Having a Baby
Welcome to the world of parenthood!  Whether this is your first or third child this is an exciting time for your entire family.  Pacific Service CU is ready to help. Well, maybe not with the 4 a.m. feedings, but with the financial security you’ll surely want for the newest member of your family.

After all, having a child brings about a lifetime of financial concerns and responsibilities. There are immediate financial needs, as well as future expenses such as college, a new home and yes, even wedding expenses one day. We can provide the accounts and resources needed to make raising a family more affordable.

Saving for Baby
To prepare for the new addition to your family, begin saving before your child is born. Remember, you have nine months to build a little nest egg. Consider putting extra money in a Pacific Service CU savings account or open a certificate account to earn a higher return. The easiest way to start a savings program is to set up automatic deposits using BranchLine.  Or, set up automatic payments through your employer's direct deposit.

Planning for Baby
This is an important time for planning.  Consider preparing a will and setting up a living trust account.  A living trust allows you to direct how your assets will pass to your heirs.  One of the key benefits to a living trust is that the trust assets may not be subject to probate - potentially saving thousands of dollars.  Pacific Service CU can be your custodian for your living trust account, please call for details.

Saving for College
It’s never too early to start saving for a child’s college education. Although college may seem a long way off, the earlier you start saving for college the better. There are a number of ways to save for a child's education. With our Education Savings Account (ESA) program, you can save for education expenses on a tax-favored basis with savings, money market or certificate options. Visit our rates page for today's rates.

Baby’s First Account
Once your child is born, apply for a Social Security number and open a savings account. It’s a convenient way to transfer money and build up a savings account for future expenses. We’ll remember their birthday and give them $5 when they deposit their birthday money.  With our low $100 minimum deposit for a certificate account, even our youngest savers can earn higher rates.

Gift to Minor
We can establish a custodial account which allows you to gift assets to a minor during your lifetime.  You can give up to the IRS allowable limit per year without having to pay federal gift tax.  Other adults may also contribute to the account.  A custodian must be appointed to the account for a minor.  All withdrawals must be for the benefit of the child until after the child reaches legal age.  Upon reaching legal age, the minor gains control of the account.  Withdrawals from the account can be used for any purpose.

Attention Grandparents!
Give the gift of financial security. By opening a savings account for your grandchild, not only will they have a safe place to save money, they’ll have access to valuable resources for financial education. It’s the first step toward learning financial responsibility. Opening an account is easy, and you can transfer money to your grandchild’s account for holidays, birthdays or other special occasions.
Members must have their trust agreements established before setting up a trust account.  Pacific Service CU cannot give members financial, tax or legal advice regarding Living Trust Accounts, Gift to Minor Accounts, or Education Savings Accounts (ESA).  Please consult a tax advisor or attorney for more information about these accounts and to determine if any of these accounts are appropriate for you.
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