Custodial Savings & Tuition Saver Accounts

Custodial Savings Accounts

Custodial Savings Accounts are usually opened on the behalf of children under the age of 21 but can be opened for anyone, of any age, that would benefit from having a custodian administer their account. The account is opened in the name of the individual who will benefit from the funds and the name of custodian.  An initial $5.00 deposit is required to open account.

  • Only the Custodian can make withdrawals from this account
  • Dividends on these accounts are paid quarterly on an average daily balance of $100 or more. For main account holders who are under the age of 18, dividends on these accounts are paid quarterly on an average daily balance of $5.00 or more

 

Tuition Saver Account

Let Ohio Catholic help you plan and pay for a Catholic education.  One of Ohio Catholic’s goals is to promote Catholic education by providing a variety of programs and services that will directly support the choice of a Catholic education.  The Tuition Saver Account pays a higher interest rate than a standard savings account and matches deposits for special Catholic Milestone Events.

Tuition Saver Dividend Rate Chart

Amount in Tuition Saver AccountSpecial Tuition Saver Dividend Rates
$25-$500Standard Savings Rate +.75% APY*
$501-$1000Standard Savings Rate +.50% APY*
$1,001 & Up= to Money Market rates

*APY = Annual Percentage Yield

How the Tuition Saver Program Works

  • Account is opened as a joint account with child as the primary account holder and parent as the secondary account holder or as a custodial account
  • Primary account holder must be under the age of 18 to open a Tuition Saver Account
  • A $25 initial deposit is required to open account
  • Dividend rate is paid monthly on average daily balance of $25 or more
  • Matching deposit funds up to $20  for the first deposit made to the account with a Sacramental certificate are available within the first 60 days* after the child receives any of the following Sacraments:
    • Baptism
    • First Communion
    • Confirmation
      * Ohio Catholic will have opportunities throughout the year where the conditional 60-day period is waived.
  • A hold equal to the amount of any matching deposit funds will be placed on the account until a qualifying withdrawal is made
  • Withdrawals may be made at any time for a qualified distribution
    • Qualified Distributions are the following:
      • Check made payable to a Catholic Grade School or High School
      • Check made payable to a College, University or Trade School
  • Matching deposit funds will be forfeited if all or any portion of the funds are withdrawn for any non-qualified distribution
  • Any account that is closed within 180 days will incur the standard account closure fee
  • Transfers may be made at any time to an Ohio Catholic Share Certificate Account without penalties or forfeiture of rewards