Young Saver Account
Give your kids a head start with our Young Saver Account suitable for all children from birth to age 18.
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 our Common Bond, or live with a Gateway member. We are also opening Savings Clubs in local schools and youth clubs, see below.
The current rate of interest (2021-22) is 1.3% AER (paid twice yearly) on the first £5000 of savings.
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 and address.
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.
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.
Our Schools Savings Clubs are growing every term. It's a great way for children to start to save and learn the value of money. We have Young Savers using our accounts for all kinds of purposes: some are saving for a bright future, while others are working towards more immediate goals - a longed-for toy or pet, or spending money for their holiday. It's a great way for parents to spread the cost of the big school trip too. Older pupils get involved in running the club, taking cash and completing paperwork as Young Cashiers, and promoting saving to other pupils. We have some great marketing execs and accountants in the making!
Currently we have schools savings clubs at:
- Cross Ash Primary School
- Llanyrafon Primary in Cwmbran
- Our Lady of the Angels Primary School in Cwmbran
Would you like to open a Savings Club in your school? Give us a call on 01495 832111 and we'll gladly come out and explain what's involved. We supply all the paperwork and training. New members get a membership book to keep track of their savings, and it's great maths experience for our young cashiers.