Llanelwedd Piggy Bankers
Who are the LLanelwedd Piggy Bankers?
Llanelwedd Piggy Bankers is a Savings Bank operated by Ysgol Llanelwedd Church in Wales Primary School in Llanelwedd near Builth Wells in partnership with Red Kite Savings and Loans whereby pupils at the school and/or their parents or guardians can open a savings account(s) in the name of the child, protected by a Trustee, into which the child or Trustee can deposit savings for any future purpose. Examples might be to pay for a school outing or even long term towards university. The aim is to give the young people experience in prudently handling money before they emerge into the wide world with all its traps for the innocent.
The name Piggy Bankers was chosen democratically by the pupils at Trefonnen school, our first school savings bank and is being used now as a generic name.
Who can join?
Any child who is a pupil at LLanelwedd School can join the Savings Bank.* The application must be supported by a Trustee who will have overall responsibility for the account. The Trustee will usually be a parent or other person with a guardian responsibility for the child. For legal reasons the credit union must have proof of identity of the child, typically the birth certificate, and of the Trustee and their address unless already a member of the credit union. Application to join should be made in person at the school by the parent or guardian with the child. A Trustee of a member can enroll another child of theirs of pre-school age.
Members of the Savings Bank are also junior members, also known as Young Savers, of Red Kite Savings and Loans and their savings are fully protected by the Financial Services Compensation Scheme (FSCS).
When is it open?
Llanelwedd Piggy Bankers is now operational and will be open on Friday weekly from 8.30-9.00am in the school foyer.
The scheme is operated by staff at the school with the initial assistance of a Director of the Credit Union.
Deposits and withdrawals
Trustees can pay in for a member but it is hoped that pupils, especially the older ones, will make their own payments to gain experience in handling money and checking their passbook. A withdrawal request must normally be authorised by the Trustee. Small amounts may be withdrawn in cash at the school but larger amounts will need to be referred to the credit union. The Trustee can give permission for the child to make small withdrawals without explicit permission.
Ysgol Llanelwedd Church in Wales Primary School, Trefonnen, LLanelwedd LD2 3TY Telephone 01982 552616 Web www.llanelwedd.powys.sch.uk
Red Kite Credit Union would like to see other schools running similar Young Savers Clubs. We can assist in the initial setting up and start of operation but the continuing active participation by staff and/or parents is necessary. For more general information please click here