Opening a savings account for your child is not only a great way for them to start building up a pot of money, but is also really helpful in teaching them the importance of saving. Our Credit Union Young Saver Account can put them on the right path.
At the Credit Union, we believe that it’s vital to encourage kids to learn how to manage money and to realise the value of saving from a young age, so that as adults they can avoid the pitfalls of high interest debt. Whether you are looking to open an account for a child, grandchild or looking to encourage your children to open their own account, we can help.
Our Young Saver Account allows you or your kids to make regular deposits to their account, helping them to build up a pot of savings. You can pay in money as often as you like, but we would recommend at least £5 a week or £20 a month, and it’s amazing how even small amounts build up!
The account is open to children under the age of 18 and an adult needs to act as a trustee for the account, as they will be the only person able to authorise withdrawals.
To open a Young Saver Account, you (the trustee) must fulfil at least one of the following criteria listed below. The young person does not need to fulfil any of these criteria.
* Live, work, study or worship in Barnet, Brent, Camden, City of London, Enfield, Hackney, Haringey, Islington or Waltham Forest
* A member or employee of The Co-operative Group (The Co-op) in London and the South East Region.
* A member of UNITE the Union or UNISON
* An employee of one of the national organisations listed on our website
* A tenant or leaseholder of one of the national housing providers listed on our website.
Credit Union Chief Executive Martin Groombridge said: “The past year has shown all of us the importance of having a bit of money put aside, so it’s never too soon to set up a savings account for your kids.
“Putting away just a little bit each month for them by standing order, direct from your salary or out of your Child Benefit, will soon build up a pot of money for them to spend on something they need, or to keep for their future.”