Start small
Open an account with as little as £10.
The Junior Saver account allows you to save on behalf of your children or grandchildren.
Junior accounts apply to those up to the age of 16.
An account that allows you to save regularly on behalf of your children or grandchildren.
You can withdraw your funds at anytime online or by calling us.
Receive a return on your savings in the form of an annual dividend.
What ID do I need to provide?
Junior members must live at the same address as an existing member and a copy of their passport or birth certificate will be required to open the account.
Do I have to save regularly?
Regular savings must be made on a monthly basis via payroll deduction (where available) or direct debit. You can save from as little as £10 per month to £1,000, and can change your deduction amount at anytime by phoning us on 0121 700 1222 or emailing info@serveandprotectcu.co.uk.
Can I save from my pay?
If you work for one of our payroll partners, you will be able to save with repayments straight from your salary, or (where relevant) your pension. To view our full list of payroll partners click here.
Can I make one-off deposits?
You can deposit additional lump sums whenever you wish (up to a monthly maximum deposit amount of £1,000. The maximum balance on the account is £10,000.
Can I withdraw my money?
Yes, you can withdraw your money at anytime. Simply withdraw the amount you want by calling us on 0121 700 1222.
Currently, you cannot manage your Junior Saver account on our online banking or mobile app.
Is there a maximum balance?
You can have a maximum total balance £10,000 in a Junior Saver account.
Can I open more than one account?
Dependent on the number of children or grandchildren that you would to save on behalf of, you can open as many Junior Saver accounts as you need. Though, only one account can be opened per child or grandchild.
How do I manage my account?
Currently, you cannot manage your Junior Saver account on our online banking or mobile app.
To make a withdrawal or to find out your account balance, you can call our team on 0121 700 1222.
How secure is my money?
All of our savings products are covered by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Meaning your savings are covered up to £85,000. Any deposits you hold above the current limit are not covered.
For more information about the FSCS, visit www.fscs.org.uk
What savings return will I get?
You may receive a return on your savings in the form of an annual dividend. Our annual dividend is based on the surplus profits of the credit union, and is proposed by the Board to the membership at our Annual General Meeting each year.
An annual dividend is paid gross, directly into your account after the AGM. Since no tax is deducted, it is your responsibility to disclose the dividend to the HMRC.
Will my savings be tax-free?
Your savings with the credit union are not tax-free. If you are saving from your pay, salary deductions will be made from your net pay after taxes have been deducted.
How do I open an account?
To open a Junior Saver account, you must be a member of the credit union and save a minimum of £10 per month into our Regular Saver account.
Existing members can request a Junior Saver account by completing the form below.
Additional Information
At 16 years of age, the junior account will switch to a regular savings account (subject to ID requirements), with its own conditions, under the control of the new account holder.
All of our savings products are covered by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Meaning your savings are covered up to £85,000. Any deposits you hold above the current limit are not covered.
For more information about the FSCS, visit www.fscs.org.uk
All of our savings products are covered by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Meaning your savings are covered up to £85,000. Any deposits you hold above the current limit are not covered.
For more information about the FSCS, visit www.fscs.org.uk
If you are already a member, you can request a Junior Saver account for your child or grandchild by completing our short form below.
*The ‘Junior’ must live at the same address as an existing member and a copy of their passport or birth certificate will be required.
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