito County, San Joaquin County, San Mateo County, Santa Cruz County, and Stanislaus County, California, the Transfers to Minors account may be established based on the minor's eligibility.
If the minor does not live, work or attend school in one of the eligible counties, an immediate family member who is currently a member may sponsor and establish the Transfers to Minors Account.
This sponsor could be the custodian or the successor custodian on the account but is not required to act in this capacity. A named successor custodian is not required to be a member of the Credit Union. The California Probate Code states that only one person may serve as custodian at a time. In addition, only one successor custodian may serve at a time.
The custodian controls the account until the minor is of adult age. In California, persons eighteen (18) years of age are considered adults.
When the minor reaches adult age, the account can be converted into a regular savings account. A new membership application must be completed and signed by the minor when converting the account. When this happens, the minor must present proof of their date of birth (e.g. driver's license, birth certificate or passport). The custodian's signature is required when the account is converted or closed when the minor reaches age 18.
Some state Departments of Motor Vehicles (DMV or DOT) issue identification cards. In California, an ID can be issued to a minor and is valid for six years. Star One Credit Union recognizes these ID cards as a valid form of identification. To apply for a California ID card, you will need to do the following:
ID cards are available to most who do not have a driver's license.
There are important differences between Accounts for Minors and Uniform Transfers (Gift) to Minor Accounts. It is important that you understand them before you open an account.
Accounts for Minors | Uniform Transfers (Gift) to Minors Accounts |
---|---|
Joint ownership | Irrevocable trust |
Must be joint with parent or legal guardian | Requires a custodian |
Valid ID for minor recommended* | No ID required for Minor |
Must be able to write own name (for withdrawals) | Minor has no access to account |
Checking accounts allowed | Checking accounts allowed |
If the minor is 13 years of age or older, a checking account and Visa Debit card is permissible | Can only be opened for minors under the age of 18 |
*Valid Identification is required for all transactions at Branches including the Issuance of ATM or Visa Check Card and check orders bearing the minor's name.
1. Dare to Dream—Youth Month 2024
Official Rules and Regulations
"NO PURCHASE OR PAYMENT OF ANY KIND IS NECESSARY TO ENTER OR WIN THIS SWEEPSTAKES."
The sweepstakes period begins at 12:00AM PT on 4/1/2024 and ends at 11:59PM PT on 4/30/2024; all entries must be received within this time period. To participate in this giveaway, participants must:
Eligible individuals will automatically receive one (1) sweepstakes entry during the sweepstakes period once one or both of the participation requirements are met. Limit (1) entry per eligible individual.
Eligibility: Sweepstakes is open to legal residents of United States who are 18 years of age or older as of 4/1/24 and otherwise meet the qualifications to join the Credit Union. The qualifications for joining the Credit Union are available at https://www.starone.org/membership/who-can-join/. Star One Credit Union staff is not eligible to participate.
Drawing: On 05/15/2024, one (1) winner will be chosen via a random drawing performed by the Star One Community and Business Development team. All participants will have the same odds of winning due to entries being limited to 1 per qualified participant. The overall odds of winning will be determined by the total number of entries received; i.e. if 300 entries are received, each entrant has a 0.33% chance of winning.
Prize: One (1) Apple iPad Air 64GB (Space Grey) valued at $599 before applicable taxes and fees, or the cash equivalent, will be awarded to one (1) randomly selected winner. Winner is responsible for all federal, state and local taxes where applicable. Individual Taxpayer Identification Number required to receive prize; prize may be subject to IRS reporting. Prizes are non-transferable.
Prize Notification: The winner will be notified by phone or other traceable method of delivery, within 5 business days of being selected as the winner. To claim the prize, the winner must complete and sign an Affidavit of Eligibility; this Affidavit of Eligibility must be signed and returned within 14 days from the date of prize notification or the prize will be forfeited.
Additional Terms: If for any reason, this sweepstakes is not capable of running as planned, Star One Credit Union reserves the right at its sole discretion to disqualify any entry or entrant and/or to cancel, terminate, or suspend the sweepstakes and at its sole discretion to award prizes from among all eligible entries validly received prior to the action requiring such modification.
For questions regarding this sweepstakes please mail a letter to: Grace Thompson, Community & Business Development Manager, P.O. Box 3643 Sunnyvale, CA 94088.
2. No purchase necessary. See official rules.
3. Annual Percentage Yield (APY) is 3.00% as of March 19, 2024, is variable and subject to change. Minimum deposit of $50 to open a Money Market Savings Account and earn APY. Fees may reduce earnings. $50 bonus will be credited to your savings account upon account opening. This offer is made for new members under the age of 18 only. Offer effective April 1, 2024 through April 30, 2024. Not redeemable for cash. All new accounts are subject to Star One credit approval, account-opening procedure, Truth-in-Savings account and membership terms, disclosures and fee schedule. Individual taxpayer identification number required to receive bonus; bonus may be subject to IRS reporting. Bonus applies only to first-time Star One members and is only paid once to each individual. Promo code: YOUTH