Young savers are actively encouraged at Newport Credit Union. Accounts can be opened from the day the child is born and money can be put in the account by anyone.
It's mostly parents and grandparents who open Childrens accounts, but we encourage siblings, relatives or Godparents to do so as well. If a withdrawal is needed, the person who opened the account in the first place needs to sign. Junior members have their own withdrawal form, available here.
Saving from an early age teaches children the value of money, and we have collection points in numerous primary schools in Newport where young people can pay into their accounts.
The young savers application form is here. NCU will need to prove the identity and address of the person opening the account.
We endeavour to ALWAYS pay a dividend on Children's Accounts, and in the last, fully audited, financial year (Oct 15- Sept 16 we paid 1.25%.
If your child was born in the UK between 1 September 2002 and 2 January 2011, they have a Child Trust Fund in their name. For more information on our CTF Account, click here.