Junior Savings Account
The account for junior savers
The Junior Savings Account is open to the family of members of Acorn Community Bank up to the age of 18
The account will be owned and run by a named adult. Deposits into the account can be made by lump sum, or by payroll deduction or direct debit. It’s never been so easy to start encouraging that saving habit and start preparing them for their future.
- A new generation of savers – building towards a better future
- Responsible account management
- Savings protected under the FSCS scheme
- Under 18 years
- Account run and owned by named adult (trustee)
- Restricted access
- Deposit can made by bank transfer
- Maximum deposit of £60,000
- No penalty for withdrawals
- Account balance qualifies for bonus payments equivalent to dividend declared.
A member of Acorn Community Bank can set up a Junior Savers Account for anyone in their family under the age of 18 who lives at the same address as the member.
The account will be owned and run by the named adult (Trustee) until the child reaches 18 years, when the Trustee will be contacted for permission to transfer funds to named child, transfer the child to adult membership, or close the account.
Proof of identity – such as a birth certificate and proof of address – must be provided for every Junior Savers Account opened.
If you wish to make regular deposits to a Junior Savings Account, you can do so by cash or bank transfer.
An annual bonus payment equivalent to dividend declared may be applicable for all Junior Savings Accounts. An annual statement for Junior Savings Accounts will be sent addressed to the Trustee of the account, until the junior member transfers to adult membership.
Financial services compensation scheme
All accounts benefit from our participation in the Financial Services Compensation Scheme (FSCS).
The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
For further information about the scheme refer to the FSCS website