Young savers club
For those under the age of 16 a Young Savers Club is run as a separate savings club.
There is no minimum age. On reaching the age of 16&bnsp;* a young saver
can transfer FREE (no joining fee) to the main Credit Union to become a full member
(but cannot apply for a loan until they are 18 *).
* the age constraints arise from the Credit Union Act and subsequent legislation and statutory instruments.
The Young Savers Club has generally been able to pay interest to its members, but as this interest has to be derived mainly from bank deposits it's rate is variable. Children of Primary School age or younger must be supported by a Trustee, e.g., a parent, grandparent or guardian. For legal reasons the Trustee must either be a full member of the credit union or must supply identification information and a proof of relationahip to the child. The Trustee may make deposits on behalf of the young saver. The Trustee must authorise any shares withdrawals. The Young Savers Club is an ideal way for parents and grandparents to save for their loved ones' future.
Operation at junior schools
Our initial Young Savers Club at Ysgol Dolavon in LLanwrtyd Wells, run by the children with support of a teacher, is regrettably no longer active.
We would like to see Young Savers Clubs at more junior schools, partly run by the children, with supervision by teachers or parents, as we see this is a good introduction to money management principles. This could be in conjunction with the use of Smart Cash cards, see here for further information.
We would also encourage ths at Secondary schools in our area. Older pupils at such schools are likely to be approaching the age where full (adult) membership may be more appropriate.
The credit union can give support and training in the establishment and operation of a Young Savers Club but will expect school staff and/or parents to supervise, with the young people learning how to handle money and financisl affairs.
If you think your local school could benefit by joining this scheme please contact us.
Operation at service points
Where there is no school scheme or where a young saver has left their junior school, facilities are available at any service point for joining or making deposits or withdrawals. For legal reasons such deposits can only be accepted from the young person or an (ex-)Trustee or other person with a verified association with the young person.