Coogan Savings Account
If your children earn money for their artistic or athletic talents under contract, let us roll out the red carpet for our Coogan Account.
In California, employers with child actors or athletes working under contract are required to deposit 15% of gross earnings into a minor’s Coogan Account. Funds can’t be touched until the minor turns 18 or becomes legally emancipated (and graduates from child actor to serious artist who just wants to direct).
The Details
How does a Coogan Savings Account work? Let’s break it down:
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
|
Minimum Balance* |
Dividend Rate |
APY** |
|---|---|---|
|
*Minimum average daily balance required to earn dividends. 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. All other rates and yields subject to change without notice. **APY is Annual Percentage Yield. |
||
|
Minimum Balance* $25 |
Dividend Rate 0.05% |
APY** 0.05% |