A junior account is the perfect place to encourage the savings habit or for a family member to put money aside for their younger relatives. Our Junior accounts are very popular with parents and grandparents alike.
Many of our members open accounts for their children and grandchildren so they can put a little aside on a regular basis and see it grow.
We currently pay 1% interest each year on the average balance between October – September on all Junior savings accounts.
Simply fill out the application form and return to our head office.
- 1% Interest paid per annum
- No joining fee
- No membership charges
- Can be converted to an adult account at the age of 18
All new Junior accounts can only be opened by adult members of Eastern Savings & Loans Credit Union.
2. A Junior Account may be opened by the trustee by completing a Junior Account Application Form. Applications must be accompanied with proof of the address of the junior member (i.e. correspondence from a hospital/doctor/education authority) and proof of the child’s existence (i.e. birth certificate, passport, child benefit awards letter or National Health Card).
3. Junior Membership will commence from the date of the first deposit into the account from the trustee’s credit union account.
4. A minimum balance of £5 must be maintained in the junior account for the account to remain open.
5. Payments into the junior account can be made regularly by payroll deduction or the Direct Debit contribution of the trustee. Lump sum deposits may be made through bank transfer, debit card, cheque or postal order, subject to any applicable limits. Cheque deposits require ten days clearance from the date of deposit.
6. Interest will be paid in the following April, on the average balance in the junior account between October – September of the previous financial year. Any tax implications are the sole responsibility of the trustee.
7. The interest rate is determined by the Credit Union board. This is reviewed yearly. Members will be informed of any changes at the AGM of that financial year.
8. Any request to close the account must be made in writing by the trustee.
9. The trustee will remain responsible for the junior account until the junior saver is 18 years of age.
10. Only the trustee can access the account until such time that the junior saver turns 18 years old, where the account will covert to adult membership. At this stage all funds in the account become the property of the new adult member.