Junior Savings Account

Prepare for the future with a junior savings account

Start building a secure financial future for your child with a Junior Savings Account. Save from just £10 per month and give them a head start!

Key features of our Junior Savings Account

Saving for your child’s future has never been easier or more rewarding. Whether you’re planning for their education, first car, or a special milestone, our Junior Savings Account helps you lay the foundation for their financial independence. It’s a simple and effective way to teach them the value of saving while ensuring their tomorrow is taken care of today.

Start with monthly savings as small as £10 or make lump-sum deposits, up to a maximum account balance of £20,000.
Whether you need to adjust the amount one month or make an extra deposit, the account works around your financial situation.
At age 16, the Junior Savings Account becomes eligible to transition into an adult account, ensuring continued financial momentum.

Why Choose Our Junior Savings Account?

A Junior Savings Account helps you save for your child’s future with ease. It’s a simple way to build a financial cushion that grows with them, giving them a strong start toward financial independence.

Automatic Deductions

Save without even thinking about it! If your employer is signed up, you can set up automatic deductions straight from your salary.

Building for a Secure Future

Saving a little today can make a big difference tomorrow. Whether it’s for university, a first car, or simply long-term financial stability, every contribution provides a secure foundation.

Transition to Adulthood

When the account holder turns 16, the Junior Savings Account transforms into an adult account. This means they can continue to grow their savings effortlessly while enjoying the benefits of becoming a credit union member. It’s a perfect way to support their financial independence and future goals.

Flexible and Stress-Free

Life is unpredictable. That’s why your savings can adapt. Start with just £10, scale up when possible, and stay confident knowing you can adjust deposits if needed.

Competitive Dividend

Receive an annual dividend based on your average savings balance throughout our financial year, helping your money grow the smarter way.

Purpose-Driven Saving

Every pound you save supports vital roles in our community, creating a positive impact alongside your returns.

FSCS Protection

Your savings are protected up to £85,000 by the FSCS, giving you peace of mind while you save.

Summary Box for the Junior Saver

Here’s a quick rundown of the key points about our Junior Saver, so you have everything you need to know before applying.

Account name

Junior Saver

What is the savings return?

We provide an annual dividend based on our profits and success. This is announced at our AGM and shared with members. You can view our past dividends here.

How do I open and manage my account?

To qualify, you must be:

A Serve and Protect member

Steps to Open an Account:

Apply by completing this short form

You have the flexibility to start with as little as £10 per month and adjust your deduction amount anytime.

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.

You can manage your account:

By contacting our team directly.

Can I withdraw money?

Yes! Withdrawing your money is quick and easy:

Access your funds online or by calling us
Transactions up to 2pm (Monday to Friday) are processed the same day. Later withdrawals are handled on the next working day.

Once the account has been transferred to the child at the age of 16, the adult who opened the account will no longer have access.

Additional information

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. You can find more information here.

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.

Are you ready to open our Junior Saver? Click here to get started.

Unsure how much to save? Use our Savings Calculator to work it out!

Ready to Apply?

Set your child or grandchild up for financial success with a Junior Savings Account. Empower them to achieve their dreams with a foundation started by you.

*The ‘Junior’ must live at the same address as an existing member and a copy of their passport or birth certificate will be required.

Step 1 of 5 - Getting Started

Are you a member of Serve and Protect Credit Union?(Required)

To open a Junior Saver, you must be a member of Serve and Protect Credit Union. Not already a member? Don't worry, it's quick and easy to join. Get started now! Once you've joined, head back here to complete your application for a Junior Saver.

Your Savings Are Safe

Feel secure knowing your savings are protected. With Serve and Protect, your funds are covered up to £85,000 by the Financial Services Compensation Scheme (FSCS). This means you can save with us confidently, knowing your money is in safe hands.

Learn More About FSCS Protection

Understanding Important Terms

Financial terms shouldn’t feel overwhelming. Here’s a quick guide to help you understand the key savings-related terms used with your Junior Saver account:

Annual General Meeting (AGM)

An AGM, or Annual General Meeting, is a gathering where our come together to review the year’s performance, discuss key decisions, and announce the annual dividend. It’s a vital opportunity for members to have their say and stay involved!

Annual Dividend

The annual dividend is a yearly thank-you to credit union members, based on their savings and the union’s success.

Deposit

A deposit is when you add funds to your account to build savings and increase your chances in the monthly prize draw.

Financial Year

A deposit is when you add funds to your account to build savings and increase your chances in the monthly prize draw.

Personal Savings Allowance

The amount of interest you can earn tax-free, depending on your tax band.

Withdrawal

The act of removing funds from a savings account, reducing the total balance.

Confused by financial jargon? Visit our Jargon Buster for more helpful explanations.

Archived Rates

Below, you’ll find an archive of the Junior Saver annual dividends we’ve paid, allowing you to easily track what was provided and when.

Financial year	Effective period	Annual dividend
2023/2024	01.10.2023 - 30.09.2024	4.50%
2022/2023	01.10.2022 - 30.09.2023	4.50%
2021/2022	01.10.2021 - 30.09.2022	2.50%
2020/2021	01.10.2020 - 30.09.2021	1.00%
2019/2020	01.10.2019 - 30.09.2020	1.20%
2018/2019	01.10.2018 - 30.09.2019	1.00%

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