Saving for your children – Ensuring a bright future

It is never too late to start thinking about your children’s financial future. Creating a nest egg for their future will help to give them a head start for a brighter future.

It is never too late to start thinking about your children’s financial future. Creating a nest egg for their future will help to give them a head start for a brighter future, whether that money is used for education, learning to drive or if it is used for a housing deposit. Join us as we discuss practical tips for saving for your children.

  • Start with a small amount

    Starting with a small amount can help you to save consistently. With enough time, even smaller sums saved on behalf of your children will amount to a strong fund that can be contributed towards their future. For instance, saving £25 per month for five years will equate to £1500.

  • Consider opening a Junior Saver account

    The Junior Saver account is available to members who wish to save on behalf of their children or grandchildren. The account is a great way for members to save, with the option to make savings direct from pay. This is a fantastic opportunity to make regular savings, without the hassle of having to transfer money manually. The annual dividend is also offered to Junior Saver accounts, funds are held until the account holder turns 18 years old. The maximum amount that can be held in the account is £10,000 and your funds can be accessed anytime. You can find more information about the Junior Saver product here: Serve and Protect CU – Save

  • Building Savings Habits

    Do you have children over the age of 16? If so, any immediate family members within your household can open their own savings account with the credit union and make contributions to their savings via direct debit. This can be a great opportunity to help young adults develop a healthy savings habit early on in life.

  • Change your savings amount if needed

    It is easy to change your savings amount if you needed to. For instance, you may decide to contribute more funds towards the account for special occasions such as birthdays and for Christmas. It is also possible to make lump sum deposits of up to £1000 per month.

Prepare for your children’s future

It is never too late to start saving for your loved ones and their future, even if you start with a small amount. The ability to save straight from your pay makes it easier than ever to build you and your family’s financial resilience. You can find out more about saving and reaching your financial goals with Serve and Protect CU here:

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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