A trust account is created to hold and secure assets for a number of purposes. The trustee is the only person able to withdraw from the account thus ensuring the beneficiary does not access funds for anything other than the intended use of the account.
Personal Trust Accounts
Want to put money aside for someone but don’t want them to touch it until you see fit or safeguard an inheritance until the beneficiary comes of age. If the beneficiary is under 31, an Advantage Savings account can be issued in trust for that individual.
______________________________________________________________________________________________________________________________________________
Features
-
Earn interest while you safeguard funds
-
Only the trustee can access funds
-
Make additional contributions any time
-
Set up an automatic transfer from your Oshawa Community account (weekly, bi-weekly, monthly etc.), and EFT from another financial institution or contribute via automatic payroll deduction
______________________________________________________________________________________________________________________________________________
Common Uses Include
-
Saving money for a child’s education
-
Safe guarding an inheritance
-
Ensuring funds are available for the care of a child or dependant
-
Holding funds for a disabled child or spouse
_______________________________________________________________________________________________________________________________________________
Become a Member Today
© Oshawa Community Credit Union Ltd. All rights reserved.
