Junior Account Terms and Conditions
Who can apply for a Junior Saver Account?
Current members of 1st Class Credit Union can apply to open a Junior Saver Account if they meet the following criteria:
- The junior saver must be aged between 0-18 years.
- The junior saver must be related to and reside at the same address as the current credit union member.
- The current credit union member will act as Trustee for the junior saver until they reach the age of 18.
- Documentation must be provided at the point of application to verify the junior saver’s identity and address. This can be a birth certificate and doctor/hospital letter.
How are payments made to the Junior Saver Account and for how much?
Deposits are made into the Junior Saver Account via the Trustees current deposit arrangement. The application form will ask how much you wish to save into the junior saver account and will give you the option to increase your payroll deduction/direct debit. This will come off as one payment to the Credit Union, which will then be distributed upon receipt.
The Credit Union will take deposits into Junior Accounts up to the maximum of £10,000 or 1.5% of the total shareholding of the Credit Union, whichever is the greatest.
Junior Savers must hold the minimum balance of £1 in their account.
Are there any admin fees on the Junior Saver Account?
Junior accounts are not charged any admin fees throughout the term of membership.
What if I want to make a withdrawal from the Junior Saver Account?
Any withdrawal requests from a junior account, must be signed by the junior saver’s trustee, unless they have reached the age of control stated on the application form. Once they have reached this age, they will be able to sign for their own withdrawal requests.
What if I want to close the Junior Saver Account?
If you wish to close the Junior Saver Account, you will need to complete a termination form which can be requested from our office. Any available shares will be paid to the Trustee, if they are still fully responsible for the junior savers account. If the Junior Saver is at the age of being in control of their own account, then they will be required to complete the form with the relevant details.
Will the Junior Saver receive a dividend?
As Junior Savers are not members of the Credit Union, dividend cannot be paid on deposits. However, the Credit Union can pay interest on the account.
The rate at which interest is paid will be agreed under the same terms as the dividend at the Annual General Meeting.
Are deposits into the Junior Saver Account protected?
All savings deposited into a junior account are protected under the Financial Services Compensation Scheme.
What happens when the junior saver turns 18?
If a junior saver wishes to remain a member following their 18th birthday, and they still qualify for membership under our common bond, they are required to complete a Family Membership Application in order to become an adult member and gain full membership (unless employed by one of our payroll partners, this will be a Membership Application). An application will be posted to the Trustee prior to their birthday.
Personal Information
When you apply for membership with us, you give 1st Class Credit Union permission to make searches about you and use certain information about you, verifying your identity, and preventing or detecting financial crime. For further information please see the Privacy Policy attached.
