Young Savers

Young Savers

Savings for under 16s

The Hoot Credit Union Young Saver Account is for children and young people under the age of 16

Aiming to get under 16s into the habit of saving, preparing them for later life and teaching the benefits of managing their own money.

  • Secure savings
  • Easy ways to deposit
  • Instant access
  • Interest on savings (subject to credit union performance)
  • You must be under the age of 16 to open an Young Saver account.
  • Opening a Young Saver account is free.

How to apply

  • Simply download and complete the application form or contact us to receive one in the post.
  • Return it to our Town Centre Office with your proof of identification.
  • We need to see your passport or your birth certificate to prove your name and date of birth.
  • All Young Savers must have a parent or guardian as a co-signatory. If the adult is not already a Hoot member we need to see their ID too. See leaflet for details.
  • Once you have opened the account you can start saving straight away.

To be a Young Saver you must be under 16 years of age and either live or go to school in any of the postcodes within the common bond area.

  • The Young Account is only available eligible applicants and may be opened by completing and submitting the Young Savers Application Form.
  • All Young Savers must have an adult signatory (recommended to be parent, guardian or carer) and withdrawals can only be made with authorisation from the adult signatory.
  • Upon reaching the age of 16 the Junior Saver will automatically convert into adult membership of the credit union and have full control of this account. At that time this adult signatory will no longer have access to the account.
  • Savings can be paid into the Young Savers account throughout any given calendar year and can be withdrawn at any time.
  • Lump sum deposits may be made at any time into the Young Saver Account subject to any applicable limits and can be made by cash deposit, bank transfer or debit card, Deposits may be subject to Money Laundering Verification.
  • The maximum Young Savers balance cannot exceed £10,000 or any such limit declared by the credit union in accordance with regulatory limits.
  • We regret that we cannot accept personal or third party cheques as deposit. Cheques from approved organisations made out to the member are accepted and require ten days clearance from the date of deposit.

Financial Services Compensation Scheme

Your eligible deposits with Hoot Credit Union Ltd are protected by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. 

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Credit unions are regulated by the Financial Conduct Authority and the Prudential Regulation Authority.