For
Young Saver
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.
1.
Why should you save?
When
you save, you put some money aside over a period of time.
People
save so that they can use the money later - perhaps to buy
or pay for something they want.
Regular
savings build up very quickly. The example below shows how
savings can add up.
| |
50p
per week |
£1
per week |
£5
per week |
| After
5 weeks |
£2.50 |
£5.00 |
£25.00 |
| After
10 weeks |
£5.00 |
£10.00 |
£50.00 |
| After
15 weeks |
£7.50 |
£15.00 |
£75.00 |
2.
How do I save 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.
3.
Young Savers in the Credit Union
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.
4.
What is a credit union?
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.
5.
What do credit unions do for their members?
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.
6.
Are credit unions different from banks?
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.
1.
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.
2.
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.
3.
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.
4.
Profit Sharing
Credit union profits are shared by all its members.
7.
Can my parents/brothers/sisters also open an account with
the credit union?
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.
8.
What will happen to my account if I move out of Southwark?
You
do not have to close you account if you move out of Southwark.
Once you open a Young Savers Account and become a member of
the credit union, you can be one for life!!!!
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