Young Saver Account
Give your kids a head start with our Young Saver Account. You can save for children from birth to age 16.
Accounts can be opened from birth with an adult signatory, usually a parent or grandparent. The account can be opened with as little as £1 and anyone can pay into the account. Withdrawals require the adult and child to sign, until the adult chooses to release the account into the care of the Young Saver, or they reach the age of 18 and become an adult member of Gateway Credit Union. A Young Saver is welcome to have more than one account, for instance one account for their future and one for pocket money savings.
To open a Young Saver Account the child or young person has to either live in Torfaen or Monmouthshire, or live with a Gateway member. We are developing Savings Clubs in local schools and youth clubs. Click here for more information.
The current rate of interest (2011) is 3.02% AER (paid twice yearly)
How to open a Young Saver account
1. Fill in an application form. It should be signed by both the Adult Signatory and Young Saver (if they are old enough to sign, usually age 7+).
2. Visit one of our offices or collection points. We will need to see two forms of ID proving the identity and address of the adult signatory if they are not already a Gateway Credit Union Member. We also need to see the Junior Saver's birth certificate. If you are saving with one of our schools savings clubs we are happy for the Headteacher to confirm the child's identity initially.
3. We need an initial deposit of at least £1 to open the account. The Young Saver will then receive a Passbook to record their payments.
You can pay into a Young Saver Account by any of the payment methods we offer, including splitting a payment. For instance if you opt to save a regular amount from payroll or benefits, you can instruct us to put part of it into each of your children's accounts, and some into your Christmas, Share or Loan accounts.
For terms and conditions of Young Saver Accounts, click here.
If it's not convenient to call in to see us, we are happy for you to open the account by post. However, copies of the ID documents and child's birth certificate will need to be verified by a responsible person (for instance a teacher, doctor or official) who is not a member of the family.
