The New Central Credit Union have over a dozen school banks across Coventry and Warwickshire run by volunteers within the schools and other local volunteers.
Junior Savings account are available to young people of all ages. Membership is free for everyone under 18.
Junior savings accounts can receive deposits and make withdrawals in a variety of ways, just like an adult account.
Our junior savings account can be used by parents, grandparents and guardians to help children understand the importance of savings for treats, school trips, holiday activities and larger purchases.
We are also able to lock the account so only the adult setting up the account can authorise withdrawals.
If a young person is related to an existing credit union member we can accept the following as id:
- Birth Certificate
- NHS Medical Card
- Child Benefit Letter
- School Report
- Letter from school
MA (the Money Advice Service) have a video on their website showing the importance of showing children how money works on a day-to-day basis, and that we pay for things in all different ways. They show the following examples.
“Ashlyn has played pretend shop so many times but today we did it with real money and, for a second, I saw she was upset when all the money went away. She realised that with real money sometimes if you keep buying, all the money goes away”
“It took a lot for Cameron to understand that the card and money are joined; he would say to me “Can you not just use your card?” I would get a mini-statement and show him “This is what went in and this is what I have had to pay and this is what is left”. He understands now.”
If you follow these tips your children will understand what money is and they will have seen how it works day to day and, really importantly, when it has gone, it has gone. This is setting them on the path to having a really positive and confident relationship with using money themselves.
To open an Junior Account, please download the application form and submit to New Central Credit Union Ltd., 41 Smithford Way, Coventry CV1 1FY. Tel: 02476 633456, email – email@example.com