Young Savers

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

Start saving with as little as £1

Interest on savings

(Subject to credit union performance)

Protected by the FSCS

For children and young people under 16

Open a Young Saver account

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. Young saver accounts must have an adult parent or legal guardian co-signatory.

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Financial Services Compensation Scheme

Young Saver accounts benefit from our participation in the Financial Services Compensation Scheme (FSCS).

FSCS

Terms & Conditions

The Young Account is only available to 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 a 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Savings can be paid into the Young Savers account throughout any given calendar year and can be withdrawn at any time.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 deposits. Cheques from approved organisations made out to the member are accepted and require ten days’ clearance from the date of deposit.