Young savers Account
Its never too early to start saving.
Encouraging children to understand the value of money can make a huge difference to their future development of financial skills. At Liverpool Community Credit Union, you can save for children from birth to age 16. Opening a junior saver account could give your children a head-start on money management or allow you to save cash for their future.
- Adult signatory based, junior savers accounts are run by an adult. usually a parent or grandparent, until the child reaches the age of 16.
- The account can be opened with as little as a £1 and you can put money in as and when you want – birthday or Christmas money for example.
- Withdrawals require the adult who opened the account to sign. The adult signatory is responsible for the account and its’ operation until the child reaches the age of 16.
- At age 16, the junior member will become solely responsible for their own membership of Liverpool Community Credit Union
How to Open a Young Saver Account
- Fill in an application form. It should be signed by both the adult signatory and Young Saver (if they are old enough to sign).
- Visit one of our offices with 2 forms of ID proving the identity and address of the adult signatory if they are not already a member of Liverpool Community Credit Union. We also need to see the Junior Savers birth certificate.
- We need an initial deposit of at least £1 to open the account
You can pay into a young savers account using any of the payment methods we offer. An annual dividend may be paid on all sums deposited subject to surplus. The dividend rate will be recommended by the board of directors and approved by members at the Annual General Meeting.