A child is never too young to start saving. At Carnglen Credit Union we encourage children to develop a positive relationship with money. In a child’s world, money comes from Mum’s purse or Dad’s pocket. It is important to teach children that money needs to be earned and that is important to get into the habit of savings. This gives the child a good start for holidays, school fees, driving lessons etc.
Children under 16 years can have a Junior account. The account must be opened by a parent or legal guardian. If the child is aged 7 or over they must also be present. The parent has control of the account until the child becomes 16. Any withdrawals made on the account must be signed for by the parent and the child (if aged 7 or over). The maximum savings that can be held in a Junior account is £5,000.00 per child.
To open a Junior account you will need the child’s birth certificate or current passport and a utility bill or bank statement with the parents name and address (must be dated within the last 3 months).
Advantages of a Junior account
- Annual dividend on savings
- Account is operated by the parent/guardian and the child
- Carnglen Credit Union is part of a schools saving scheme and currently operates in the following schools on a Tuesday morning: St Johns P S Swatragh, St Marys P S (Glenview)Maghera, St Patricks (Glen), Maghera.
This gives children independence by making their own deposits.
- Children receive a free gift when opening their account