Young Savers Account

We encourage savings accounts for children and operate a number of Young Saver clubs at participating local schools. These encourage primary and secondary age pupils to learn about money and develop a savings habit. This is a vital part of growing up money-wise. You only need £1 to open a Young Savers Account.

Key Features of our Young Savers account:

• It is only available to people under the age of 16.
• Savers will receive an annual bonus payment known as a dividend. The size of the dividend is calculated as a percentage of your savings. Young Savers usually receive a higher dividend than adults.
• Young Savers receive an attractive wallet and colourful pen with their special Young Savers passbook.
• Primary school age Young Savers can collect smart smiley stickers when they save.
• Savings can be withdrawn at any time but loans are not allowed. Withdrawals of more than £20 need to be countersigned by a parent or guardian.
• Young Savers become adult members of the Credit Union on the 1st October following their 16th birthday. Any child who is a relative living in the same household as a qualifying adult member can have an account as a Young Saver. The Credit Union is able to accept accounts for children who attend a school in the London Boroughs of Lewisham or Bromley or the SE19 postcode.

To open a Young Savers Account please complete a Young Savers Application and bring it into one of our branches or one of the schools we are currently working with.

Young Savers Withdrawal Form