With a Mitten Club Account you don’t have to worry about your child’s financial future. Your child may become a Mitten Club member from the day of birth up until the age of 18. Saving automatically is one of the best ways to set your child up for financial success, and to also teach them that putting aside money regularly into a Mitten Club account will be beneficial to them in the long term.

As an added benefit of membership UFCU Mitten Club members are eligible to apply for college scholarships thanks to our credit union and the Ukrainian-American Community Foundation, Inc.  Since its inception in 2010, the Ukrainian-American Community Foundation, Inc. has donated more than $472,000 to help support an array of community, cultural, humanitarian, and educational initiatives. It has also awarded nearly $195,350 in undergraduate and graduate-level scholarships. We also have annual Youth Month promotions with prizes for our Mitten Club members. Open a Mitten Club Account today! Your child will thank you later.

Coverdell Education Individual Retirement Accounts (IRAs) offer the following advantages:

• Financial contributions are saved on behalf of your child until they reach 18 years of age.
• Every year you, extended family members, relatives, and friends, can contribute up to a maximum of $2,000 per child. Deposits limited by IRS rules and regulations.
• Withdrawals that are made for qualifying education expenses are tax-free.
• Earnings grow tax-free.

→Visit the IRS website to learn more about Coverdell Education Savings Accounts

Managing your money doesn’t have to be complicated, especially when you go off to college. Start managing your money the smart way and build your credit with a personalized UFCU Visa^® Credit Card. With a Start Smart Young Adult Account you can get all of these great features:

• Checking Account¹ with:
  • VISA Debit Card
  • Online & Mobile Banking
  • FREE First Set of Checks
  • Access to the 30,000+ fee-free CO-OP ATM Network
  • Overdraft Line of Credit²
  • Visa^® Credit Card² with credit line up to $1,000

¹Must be 18 years of age or older to open a checking account, or have an accompanying joint member on the account who is 18 years of age or older.

²Subject to application and credit approval. Must be 18 years of age or older to apply and must have an accompanying joint member on the account who is 21 years of age or older.

Traditional IRA contributions can be tax deductible in the year the contributions are made. The taxes on these earnings are deferred until the time of withdrawal. Traditional IRAs are funded with pre-tax dollars. You may open a traditional IRA either as a certificate or in a floating rate account.

Deposits
Deposits are limited by IRS annual limits. In 2024, the contribution limit for an IRA is $7,000 for those under 50 years old and $8,000 for those 50 or older. Annual contributions can be made from January 1 through April 15th of the following year.

Withdrawal penalty
Permitted according to IRS regulations. Subject to IRS penalties. Early withdrawal penalties do not apply to withdrawals made after the death of any owner of the account.

→Visit the IRS website to learn more

Roth IRAs allow only nondeductible contributions but feature tax-free withdrawals for certain distribution reasons after a five-year holding period. You may open a Roth IRA either as a certificate or in a floating rate account.

Deposits
Deposits are limited by IRS annual limits. In 2024, the contribution limit for an IRA is $7,000 for those under 50 years old and $8,000 for those 50 or older. Annual contributions can be made from January 1 through April 15th of the following year.

Withdrawal penalty
Permitted according to IRS regulations. Subject to IRS penalties. Early withdrawal penalties do not apply to withdrawals made after the death of any owner of the account.

→Visit the IRS website to learn more

Coverdell Education Individual Retirement Accounts (IRAs) are designed to help members save for qualified education expenses for a child.

Features:

• Excellent tool for parents, grandparents and others to help meet the rising costs of a student’s education
• Earnings grow tax-free
• Can be use to pay qualified elementary school and secondary school expenses as well as those for higher education

Deposits
Deposits limited by IRS annual limits. $2,000 annually, and can be made from January 1 through April 15th of the following year.

Withdrawal penalty
Permitted according to IRS regulations. Subject to IRS penalties. Withdrawals can be made for qualifying education expenses. Can be transferred from one child’s account to another.

→Visit the IRS website to learn more about Coverdell Education Savings Accounts