Save for your child’s future and encourage them to save with our Junior account. Encouraging children to save can add to their understanding of money and create good habits early on. Once the account is open we will transfer a £5 gift into it to start their savings.
- The junior must be between the age of 0-17 and be related to a qualifying member.
- The junior must reside at the same address as the qualifying member at the time of application.
|Who can have a junior account?||This can be a child, grandchild or someone under the guardianship of a qualifying member.|
|Who is classed as a qualifying member?||A qualifying member is someone who qualifies to be a member of our Credit Union as they fit our common bond e.g. who is employed by, or has retired from the UK police.|
Key Product Information Summary Box
|Account name||Junior Account|
|What was the last dividend rate?||In December 2022 we paid our members a dividend of 2.25% AER*. Previous dividend rates can be found here.
The dividend rate is your share of our profits which is agreed at the Annual General Meeting (AGM). The dividend is calculated daily based on the balance at the close of business each working day. Then it is paid once a year into the Junior Account, the following working day after the AGM. Dividends apply to savings held within the Credit Union’s previous financial year, which is between 1st October and 30th September. Dividend payments are not guaranteed.
|Can No1 CopperPot change the dividend rate?||The dividend rate is proposed by the Credit Union annually, based on a variety of factors such as financial performance, cash flow, market interest rates and growth plans. Members then vote at the Annual General meeting to agree the dividend rate and it is paid shortly after.|
|What would the estimated balance be after 12 months based on a monthly £50 deposit?||If the first deposit took place at the beginning of the Credit Union’s financial year, after 12 months a junior would have a savings balance of £600, the dividend paid (after the AGM) would be £4.06, making a total of £604.06.
This estimated balance is based on the 2022 dividend rate of 2.25% AER, which is subject to change. This is provided for illustrative purposes only and does not consider any withdrawals or changes to savings contributions.
|How do I open and manage my account?||To be eligible for junior membership you must be under 18, registered at the same address as a parent/grandparent who works for or is retired from the Police Family and reside in the UK. Your parent/grandparent (within the police) must hold a Member Account first to enable you to join.
You can open your account in person, online, through our app, or by contacting us directly via phone. You can manage your account through all channels including email. You must always maintain a minimum balance of £5. Money can be saved through payroll or pension deduction (available in most forces), or Direct Debit.
Each junior member can hold a maximum of £10,000 within the Credit Union.
|Can I withdraw money?||Yes, there is no cost to withdraw your funds. Withdrawals are sent via Faster Payment, which means the funds will be in your bank account instantly. However, it could take up to two hours. You can withdraw funds using our website, app, or by phone.|
|Additional information||Your savings may be subject to taxes which are not paid or imposed by No1 CopperPot. For more information, please visit https://www.gov.uk/apply-tax-free-interest-on-savings|
|*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.|
Statements are issued annually. This is done via an email with a link to the online members areas which provides access to all statements. Members without an email address will be issued a paper version via post. All members can request a paper version if that is their preferred method of receipt.
Junior Account Terms and Conditions
- You must be a child or grandchild or under the guardianship of a qualifying member.
- Junior accounts do not require regular monthly savings.
- You can pay into a junior account via payroll deduction, Direct Debit, an internal transfer or by debit card.
- A junior can hold a maximum of £10,000 until they reach the age of 18.
- The junior member must always have at least £5 in their account at all times.
- You can close your Junior Account at any time by getting in touch with the Credit Union. However, if you choose to close your Junior Account before our Annual General Meeting then no dividend will be paid on your account.
- The general terms and conditions of membership with the Credit Union can be found here.
Download key documents here:
Who has control over the account?
The account will be in the name of the junior but controlled by the qualifying adult member. Control of the account can be passed to the junior any time from the age of eight upwards and they may change their account to adult status from age 16 should they wish to do so. Moving control to a junior will convert their membership from junior status to active member status.
What happens when a junior turns 18?
Junior Accounts can be converted to a member account once the junior reaches 18, following receipt of photographic ID. We will contact you about changing the account to an adult account when the junior is 17. Once converted to an adult account, they must begin contributing at least £5 per month into their account, unless they are in full-time education. At age 18 the junior member will then be bound by the terms and conditions of a Member Account.
Can I close my account if I decide it’s not right for me?
Yes, there is no cost to close your account. You will need to contact us if you wish to close your account. Withdrawals and closure are available without advance notice however, please be aware this will affect your dividend payment.
You’re covered with Life Protection
Life Protection is included with all our savings accounts and covers you up until your 65th birthday. This does not cost you anything, it is simply another benefit of saving with the Credit Union.
Your savings are protected up to a maximum of £40,000 per member. This means your savings could be doubled in the event of death, subject to our terms and conditions.
All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed. For more information please click here.