When you decide to open a credit union Young Savers Account you'll make a big step towards saving. You will also learn how to be smart with your money.

You can save your money at your school's collection point. The collection point runs every week at the same time.

You can pay in (deposit) cash as well as cheques into your account.

You can also take out (withdraw) up to £5 of your savings any one time. If you want to take out larger amounts, you can do so at a branch of the credit union or you can ask for a cheque.

YOU NEED TO BRING YOUR PASSBOOK WHEN YOU WANT TO USE THE COLLECTION POINT

During the school holidays, the collection point will be closed BUT you can continue saving by taking your money to the branches of the credit union.

back to top

Having a Young Savers Account means that you are now also a credit union member. When you are 16, you will no longer be a Young Saver but you will become a full member of the credit union.

back to top

A credit union is a co-operative. A co-operative is an organization that provides services for its members and is run by the members.

back to top

 

Credit unions provide their members with a safe and convenient place to save their money regularly.

They also help their members to learn how to manage their money wisely.

Adults can also borrow money from the credit union at very low cost.

back to top

Although they provide some of the services that banks and building societies also provide, credit unions are different. Here are some of the ways in which credit unions are special.

The Common Bond
All the members of one credit union have to have something in common, such as where they live, work or attend school. This is called the common bond.

Not for profit
Credit unions exist only to serve their members. They do not charge their members a lot of money to use the credit union's services. When the credit union makes a profit, it gives the profit back to the members.

Ownership
When you become a member of a credit union, you also become an owner of it. The credit union are also run by its members.

Profit Sharing
Credit union profits are shared by all its members.

back to top

If you are have a Young Savers Account, all your family members who live at the same address as you can also join the credit union and open an account.

back to top

 

You do not have to close you account if you move out of Southwark or Lambeth. Once you open a Young Savers Account and become a member of the credit union, you can be one for life!

back to top