LMCU aims to serve the whole community including children and young people. Children up to the age of 18, who live or study in the London Boroughs of Southwark, Lambeth, Westminster or Camden may open a Young Savers Account with us. You can also open an account under the Southwark Smart Saver scheme.
YOUNG SAVERS AT THE LONDON MUTUAL CREDIT UNION
London Mutual Credit Union aims to serve the whole community including children and young people. We have a specially designed savings account for young people under the age of 18. Through membership at LMCU, children and young people in the community will learn from an early age about sensible money management. Children up to the age of 18, who live or study in the London Boroughs of Southwark, Lambeth, Westminster or Camden may open a Young Saver’s Account with us.
London Mutual Credit Union (LMCU) is a community-based financial co-operative. The credit union’s mission is to provide its members with access to reasonably priced financial services and encourage the development of good financial practice. It is a not for profit financial institution that is owned and controlled by its members. All profits are paid back to members as dividends on their savings and there are no external shareholders. The credit union, like banks and building societies, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Section 9 of Credit Union Act 1979, section 20 of the Industrial and Provident Societies Act 1965 and the Trustee Investment Act 1961 all govern the operation of Young Savers Accounts.
The goal is to help children operate the accounts themselves and get them to get into the habit of saving small but regular amounts. We’d like children to understand how their savings can grow considerably over time and hence discourage parents from depositing lump-sum amounts into these accounts. Currently deposits at Young Saver accounts are capped at £100 per month.
When you are 18, you will no longer be a Young Saver but you will become a full member of the credit union.
Features of Young Savers Account:
- Free membership
- No initial minimum deposit required
- Flexible savings amounts
- Instant access to savings- range of withdrawal options depending on amount (instant cash for smaller amounts, notice if cheque required)
- Annual interest payments
- Lifetime membership
When you decide to open a Credit Union Young Saver Account, you’ll make a big step towards saving. You will also learn how to be smart with money.
Click here to read more.
SOUTHWARK SMART SAVERS SCHEME
The Southwark Council is giving a £10 voucher for every child living in Southwark borough to open their own bank account with the London Mutual Credit Union. If your child was or will be 11 years old between 1 September 2013 and 31 August 2015 they will be eligible for the current scheme.
Tips for children about financially responsible behaviour can be found here.
If you want to set up a Young Saver Account within this scheme or redeem the voucher towards an account you’ve already set up, read here.
SCHOOL PROGRAMME FOR YOUR SAVERS
London Mutual Credit Union will establish the Young Savers’ Scheme within the school. However, the support of school staff, parents and governors will be needed to guarantee success. There is no direct financial cost to the school. Input will be required from participating schools in running the collection points at schools. These young savers are the next generation of our membership and, unlike many young people they are the lucky ones who have been given an opportunity to understand the importance of managing their money and to gain knowledge of different financial products at an early age.
Click here to read more.