Where to set up a Coogan Account.
Not all banks offer Coogan Trust Accounts, and even some that do still have employees are not familiar with the term “Coogan Account”. Sometimes explaining that you are opening up a blocked trust account for your minor child will clear up confusion.
Below you will find a partial list of banks, credit unions and brokerage firms that offer Coogan/Trust Accounts. These financial institutions each have different requirements for opening accounts. Some require a first paycheck to open the account, some a minimum deposit and the interest rates vary. It is important to compare financial institutions and find the best one for you and your child.