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Create a generation of kids saving for the future

Looking to start saving for the children in your life, why not open a Junior Saver Account (for under 18s) with CLEVR Money. Whether it’s for a child, grandchildren or family member, why not give them a helping hand in life and start saving for their future. Our dedicated Junior Accounts means that a generation of kids can become adults who never need a payday lender, have easy access to their savings and affordable credit should they need it.

  • Easy access to their savings
  • Annual interest payments (subject to credit union performance)
  • Automatically be upgraded to a Membership Account upon 18th birthday

Junior Saver Accounts are available to anyone under the age of 18 that meets our common bond criteria.

By saving in this account, you gain access to the following benefits:

  • Free to join
  • Easy access to your savings
  • Pay in by payroll deduction, direct debit, standing order or direct from your benefits
  • Annual interest payments
  • Upon the members 18th birthday, they will automatically be upgraded to a Membership Account

This product is available to open exclusively in branch. Please note that we require both the junior saver and their parent or guardian to be present in order to open the account.

 

Summary

  • Junior accounts are available to those under the age of 18.
  • The age for full adult membership will be as stated in the registered Rules of Blackpool Fylde & Wyre Credit Union as agreed from time to time by the membership at an Annual General Meeting.
  • On attaining the age of 18 the Junior Saver Account will be transferred to a full adult membership and the member will gain full control of the account.
  • The account is operated in accordance with Section 9 of the Credit Unions Act 1979, Section 20 Industrial & Provident Societies Act 1965 & The Trustee Investment Act 1961.
  • Junior Saver Accounts must be co-signed by a parent or legal guardian who will act as the Trustee of the account.
  • A Junior Account may be opened by the Trustee by the completion of a Junior Saver Application and on provision that we can confirm the identity and residence of the Trustee.
  • Junior membership will commence from the date of the first deposit received in the Junior Saver account.
  • Where family members wish to make regular or occasional deposits to the account they may do so by Standing Order/Direct Debit , Bank Transfer or cheque.
  • The maximum amount that may be held in any Junior Saver account at any one time is £10,000.
  • Junior Saver Accounts are not eligible for dividend payments however monies raised through investment of the junior savers funds may be distributed in interest to the Junior Saver Accounts at a rate determined by the Board of Directors from time to time.
  • No loans may be taken on any Junior Saver account by either the Junior Member of the Trustee.
  • Withdrawals may be made from the Junior Saver account on receipt of a properly completed withdrawal request.
  • Withdrawal to be limited to 2 withdrawals per year, requiring both the Junior Saver and the Trustee’s signature and will be paid into the authorised bank account of the Trustee.
  • Withdrawals may not be made that will take the balance of the account below £5.