01 Aug Save for the Future with the Children and Young Person Savings Account
The recent cost of living crisis has made us all aware of the importance of saving money.
However, research suggests some people are struggling to save, with 41% of Brits living without enough savings to survive a month without regular income.
Most troubling is 40% of working age people (16-64 years old) have less than £100 in savings and those aged 22–29 are the least likely to save, with 53% having no savings at all.
With 16–22-year-olds being the typical age to be considering a first car or saving to rent for the first time, it’s troubling to think they are reaching this point so financially unprepared.
At the NHS Credit Union, we recognise young people would benefit from saving money early to get them ready for their best financial future.
As such, we have developed a Children and Young Person Savings Account designed to give NHS Credit Union members a way to teach the value of saving money to the young people in their lives.
Saving for the next generation with NHSCU
We developed the Children and Young Person Savings Account as a way to get members talking about money management with the next generation.
It’s never too early for young people to begin saving, whether it’s for expensive clothes or footwear, sports season tickets, smartphones, games consoles, concerts, or even a first car. They might want to save for a holiday, training course, or even just put money away for a rainy day.
As a member of the NHS Credit Union, you can open a tailored savings account for young family members or dependents under the age of 16 to help give them a financial head start and a much-needed fallback in case of exciting opportunities or unplanned expenses later in life.
Most importantly, this account is an excellent way to help you educate the children and young people in your life to develop their own habits of saving for their future wants and needs.
Who can apply?
The Children and Young Person Savings Account is open to the members of the NHS Credit Union and their families and will be managed by the named adult who opened the account for the sole benefit of the child or young person until their 16th birthday.
The benefits of a Children and Young Person Savings Account include:
- Easy setup.
- No penalty for withdrawals.
- Deposits can be made by payroll deduction or direct debit.
- All funds protected by the FSCS scheme.
- Save up to a maximum of £10,000 per child or young person.
- Potential annual dividend on savings.
- The account is operated for the sole benefit of the child or young person in whose name the account is held.
It’s never been so easy to start encouraging a saving habit and start preparing children for the future. All you need to do is become a member of the NHS Credit Union to begin.
Why start a savings account with NHS Credit Union?
We all set out to give our children and young people the best start in life, however eventually, they will need to be responsible for their own finances.
With research pointing to the importance of children and young people developing savings habits early in life, there’s no better time to start than right now.
At the NHS Credit Union, we believe in the ‘Power of Us’, and work to help our members help their families so that together we can all create a brighter financial future for the next generation.
With the Children and Young Person Savings Account, we hope to provide an important tool to give young people the best start for all the expenses in their life, both big and small.
As a bonus for any young account holders with us, once they turn 16, they will become full-fledged members of the NHS Credit Union and can take advantage of member benefits, including all the positive credit history they have built through the savings account.
Further benefits of joining the NHS Credit Union include:
- Access to personal savings accounts
- Access to personal loans
- Membership for life
If you’re interested in setting up a Children and Young Person Savings Account for a young person in your life, or want to find out more, then please don’t hesitate to get in touch.
Your NHS. Your credit union. Your money.
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