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Savings Junior savings

Junior savings

It’s never too soon to start saving. Encouraging a savings habit in children can make a huge difference in their financial management skills as they grow up. We offer a Junior Savings account to children up to and including the age of 15.

How it works

  • Can be opened by an adult on behalf of a child living in our common bond area The adult doesn’t need to join the credit union but will need to provide ID to meet our requirements
  • Free to open
  • Operated by an adult on behalf of a child up to the age of seven. The adult can then decide whether to hand over responsibility for the account to the child or operate it jointly with the child
  • Save up to £20,000 in the account
  • Savers receive interest which normally matches the rate of dividend on adult Instant Access Savings accounts

Ways to deposit into your savings:

  • Regular weekly, fortnightly, 4-weekly or monthly Direct Debit. Call us to arrange this
  • Standing Order. Once you join we can send you a Standing Order form
  • One-off BACS transfers (e.g via online banking)
  • Debit card (up to a limit of £100)
  • PayPoint at a Post Office or retail outlet
  • By cheque. Send to our Portishead office or take into our Information Station office

Withdrawing your money:

  • Up to the age of seven the responsible adult can withdraw savings to their nominated bank account on the same day if you contact us before 11am

  • After the age of seven we can accept withdrawal instructions according to the mandate, i.e. either from the child alone or from the child and the adult together

How to open an account:

  • If the adult is already an SSL member then an account can be opened for a child on production of the child’s birth certificate

  • If the adult is not already a member then ID must be provided that meets our requirements, together with the child’s birth certificate. Click to DownloadDownload Acceptable ID (29kb)

  • An application form is available below. Please download, complete and return it to our Portishead office. We will contact you to arrange a savings schedule

Click to DownloadDownload Junior Membership Application Form (292.1kb)

Call us:
  • Tel.
  • 01275 390650
Opening Hours
  • Mon - Fri
  • 9.30am - 4.30pm
Visit us:
  • Thu
  • 9.30am - 12.30pm / 1.30pm - 4.30pm
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Somerset Savings & Loans is authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential
Regulation Authority. FCA & PRA FRN: 230768