First Saver

  • Features
  • Suitability
  • How To Apply
  • FAQ

A great way to introduce young people to financial responsibility

An instant access savings account for anyone aged between 0 and 18. Why not enrol your children, grandchildren, nieces, nephews or any special child in your life as a First Saver? Encourage them to save, save on their behalf, or do both! Then once the child becomes 18, their account will change to a Membership Account.

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  • Instant access to your junior savings
  • Withdrawals - by bank transfer, cash or transfers to other members
  • Deposits - by cash, cheque, bank standing order, Direct Debit, payroll deduction, or transfers from other members
  • Yearly bonus - paid annually in December (2023 - 2.1%)

What are its key features?

A ready access savings account for anyone aged between 0 and 18. Why not enrol your children, grandchildren, nieces, nephews or any special child in your life as a First Saver? Encourage them to save, save on their behalf, or do both! Then once the young person becomes 18, their account will change to a Membership Account.

- Ready access to your junior savings without notice.

- Account controlled by an Adult Signatory until 18.

- Withdrawals - by bank transfer, cash or transfers to other members.

- Deposits - by bank transfer, cash, cheque, Direct Debit, payroll deduction, Child Benefit or transfers from other members.

- Bonus “Dividend” - paid annually in December (2023 - 2.1%).

What is the purpose of a First Saver Account?

- To help young people up to the age of 18 to build up some savings (amounts from £1 up to £68,000) safely in their own account but be able to access their funds quickly (with the support of an Adult Signatory) if the needs arises.

- To introduce young people to financial responsibility from an early age and help them to catch a regular savings habit.

A First Saver Account could be suitable for you if:

- You want to help a special child in your life to start saving and building for future financial resilience and responsibility.

- You want to be able to pay in fixed or varying amounts, whenever you wish.

- You want to maintain supervision of the account until the young person becomes 18 (However, you can, by completing a withdrawal authorisation, permit them to make withdrawals before they are 18).

- You want a safe home for your child’s savings with full FSCS cover.

A First Saver Account is unlikely to meet your needs if:

- The young person requires an account with a Cheque Book or debit card to make payments from their account.

- You want to tie up their savings for a fixed term to earn a bigger return.

- The young person is about to become 18 years of age.



Complete our online application form.

We may request identification for the First Saver at a later stage.



Step 1: Complete the application form.

Step 2: Provide two or three acceptable items of identification.



Speak to our friendly team on 01482 778753 (Mon-Fri 10 am to 3.30 pm).


Who can open an account?

Anyone within HEY Credit Union’s common bond aged between 0 and their 18th birthday.

How can I open an account?

An Adult Signatory may open the account and they will have control of it until the First Saver becomes 18 (By completing a withdrawal authorisation, an Adult Signatory can give permission for the junior to make withdrawals before they are 18).

You can apply online, in one of our community branches or over the phone. 

If online, we will send you an email explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778 753 (Mon-Fri 10 am to 3.30 pm).  If applied for in a branch or by telephone our staff will explain next steps.

The Adult Signatory must provide acceptable proof of identity and address for themselves (if not already a HEY Credit Union Member) and one item of identity (Child Benefit Letter, Birth Certificate or Passport) for the First Saver. The account will be open once the first deposit is received.

Are any fees charged?

There are no opening fees or ongoing charges. But if you deposit a cheque which is unpaid we will debit your account with any charges that we incur.

Is there a minimum amount I must keep in the account?     

You must keep a minimum balance of £1 in this account to keep the account open.

Is there a maximum savings balance?          

At present, we are limiting Savers to £68,000 in total HEY Credit Union savings plus any accumulated dividends.

How can I deposit savings?

- by bank standing order, Direct Debit or bank transfer.

- by payroll deduction (if the Adult Signatory’s employer is a HEY Credit Union payroll partner).

- Direct from the Adult Signatory’s Child Benefit.

- by cash or cheque* at a HEY Credit Union branch.   A maximum of 5 bags of change per day may be deposited.  All change must be bagged correctly as we are unable to accept mixed change.

*If deposits are made by cheque, you may not withdraw them until funds are cleared in HEY Credit Union’s bank account, which takes at least 6 working days.

Can I open more than one First Saver Account?  

Each First Saver may only have one account, but an Adult Signatory may open an account for more than one child.

How can I withdraw money?

- The Adult Signatory makes the request on a withdrawal form signed by themselves (or by the First Saver if they have been authorised to withdraw before age 18).  Payments can be made:

- By Faster Payments to a pre-designated bank account (minimum £10). Identity checks will be made. Your first transfer of the day is free; all subsequent transfers that day are charged at £6.00 each.

- In cash at a branch, up to the daily limit for the branch (Hull, Bridlington and Goole £300; Scunthorpe, Driffield and Withernsea £50; others do not issue cash).

What interest or dividend is paid, and when?           

We pay a yearly “dividend” in December but the rate of dividend is not guaranteed.  The final dividend paid may vary and it is possible that no dividend is paid at all.  The dividend rate is proposed by the Board of Directors and voted on by the members at the Annual General Meeting (AGM).

Any dividend due is paid to the account on the first working day after the AGM. 

Dividend is based on balances held in the account throughout the year to the 30 September prior to the AGM.

Do I have to pay tax on my dividends?         

Dividends are paid gross so it is your responsibility to declare the income to the tax authorities if you are a taxpayer.

How safe is my money in this account?        

Each saver’s total funds in HEY Credit Union up to £85,000 are covered by the Financial Services Compensation Scheme, the same as deposits in banks and building societies.

Can I open an account in joint names?         


How is my personal data used by HEY Credit Union?         

We are committed to maintaining the privacy and security of our savers’ personal information.   Full details of how we may use your information may be found in our Privacy Notice.

What feedback has HEY Credit Union had from other users of this product?         

Please see our Trustpilot reviews for examples of feedback from member users.

How can I contact HEY Credit Union to enquire about my account?           

An Adult Signatory can contact us by:

- using our online app;

- visiting one of our community branches (opening times);

- email to; or

- telephoning 01482 778753 (Mon-Fri 10 am to 3.30 pm).

For security reasons, please don’t use our social media sites to make personal enquiries.

Do I need to make regular deposits to keep the account open?      

If you make no deposits on any of your savings accounts for 12 months or more, HEY Credit Union may declare your total membership dormant in accordance with Credit Union Rules 30 to 34.  No dividend will be paid on dormant accounts and, if you do not respond to our enquiry an annual administration fee of £5 may be deducted from your account balance.  Therefore it is important to tell us if your address or contact details change so that we don’t lose touch with you.

What if my personal details change?

Please contact us to tell us about changes of name, address, email, phone, or other personal details for the junior saver and/or Adult Signatory or if you want to change your beneficiary/next of kin.

What if I leave the area or leave my present employer?      

If the First Saver or the Adult Signatory leaves the area, the account may continue as before. If funds were being paid in by payroll deduction but this arrangement has stopped, you’ll need to set up an alternative method for paying in – such as bank standing order.

What happens to my funds if I die?   

If the First Saver dies, the funds in the account will be paid to the Adult Signatory on receipt of proof of death and satisfactory evidence of their bank account details.

What happens if money is paid into my account by mistake?          

If we are told a payment has been made into your account by mistake and we reasonably believe this to be the case, we may return the money.  We will tell you if this happens and give you the chance to dispute the claim.  If asked, we may share your relevant personal information with other banks, building societies and credit unions so that the payer can trace money paid to an incorrect account.

What happens when the First Saver reaches age 18?         

On reaching their 18th birthday, First Savers may become full adult HEY Credit Union Members (if they are still eligible within our common bond).  They will be asked to complete a Membership Application and provide evidence of identity/address at this point.

How can I close my account?

Please make any request to close the account in writing, or by using our ‘closure form’ (downloadable from our website), giving 30 days notice.  If you close your account, you will not qualify for any dividends declared after the account is closed.


Updated 5.6.24.





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© Hull & East Yorkshire Credit Union | Registered under the Credit Union Act 1979 and the Co-operative and Community Benefit Societies Act 2014. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our FRN is 213620.