Junior Savers
A huge part of our ethos at GCU is financial education for the everyone in our community. We want to ensure that our future generations are financially educated and empowered.
Start a Junior Savers Account Today!
A huge part of our ethos at GCU is financial education for the everyone in our community. We want to ensure that our future generations are financially educated and empowered.
Teaching children the value of money is a real benefit to them in the future and habits learned from an early age last a lifetime.
We want to encourage the development of a regular savings habit with our Junior Savers and want to encourage all children to join us here at GCU and open their very first savings account!
Junior saver tips.
Help your children set savings goals!
Help develop a savings plan, calendar or mood-board.
Consider rewarding children for regular saving.
Why Open a Credit Union Account?
Opening up a credit union account for children is a simple process and we will be welcoming all new junior savers. For children, saving money in a credit union is a real benefit and also teaches them the value of credit unions which are run by the community, for the community. Our junior savers are the future, and we will always be there for them in the future, for whatever financial assistance they might need, be it college, a new car, a holiday or their wedding day.
How to Open a Junior Savers Account?
- Birth Cert / Passport for child.
- Proof of PPS No. (Document showing PPS number and name).
- Photo ID for parent/guardian (Current Passport / Drivers Licence).
- Proof of Address for parent/guardian (Bank Statement or Utility Bill, e.g., Electricity/Gas/Phone bill dated within the last 6 months.
Benefit of Saving at a young Age
- Allows you to save for the things you want, such as a bicycle, sports gear, a computer, etc.
- You can buy things with your own money
- Invest in your future through a good track record of saving.
Account Opening
Important Information About Child Accounts
A parent or guardian can open an account for a child from newborn up to 16 years of age.
Top Savings Tips for Junior Savers!
As a parent or guardian, you can encourage children to develop a savings habit that lasts for life. This is an excellent way to develop future and financial independence.
- Consider rewarding children for regular saving. Don’t focus on the amount saved, but the fact that they are developing a savings habit.
Supporting and rewarding them to save even very small amounts on a regular basis will help to imbed the habit. - Set savings GOALS. They will find it much easier to save regularly when they are saving towards something they really want.
- Dissuade young people from spending their savings on impulse. Remind them of their savings goal and what they originally wanted to save for.
- Help develop a savings plan, calendar or mood-board to highlight when their goal will be achieved. Having a visual prop or a visual ‘countdown’ can also encourage them to stick to their target.
- Give pocket money or allowances in small denominations and encourage them to put a little aside. Giving them a transparent piggy bank or jar so they can watch their money physically increase, is also a good idea.
- Consider linking pocket money and allowances to chores or responsibilities in the home. This helps to embed the idea that money must be earned. The more effort required to earn their money, the less likely they will be to spend on impulse or all at once.
- If pocket money and allowances run out at an early stage, don’t rush to replace them. Providing additional money at the drop of a hat will defeat the purpose of giving a set allowance.
- Why not get them to open their own account in Gurranabraher Credit Union? This will give them a sense of independence and responsibility.