Junior Savings Account

To build savings regularly, you can make monthly contributions. You have the flexibility to start with as little as £10 per month and adjust your deduction amount anytime by contacting our team.

Additionally, you can deposit extra lump sums whenever it suits you, with a maximum deposit limit of £20,000. Once you reach this limit, you can still contribute £10 per month.

We take great pride in rewarding our valued members with a savings return in the form of an annual dividend. For the upcoming financial year 2022-23, we anticipate a generous 3.50% return on our Junior Saver. 

It’s important to note that our annual dividend is determined based on the surplus profits of the credit union, and it is proposed by the Board to our members at our Annual General Meeting each year.

Absolutely! You have the flexibility to withdraw your money whenever you need it. You’ll just need to give us a call and we’ll assist you in withdrawing the desired amount.

Unfortunately, at this time, managing your Junior Saver account is not available through our online banking or mobile app.

Depending on the number of children or grandchildren you want to save for, feel free to open as many Junior Saver accounts as you need. However, please note that only one account can be opened per child or grandchild.

You might need to pay tax on the interest or dividend you receive from your savings accounts with us. This will depend on your personal financial situation. For more information, please visit https://www.gov.uk/apply-tax-free-interest-on-savings

Rest assured, all our savings products are protected by the UK’s Financial Services Compensation Scheme (FSCS), guaranteeing your savings up to £85,000. Any deposits exceeding the current limit are not covered. For additional details about the FSCS, please visit www.fscs.org.uk

To open a Junior Saver account, you’ll need to become a member of our credit union and save a minimum of £10 per month in our Regular Saver account.

Don’t worry if you’re not a member yet – you can become a member for free here.

Once you join, head back here to complete our Junior Saver application, and our friendly support team will assist you.

To get a Junior Saver account, simply fill out the form below. We’re here to help you every step of the way!

Junior members must reside at the same address as an existing member. After you’ve completed our Junior Saver application, our team will kindly request a copy of their passport or birth certificate to open the account.

All our savings accounts include free life cover up to £25,000 (up to the age of 65). This means, should the worst happen, your savings could be doubled up to the first £25,000, allowing you to support your family when they need it most. 

The free life cover benefit is subject to the terms and conditions of Serve and Protect Loan Protection and Life Savings policies, arranged by CMGL and underwritten by Covea Life Ltd. Note that this protection is a benefit of membership provided at no extra cost to the member. The Credit Union is the policyholder for Loan Protection and Life Savings.