Start a Junior Savers Account Today!
A huge part of our ethos at Sligo Credit Union is financial education for the everyone in our community. We want to ensure that our future generations are financially educated and empowered. Teaching children the value of money is a real benefit to them in the future and habits learned from an early age last a lifetime.
We want to encourage the development of a regular savings habit with our Junior Savers and want to encourage all children to join us here at the credit union and open their very first savings account!
Benefit of Saving at a Young Age
- Allows you to save for the things you want, such as a bicycle, sports gear, a computer, etc.
- You can buy things with your own money
- Invest in your future through a good track record of saving.
Account Opening
A parent or guardian can open an account for a child from newborn up to 16 years of age. Note: Parents or guardians no longer need to be present in person to be authorised on the account - this can now be completed via email. Please Note: The authorised A parent or guardian can open an account for a child from newborn up to 16 years of age.
Important Information About Child Accounts
All funds in a child’s account are the sole property of the child. No other individual, including a parent or guardian, is entitled to use this money for their benefit.
For information on withdrawal rights from minor accounts, please contact us at 071 931 7500.
A parent or guardian can open an account for a child from Newborn up to 16 years. While a grandparent, etc, can lodge funds to these accounts, only a parent/guardian authorised on the account can withdraw funds.
Top Savings Tips for Junior Savers!
As a parent or guardian, you can encourage children to develop a savings habit that lasts for life. This is an excellent way to develop future and financial independence.
- Consider rewarding children for regular saving. Don’t focus on the amount saved, but the fact that they are developing a savings habit. Supporting and rewarding them to save even very small amounts on a regular basis will help to imbed the habit.
- Set savings GOALS. They will find it much easier to save regularly when they are saving towards something they really want.
- Dissuade young people from spending their savings on impulse. Remind them of their savings goal and what they originally wanted to save for.
- Help develop a savings plan, calendar or mood-board to highlight when their goal will be achieved. Having a visual prop or a visual ‘countdown’ can also encourage them to stick to their target.
- Give pocket money or allowances in small denominations and encourage them to put a little aside. Giving them a transparent piggy bank or jar so they can watch their money physically increase, is also a good idea.
- Consider linking pocket money and allowances to chores or responsibilities in the home. This helps to embed the idea that money must be earned. The more effort required to earn their money, the less likely they will be to spend on impulse or all at once.
- If pocket money and allowances run out at an early stage, don’t rush to replace them. Providing additional money at the drop of a hat will defeat the purpose of giving a set allowance.
- Why not get them to open their own account in Sligo Credit Union? This will give them a sense of independence and responsibility.
