At City of Plymouth Credit Union we appreciate that saving money is a great habit to learn whilst young and so we offer our fantastic Junior Saving Account. Encouraging children to understand the value of money can make a huge difference to their future development of financial skills. We do NOT charge a membership fee for Junior Saving Accounts and waive the normal adult membership fee on reaching the age of 18 on promotion, so it’s all free.
Are you working at a school? How about starting a School Savings Bank? Several local schools have done just that. And it can help with financial, IT and mathematics as part of the National Curriculum.
Anyone under the age of 18 can join City of Plymouth Credit Union as a Junior Saver. It’s amazing how quickly savings grow if regular deposits are made on, say, a weekly basis.
Joining is easy. When you join as a Junior Saver, your Junior Saving Account will automatically be opened. Remember, your parent or guardian must sign the form and will act as a trustee for your account. They will also be asked for an age at which you will be allowed to withdraw your savings without their countersignature, otherwise, they will need to sign all Saving Withdrawal forms before they can be paid.
When you reach the age of 18, you will automatically be promoted to being an Adult Member. And you won’t have to pay a membership fee!
You can withdraw your savings at any time by completing a Junior Saving Withdrawal Form (print it out or obtain one from a Service Point).
Please Note: City of Plymouth Credit Union will only allow a parent, guardian, or grandparent to open a Junior Saving Account for Data Protection and Safeguarding reasons.
- If you’re under 18 years of age, you can join
- You can join directly with the credit union or via your school
- No membership fee!
- Must have a parent, guardian or grandparent to act as a trustee
- Automatic promotion to Adult Member at 18 with no membership fee
- Promote financial awareness
- Help with National Curriculum
Junior Saving Account Terms and Conditions
- All Junior Savers will automatically have a Junior Saving Account opened when they join the City of Plymouth Credit Union.
- A Junior Saving Account can be opened for any child up to the age of 18.
- The account is an Adult Signatory based account. As such an Adult Signatory is required. This is the child’s parent or legal guardian. The Adult Signatory is responsible for the account and its operation until the child reaches the age of 18.
- The Adult Signatory will be asked to nominate an age at which a Junior Saver can make withdrawals without the countersignature of the Adult.
- At age 18, the Junior Saver will become an Adult Member and will be solely responsible for their own membership of City of Plymouth Credit Union. No membership fee will be payable on promotion.
- Any correspondence relating to the account will be sent to the current address held for the Adult Signatory unless otherwise requested.
- If the total of a Junior Saver’s savings accounts falls below £5 and no transaction is performed for 12 months or more, we reserve the right to declare the account dormant.
- The maximum balance permitted in each Junior saving Account is £500. This includes any interest payable.
- Should you wish to set up regular payments into the account, this can be done using a Standing Order. The Reference used for each transaction should be the Junior Saver’s membership number.
- Cash deposits can be made at the school credit union branch (if applicable).
- Withdrawals can be requested at any time. The Adult Signatory (or the Junior Saver if they have reached the nominated age as defined in 4. above) can submit a withdrawal request over the phone or at the credit union office. Any funds withdrawn will be paid out via bank transfer, appearing as cleared funds within two to three working days.
- Interest may be paid, gross of tax, on all sums deposited in the Junior Saving Account, subject to surplus. This will normally be equivalent to the dividend paid on Adult Member accounts.
- The interest rate will be recommended by the Board of Directors and approved by the members at the Annual General Meeting (AGM) each year.
- Any interest due will be paid into the account following the AGM.
- A Junior Saver Account will close when all funds are withdrawn.
- Should a Junior Saving Account be closed over the course of the year, no interest will be payable.
- Statements are available on request. We will provide statements either by post, in an office or at a service point. You must inform us immediately of any incorrect item on your statement.