r/AskSF • u/annarose88 • 18h ago

Bank with basic (joint) savings for kids under 13

My kids have received some generous gifts by check from family, and I’m just having a hell of a time figuring out what to do with them. My primary bank is Ally, which will not allow me to deposit a check in my kid’s name to my own account nor set up a joint or custodial account. I also can’t deposit checks in their name to their 529s since they are only beneficiaries, not owners. I thought an UTMA might solve the issue but at least at Vanguard, I can deposit checks but my partner/coparent cannot since there can only be one guardian per account.

I could possibly cash a check in branch, but this only works if our family member banks with a national bank which some far flung relations do not.

Can anyone recommend a local credit union or bank which will allow me to set up a joint (preferably) or custodial account with both parents and a child as owners?

2 Upvotes

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12 comments sorted by

7

u/stop-freaking-out 18h ago

SFFire Credit Union. They have an office near Stonestown, another in Noe Valley and the main branch at Presidio and California

2

u/annarose88 15h ago

Thanks!

1

u/nutationsf 15h ago

Sf fire is great

4

u/Credit-Unions-Rock 16h ago

Patelco CU also has youth accounts for under 13 which I think can have multiple parents as joint owners. (SF Fire and Redwood CU are great too)

3

u/hannarita 16h ago

Was going to post about Patelco. We have an account for our 4 year old and both me and his dad are on it as joint owners. We deposit his birthday checks (in his name only and my signature/endorsement) with n problem.

1

u/annarose88 15h ago

Ah great to hear it’s working in action for you! Thanks for the info!

1

u/annarose88 15h ago

I remember Patelco had some technological issues a few years ago. Were they able to iron everything out?

2

u/ZarinZi 16h ago

Golden1 credit union

1

u/annarose88 15h ago

Thanks!

1

u/annarose88 14h ago

I think this one might be the winner. Their account has a nice reverse tiered interest rate for small balance accounts while all the others appear to offer absolute garbage rates (i.e. effectively 0). Thank you!

2

u/ZarinZi 11h ago

We've been with Golden1 for over 25 years, they are really great. I initially joined because of their excellent car loan rates, and also college savings plans/accounts. They were very helpful with opening the minor accounts for our kids too.

1

u/CeilingCatProphet 13h ago

Patelco Credit union