Children under 16 in families where an adult lives or works in Eden District or South Lakeland District can open a Junior Savers account (but cannot become members of the credit union). The minimum balance is £1. No fees of any sort are charged on the account.
Anyone can set up and pay in to a Junior Savers account but only the adult nominated at the time the account was opened may make withdrawals.
Junior accounts should have an adult signatory - this should be a parent, grandparent or guardian.
Junior Savers do not receive a dividend. Interest is paid on a Junior Savers account and credited to the account annually in arrears. The rate of interest is reviewed from time to time by the Board of Directors.
The current rate of interest is 1% per year.
Junior savers must become full members when they become 16 years of age.
Junior savers cannot obtain loans or have a prepaid card.
Download a Junior Savers Application Form.