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 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: Under new European Data Protection regulations, it is no longer possible for someone who is not a parent or guardian to open a Junior Saving Account for a child. This means that a grandparent, for instance, cannot open a Junior Saving Account for a grandchild. Our advice in this instance is for the grandparent to open an Additional Saving Account in their name and save that way.
- If you're under 18 years of age, you can join
- You can join directly with the credit union or via your school
- Must have a parent or guardian to act as a trustee
- You can withdraw your savings at any time
- Automatic promotion to Adult Member at 18 with no membership fee
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.
- 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 2 years 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 in to 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 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.
- To close a Junior Saving account, a closure form must be completed by the Adult Signatory.
- 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.