What is the Junior Savings Account?
This a savings account that is available for anyone is under the age of 16.
Opening an account is an ideal way to enable young people to save. If you are a parent or grandparent opening an account for a child, it is an ideal way to help build up a nest egg for the future through making regular payments or one-off gifts on birthdays and special occasions.
Junior members of M for Money received a dividend paid to their credit union account for the last four years. Junior Savers can save up to £5000.
Upon the young person’s 16th birthday, their account will be transferred to full adult membership with voting rights. Under 18s are not eligible for loans.
Who can open a Junior Savings Account?
Anyone under the age of 16 who lives in London Boroughs of Harrow, Hillingdon and Brent, the counties of Berkshire and Buckinghamshire including Milton Keynes or Chiltern is eligible to open a Junior Saver’s Account. An existing adult member needs to endorse the opening of an account.
How can I apply for Junior Savings Account?
To set up your savings account, contact us via email at email@example.com.
Why should you teach your children to save money?
In today’s world, where people buy a lot and want things right away, it’s really important to teach kids to save money from a young age. When we teach kids to save, we help them make smart choices about money and have a better life later on. Here are four important reasons why teaching kids to save money is essential:
Cultivating financial responsibility:
Teaching children to save money instils financial responsibility and helps them develop critical life skills. By understanding the concept of saving, children learn the importance of delayed gratification and making thoughtful spending choices. This early financial education lays a strong foundation for responsible money management throughout their lives, leading to better financial well-being in adulthood.
Building a safety net:
Saving money provides a safety net during unexpected circumstances or emergencies. By encouraging children to save a portion of their allowance or any monetary gifts they receive, we help them create a financial cushion. This safety net can be invaluable in teaching resilience and helping children navigate unexpected expenses or challenges later in life. Moreover, knowing they have savings instils a sense of security and reduces anxiety about financial uncertainties.
Fostering long-term goals:
Teaching children to save money helps them develop the habit of setting and working towards long-term goals. Whether it is saving for a special toy, a college education, or their first car, understanding the value of delayed gratification instils patience and determination. Saving money for their goals empowers children to take charge of their aspirations, fosters a strong work ethic, and nurtures the belief that they can achieve anything with discipline and perseverance.
Encouraging financial independence:
Saving money from an early age teaches children about financial independence and the benefits of managing their own resources. By opening a junior savers account, children can experience the process of depositing and earning interest on their savings. This hands-on experience with banking not only educates them about the financial system but also empowers them to make informed decisions about their money. Junior Savings Accounts often come with perks such as financial literacy resources, reduced fees, and specialised support, making them an ideal starting point for children to develop a strong financial foundation.