It’s never been more important to have some savings put by, and our Young Saver Account not only allows children to save from a young age but helps to teach them the value of saving for the future.
Our Credit Union Young Saver Account is the perfect way to help your kids or grandkids learn to save and, by regularly putting away some money, they can build up a pot of savings to spend on something they need, or to keep for the future.
You can open a Young Saver Account for a child under the age of 18, and you can save for them in many ways, including having your Child Benefit paid directly into the account.
Credit Union Director Elisabetta Bertero said: “Encouraging kids to save from an early age is really useful in helping them to understand how to manage their money.
“By opening a Credit Union Young Saver Account for your children, you can give them the chance to put away a little bit each week or month. Before long, they will have some savings to spend on the things they want, or to build up a nest egg for their future.
“As well as giving young people the chance to learn about the value of saving, a Young Saver Account can also help them with things like numeracy skills and understanding the importance of record keeping.”
If you have children, grandchildren, or young relatives and you would like to encourage them to save, then you can open a Young Saver Account on their behalf. An adult must act as a trustee for the account and is responsible until the young saver reaches the age of 18. The adult trustee is the only person able to authorise withdrawals from the account.
To open a Young Saver Account with us, you (the trustee) first need to join the Credit Union as a member.
Membership is open to anyone who lives, works, studies or worships in any of the following areas:
- City of London
- Waltham Forest
You can also join us if you are a member or employee of The Co-operative Group (The Co-op) in London and the South East Region, a member of UNITE or UNISON or if you are an employee anywhere in the UK of one the organisations listed on our website.
To open your child’s account simply fill in the form on our Young Saver Account page.