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.|
|What is the dividend rate?||In December 2022 we paid our members a dividend of 2.25% AER. Previous 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 can I save into a Junior Account?||You do not have to save monthly into a Junior Account. Instead you can make ad-hoc payments when you wish by calling the office to pay in using a debit card, or you can submit an internal transfer through our app. If you wish to save regularly you so can using payroll deduction, pension deduction, or Direct Debit (whichever is applicable).|
|How much can I save into the account?||To keep membership active there must be at least £5 held in the account at all times. The maximum you can save into the Junior Account is £10,000.|
|How do I manage the account?||You can manage the account online, by post or over the phone.|
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.
- The general terms and conditions of membership with the Credit Union can be found 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.
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.
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).