Kids Savings Account
Opening a children’s saving account is the most effective way to teach your kids money management and budgeting skills, as well as the value of work and reward.
Opening a children’s saving account with the credit union means they can save in a welcoming (we are known for our award winning customer service), member-owned environment at the heart of the community.
Where a child’s savings account has not been used for a certain period of time, usually 36 months, sometimes as a security measure, the account is made ‘Dormant’. The child, parent/guardian or third party can reopen it with photo ID.
Although the policy can vary in each credit union, usually the child should be present with a parent or guardian when opening the account.
In some cases, for credit unions in the Republic of Ireland; if the child is not deemed old enough to withdraw money, (for example they are under the age of 7) the account may be opened by a third party (i.e. godparents or grandparents). The third party can nominate a parent or guardian to operate the account until the child is deemed old enough to sign and withdraw money themselves. (e.g. 7 years of age).
1. The child’s birth cert or a passport.
2. Parent or Guardian’s photo ID; (If not previously ID with a membership on file).
3. Proof of child’s address: e.g. utility bill in parents or guardians name.
4. In the Republic of Ireland, proof of the child’s P.P.S. number – letter from social welfare.
A credit union children’s savings account, sometimes known as a minor or junior account, is a savings account for a member who is under the age of 16. The savings account is the sole property of the minor in question and no one else is entitled to use it for his/her own benefit.
If a child is under the age of 16, they will generally be asked come into their local credit union with a parent or guardian to open the account.