Enjoy the advantages of an IRA but instead of saving for your retirement, you're investing in your child's future!
The annual contribution limit of $2,000 includes any service fees you need to pay. Contributions to the account must end when your child (or another beneficiary) turns 18.
The account is considered an asset of the parent (custodian) and withdrawals do not usually need to be reported as income.
Your child (or beneficiary) must withdraw all the funds before they reach age 30. After that, they will need to pay taxes and penalties on withdrawals.
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Step 1 |
Join Wasatch Peaks Credit Union Check you meet our membership criteria and open a savings account with a deposit of just $5. |
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Step 2 |
Open Your Educational IRA Certificate Account Name your child or beneficiary and make an opening deposit of at least $500. |
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Step 3 |
Start Saving for Your Child's Future! Make sure your child gets a great education with ongoing contributions until they turn 18. |
When you open an account with Wasatch Peaks, you become a member of our cooperative and get a say in how we run things.
We're here to serve the people of Weber, Morgan, and Davis Counties, Utah – not spin a profit for outside shareholders.
We give our revenue back to you through low fees, competitive rates on loans, and generous yields on savings tools like our IRA Certificates. Above all, we care about the members of our community and are proud to support our youth by partnering with local schools, organizations, and events.
Enjoy the high rates of a Certificate account but with easier access to your funds. Plus, make ongoing deposits up to a balance of $100K.
Choose the certificate term to match your goals and use automatic transfer or payroll deduction to save for your pre-planned expenses quickly.
Earn higher rates than regular savings with more accessibility than a certificate. Best of all, your rates increase as your balance reaches milestone amounts.
