Bethpage Student Savings Account

APY^[1] on balances up to $1,000
For ages 20 and under.

[1] APY = Annual Percentage Yield. APY is accurate as of --/--/---- and subject to change, including after account opening, without notice. The Student Savings account is a variable rate tiered account. Balances $0.00 to $1,000.00 earn APY and dividend rate. Balances $1,000.01 to $10,000.00 earn APY range and dividend rate. $10,000.00 balance is an illustrative example for APY computation purposes only. There is no maximum balance for Student Savings accounts. The dividend rate is paid on the portion of the daily balance within each balance tier. The required minimum balance to open account is $5.00.

Benefits of a Bethpage Student Savings Account

Bethpage provides a Student Savings Account with great features to help your child get on the right financial track!

Learn, grow and save.

Teach your child the value of money at an early age by watching his/her savings grow over time.

Convenient account access on the go.

Check the balance of your child's account and deposit checks for them on your mobile device with the Bethpage app. Digital banking is available for ages 13 and up.

Your child's money is never out of reach.

Shared branches and surcharge-free ATMs are available nationwide through the Co-op ATM and Shared Branch Network.^[2]

Features of a Student Savings Account

For ages 20 and under (parent/guardian must be a joint owner for members under 18)

No monthly maintenance fees
Start with as little as $5
No overdraft fees^[3]

$1,000 ATM withdrawal limit
24/7 access to Bethpage Digital Banking for parent/guardian. Minor can have access at age 13.
Custodial Accounts (NYUTMA) available^[4]

Why Bethpage?

We're a credit union, not a bank.
Which means your needs come first, not stockholders; because there are none. We invest back in you by delivering lower fees and competitive rates.

Bethpage has been serving members for over 80 years.

Bethpage deposit accounts are federally insured by the NCUA up to $250,000.^[5]

No matter where you live in the U.S., you can bank at
Bethpage.^[6]

FAQs

We have the answers you need for the questions you have on Student Savings Accounts.

You can easily open a Student Savings Account in person at your nearest branch or by scheduling a virtual appointment. (Parent/guardian is required if 17 and under.) Before you get started, make sure you have the following available:

Your Social Security Number
A valid form of ID. Acceptable documents for minors (17 years of age or under) include:
• Student/School identification card, with photo
• Birth certificate
• Library card, with photo
• Insurance identification card, with photo
• An unexpired learner’s permit, with photo, issued by a state within the United States
A parent/guardian and their driver’s license or Government Issued ID for identity verification (if 17 and under).
The information above for the joint owner of your account, if applicable

A one-time, $5.00 deposit into your savings account is required to open a Student Savings account.

Credit unions are made up of members who have ownership in the overall institution.

What does this mean? Instead of earnings going into the shareholder’s pockets, they are paid back to members in the form of higher dividend rates, lower loan rates and exceptional service.

When the primary account holder reaches the age of 21, a Student Savings Account will automatically convert to a Savings Account.

Of course! While you still have full access to your accounts 24/7 with our Digital Banking, we have a nation-wide network of over 30,000 surcharge-free ATMs and 5,000 shared branch locations.

Shared Branches give members thousands of convenient locations to perform basic transactions. Whether you are at work, home, or anywhere within the U.S., you will have the ability to get the services you need.

A Shared Service branch is a Bethpage or other credit union branch that participates in a network that allows members to walk into a credit union location that displays the CO-OP logo. At these designated locations you will be able to deposit checks, make a withdrawal or make a loan payment.

To find your nearest shared branch location, use our branch locator.

Yes, all Bethpage Federal Credit Union deposit accounts are insured up to $250,000 through the National Credit Union Administration (NCUA).

The NCUA share insurance coverage applies to each share owner, per insured credit union, for each ownership category. For more information on NCUA’s share insurance, please visit https://ncua.gov/ or call toll-free 1-800-755-1030, option 1.

The National Credit Union Administration (NCUA) operates the National Credit Union Share Insurance Fund (NCUSIF) to protect accounts at federally insured credit unions up to $250,000. The $250,000 in coverage applies to each share owner, per insured credit union, for each account ownership category.

The NCUSIF was established by Congress to insure member deposit accounts at federally insured credit unions. NCUSIF is similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation insurance for banks.

A Student Savings Custodial NYUTMA Account is governed by the New York Uniform Transfers to Minors Act (“NYUTMA”) and is a type of account ownership, rather than a specific product. The NYUTMA account is opened by a parent/guardian (over the age of 21) and is responsible for managing the account for the benefit of the minor. All funds deposited in the account become the property of the minor but are to be managed for the minor’s benefit by the custodian.

The Student Savings Custodial NYUTMA Account is open to anyone up to 20 years old. The minor is the owner of the funds in the account. The Custodian must be a Bethpage member and is required to have control over the account until the minor turns 21 years of age.

Under NYUTMA, the age of majority (legal age of adulthood), is 21 unless the custodian specifically designates “payable at age 18” at the time the account is opened. The minor will have the right to any remaining funds in the account after they have been released by the custodian.

At 21, their Student Savings Custodial NYUTMA Account will change over to a Bethpage Savings Account.

Important Information

[1] APY = Annual Percentage Yield. APY is accurate as of and subject to change, including after account opening, without notice. The Student Savings account is a variable rate tiered account. Balances $0.00 to $1,000.00 earn APY and dividend rate. Balances $1,000.01 to $10,000.00 earn APY range and dividend rate. $10,000.00 balance is an illustrative example for APY computation purposes only. There is no maximum balance for Student Savings accounts. The dividend rate is paid on the portion of the daily balance within each balance tier. The required minimum balance to open account is $5.00.

[2] Surcharge-free ATMs through the Co-op ATM Network must show Co-op ATM logo. ATM transactions performed at ATMs outside of the Co-op ATM Network may be subject to the ATM owner’s fee. Please visit our Online ATM/Branch Locator for a list of surcharge-free ATMs and Shared Branch locations.

[3] Bethpage will not charge an insufficient fund fee if Bethpage declines a transaction that may overdraw your account, however, the payee or merchant may assess a fee if a transaction is returned unpaid. In some instances, Bethpage may be required to pay certain transactions that will overdraw your account resulting in a negative balance, however, Bethpage will not charge an overdraft fee.

[4] The Student Savings Custodial UTMA Account is governed by the New York Uniform Transfers to Minors Act (“NYUTMA”). This account can be opened if the custodian or the minor is a resident of New York State and by opening such an account you agree that this account will be governed by NYUTMA. All funds deposited in the account irrevocably become the property of the minor, but are to be managed for the minor’s benefit by the custodian until the minor reaches the age of majority, at which time the custodian is responsible for distributing the funds to the minor. Only one custodian (who must be 21 or older) and one minor are allowed per account. The NYUTMA imposes certain fiduciary and record keeping obligations on an NYUTMA account custodian and requires that interest earnings are reported to the IRS under the minor’s Social Security number. Bethpage Federal Credit Union has no duty to monitor or ensure that the acts of the custodian are for the use or benefit of the minor or comply with the NYUTMA, or are otherwise permissible exercises of the custodian’s powers under the NYUTMA. If you are not certain whether NYUTMA account is the right choice for you, we strongly urge you to first seek professional legal, tax, investment and/or estate planning advice. The offering of NYUTMA accounts should not be construed in any way as the providing of legal or tax advice by Bethpage Federal Credit Union.

[5] The National Credit Union Administration (NCUA) share insurance coverage applies to each share owner, per insured credit union, for each ownership category. For more information on NCUA’s share insurance, please visit www.ncua.gov or call toll-free 1-800-755-1030, option 1.

[6] To obtain access to the advertised financial products and services offered by Bethpage, membership is required, which is subject to approval and requires opening and maintaining a $5 Savings Account.

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