Minor Statement Savings

Tioga State Bank’s Minor Statement Savings account is available to Tioga State Bank customers, ages 0 to 20, and features a low minimum to open and no monthly service charge. 

For tax and other reasons, parents, grandparents and others sometimes want to transfer ownership of cash and other financial assets to children who are too young to handle such assets. One way to do this is to establish a trust. The Uniform Transfers to Minors Act (UTMA) provides an alternative that may be simpler, cheaper and faster than a trust. A custodian may open an UTMA account for minors, ages 0-20 years. Tioga State Bank requires that Minor Statement Savings accounts opened for minors, ages 0 – 6 years, be opened as UTMA accounts.

When a minor reaches the age 7, the minor is eligible to open a Minor Statement Savings account on their own, with a parent/guardian’s acknowledgement, provided they meet the requirements of opening an account.

At age 13, minors with their own Tioga State Bank Minor Statement Savings account are eligible to apply for a free TSB ATM Card and free TSB Online, with a parent/guardian’s acknowledgement.

Minor Statement Savings Account Features & Benefits
  • Only a $50 Deposit to Open Account
  • $50 Minimum Daily Balance to Earn Interest
  • No Monthly Service Charge
  • 6 Preauthorized Transfers Allowed per Month
  • Free TSB ATM Card Available
  • Free Tioga State Bank ATM Access
  • Free TSB Online Banking
  • Free E-Statements
  • Free TSB Mobile Banking
  • Free Xpress Telephone Banking