The Children and Young Person Savings Account is open to the family of members of the NHS Credit Union up to the age of 16

 

The account will be owned and run by a named adult. Deposits into the account can be made by payroll deduction or direct debit. It’s never been so easy to start encouraging a saving habit and start preparing your child or young person for the future. All you need to do is become a member of the NHS Credit Union to begin.

  • Easy to set up
  • No penalty for withdrawals
  • Potential for annual dividend
  • Deposits can be made by payroll deduction or direct debit.
  • All funds protected by the FSCS scheme.
  • Potential annual dividend on savings.
  • The account will be opened and operated for the sole benefit of the child/young person in whose name the account is held.

Definition:
Parent/Guardian/Carer: This is the parent, guardian, or carer, who opened the account on behalf of and/or with the child or young person.

T&Cs

1. Membership of NHSCU is open to young people under the age of 16 if they have a parent, guardian or carer who is a current member of NHS Credit Union.

2. Only one account per child/young person.

3. The membership application form for a child/young person savings account should be completed
and signed by the parent, guardian, or carer opening the account; or where appropriate in conjunction with the young person.

4. The home address provided for the child/young person must be the permanent residence of the child. Statements will issue to this address.

5. The account will be opened and operated for the sole benefit of the child/young person in whose name the account is held.

6. Funds in the account are the sole property of the child/young person in whose name the account is held.

7. A limit of £10,000 can be saved for each child or young person which is in agreement with our policy.

8. Withdrawals made by the originating Parent/Guardian/Carer must be applied for the sole benefit of the child/young person in whose name the account is held.

9. The originating parent, guardian or carer will be required to affirm this each time a withdrawal is made from the account by signing confirmation to that effect. Failure to complete the necessary documentation does not negate the parent, guardian or carer from their obligations to manage the funds as the property of the child/young person and for their sole benefit.

10. Withdrawal applications made by the child/young person under 16 must be countersigned by the originating parent, guardian or carer.

11. All signatories to the account must be identified by the credit union in compliance with antimoney laundering legislation.

12. Appropriate documents to open the account must be provided, documented, and verified by a credit union officer. Any authorisation provided within a mandate will only commence from the date of verification of such documents.

13. Upon reaching the age of 16, the child/young person will qualify for full membership of the Credit Union and any parent, guardian, or carer access previously authorised will cease.

14. Children and young people cannot apply for a loan.

15. Any issue that arises not covered by the above rules will be referred to NHSCU’s Board of Directors whose decision will be final.

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