Junior Saver

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.

How does it work?

Save Regularly

An account that allows you to save regularly on behalf of your children or grandchildren.

Withdraw Anytime

You can withdraw your funds at anytime online or by calling us.

Annual Dividend

Receive a return on your savings in the form of an annual dividend.

Lots of great benefits

  • Start small

    Open an account with as little as £10.

  • Easy to save

    Make regular deposits via payroll deduction or direct debit. You can also deposit lump sums up to a maximum balance of £10,000.

  • A healthy start

    Help to give a young person a sound start in life.

  • Annual dividend

    Receive a return in the form of an annual dividend.

  • Free life cover

    Life cover up to £25,000 at no extra cost up to age 65 (conditions apply).

  • Quick & free access

    No notice or penalty for withdrawal.

People often ask us

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.

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.

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’t find your employer? 
    • That’s okay, you can still save with us through direct debit (if you are eligible).
    • You can also refer your employer for payroll deduction by completing our short form.

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.

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.

You can have a maximum total balance £10,000 in a Junior Saver 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.

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.

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

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.

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.

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.

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.

Your money is secure

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

Financial Services Compensation Scheme Information Sheet

Your money is secure

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

Financial Services Compensation Scheme Information Sheet

How to apply?

 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.

  • DD slash MM slash YYYY
  • DD slash MM slash YYYY

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Health CU is part of Serve and Protect CU and is a trading name of Police Credit Union Limited, Guardians House, 2111 Coventry Road, Sheldon, Birmingham, B26 3EA. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & Prudential Regulation Authority under registration number 213306.

Police Credit Union Ltd. is a member of the Financial Services Compensation Scheme. This means a members savings are covered by the FSCS depositor guarantee scheme up to the value of £85,000. Under the Distance Marketing Directive, you have the right to cancel your savings account within 14 days of opening without financial or other penalty.

© Health CU 2022. All rights reserved.

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