Coogan Savings Account
If your kid’s talent is earning more than applause, this is their spotlight moment. UMe’s Coogan Savings Account helps parents and guardians securely save a portion of a young performer’s or athlete’s earnings—just like the law (and Jackie Coogan himself) intended.
Coogan Trust Account Details
In California, employers of child actors or athletes working under contract are required to deposit 15% of gross earnings into a Coogan trust account. These funds are safeguarded until the child turns 18 or becomes legally emancipated—when they officially graduate from “kid talent” to “grown-up artist.”
It’s all part of helping young earners build financial confidence while protecting their hard-earned paychecks.
How Does a Coogan Savings Account Work?
1. Finalize the contract
A parent or guardian has 7 days to open a Coogan Account once a minor’s employment contract is signed.
2. Join UMe
There is no membership fee for members under 18, and you can open your account with a low initial $5 deposit.
3. Start saving
You’ll earn interest on balances of $25 or more (check rates). Plus, enjoy peace of mind knowing that your deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA).
Current Rates
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Minimum Balance* |
Dividend Rate |
APY** |
|---|---|---|
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*Minimum average daily balance required to earn dividends. Special Savings dividends are based on the average daily balance and are posted quarterly. Checking and Money Market are based on the average daily balance and are posted monthly. All other rates and yields subject to change without notice. **APY is Annual Percentage Yield. |
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Minimum Balance* $25 |
Dividend Rate 0.05% |
APY** 0.05% |
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TERM |
MINIMUM BALANCE* |
DIVIDEND RATE |
APY** |
|---|---|---|---|
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*Minimum average daily balance required to earn dividends. Membership Shares, IRA Savings, IRA Certificates and Special Savings dividends are based on the average daily balance and are posted quarterly. Checking, Money Market and non-IRA Certificate Accounts are based on the average daily balance and are posted monthly. Certificate Accounts are subject to penalties for early withdrawal. Please contact one of our Financial Services Representatives for further information about applicable fees. IRA Certificates may be subject to additional Internal Revenue Service penalties for early withdrawal. Certificate rates are fixed for the term purchased. All other rates and yields subject to change without notice. **APY is Annual Percentage Yield. |
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TERM 12 months |
MINIMUM BALANCE* $250 |
DIVIDEND RATE 3.49% |
APY** 3.55% |
Youth Account Membership Benefits
UMe youth members enjoy all the perks of belonging to a community that’s invested in their future. From no membership fees for minors to discounts and perks just for students, U+Me = smarter saving.
Student budget calculator
Budgeting doesn’t have to be scary. Our student budget calculator makes it easy to track spending, plan goals, and grow savings smartly.
Low initial deposit
Start strong with just $5. A simple way to open your Coogan Account and build smart saving habits early.
Free online banking
Bank anytime, anywhere. Check balances, set alerts, and keep up with your savings—whether you’re on set or on the move.
Earn interest
Your savings deserve the spotlight. Earn dividends on balances of $25 or more. It’s money that grows as your child does.
Coogan Savings Account FAQs
It’s a special type of custodial account created to protect the earnings of minors in the entertainment or athletic industries. Named after child actor Jackie Coogan, it helps set aside a portion of a child’s income until adulthood.
California law requires employers to deposit 15% of a minor performer’s gross earnings into a Coogan trust account within 15 days of employment. It’s designed to protect young workers from losing access to their earnings before they reach 18.
Parents or guardians can open the account at UMe within seven days of signing the child’s employment contract. Just bring a valid ID, the minor’s birth certificate or passport, and the employment contract. Our friendly team will handle the rest.
Funds typically remain locked until the child reaches adulthood (18 years) or becomes legally emancipated, so their earnings stay protected.
You can open with just $5, and dividends are earned on balances of $25 or more.