We understand the importance of saving and believe the earlier each person starts to save – the better. Encouraging children to save can add to their understanding of money and create good habits early on.

 

Key Product Information

What is the dividend rate?

The dividend rate is agreed at the Annual General Meeting (AGM) following the end of each financial year (30th September). The dividend is calculated daily and paid once a year, the following working day after the AGM. Dividend payments are not guaranteed.

Past year’s dividend rates can be found here.

How do I open a Junior Account? A Junior Account can be opened online or by completing a paper-based application form.
How much can I save into the account? The maximum you can save into the Junior Account is £10,000. This can be saved through lump sums or regular deposits.
How do I manage the account? To keep membership active there must be at least £5 held in the account at all times, however there is no requirement to save monthly.

You must be the parent, grandparent or guardian of the child and you will be the controlling adult on the account until you agree to pass it over to the junior.

You can manage the account online, by post or over the phone.


How it works

The account will be in the name of the junior but controlled by the 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.


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 or Direct Debit.
  • 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.
  • The general terms and conditions of membership with the Credit Union can be found here.

**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 works for the Police family. This account can be opened by the member, controlling adult, on behalf of the junior saver. The account will be in the name of the child but controlled by the 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.


When a junior turns 18

We pride ourselves on having flexible products that suit our members and the Junior Account is no exception. Each Junior Account is set up under the control of the member who opens it, usually the parent, grandparent or guardian. However, providing the child is aged 8 or over, the control can be passed over to the child.

Junior Accounts can be converted to adult status once the junior reaches 18, following receipt of photographic ID. When junior’s convert to adult member status; the maximum they can save increases to £40,000, but they must pay between £5 and £1000 per month. They are then able to borrow from us, and join our monthly lottery! If the junior is in full-time education, for example, university, they are not required to save on a monthly basis.


You’re covered with Life Protection

Life Protection is included with all our savings accounts and covers you up to the age of 65. 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.


Eligible deposits with us are protected by the FSCS

Your eligible deposits with No1 CopperPot Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk.

We are also covered by the Financial Ombudsman Service (FOS).