A great way to introduce young people to financial responsibility
An instant access savings account for anyone aged between 0 and 16. 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 16, their account will change to a Membership Account.
Step 1: Download and print an application form (or collect in branch)
Step 2: Provide two or three acceptable items of identification (if you are not already a member)
Step 3: Drop into your local branch
Who can open a First Saver?
Anyone within our common bond area aged between 0 and their 16th birthday.
How can I open a First Saver?
An Adult Signatory will open the account and have control of it until the First Saver either reaches the age specified on the application form (up to 16) or becomes 16. The Adult Signatory must complete the First Saver application form and provide at least two proofs of ID for themselves and one piece of ID for the child. The First Saver account will commence from the date of the first deposit.
What happens when the First Saver reaches aged 16?
On reaching their 16th birthday, First Savers will become full members of Hull & East Yorkshire Credit Union (if they are still eligible within our common bond). They will need to complete a Membership Application form and provide evidence of identity/ address at this point.
Is there a maximum savings balance?
At present, we are limiting Savers to £68,000 in total savings.
How can I deposit savings?
* If deposits are made by cheque, no withdrawal may be made against them until the funds have been cleared in the Credit Union’s bank account which usually takes 6 working days.
Can I deposit bags of change into the account?
Yes. A maximum of 5 bags of change per day may be deposited. All change must be bagged correctly as mixed change will not be accepted.
How can I withdraw money?
Aa signed withdrawal request form must be posted, faxed, emailed or brought to the Credit Union. The form must be legible and the Adult Signatory’s signature (or the First Saver’s if they have been given consent on the application form to withdraw under the age of 16) must correspond with that held on our records.
Withdrawals can be paid:
Are there any fees on the account?
If a cheque is unpaid we reserve the right to debit the account with any charges that we incur.
What interest or dividend is paid?
We pay a yearly "dividend", gross of tax, on the account.
The dividend rate is determined by the Board of Directors and ratified by the members in Annual General Meeting (AGM).
Any dividend due will be paid to the account annually on the first working day after the AGM. Dividend will be based on the balances held in the account throughout the year to the 30 September prior to the AGM.
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.
Do I need to make regular deposits to keep the account open?
If no transactions are made on the account for 12 months or more, the Credit Union may declare it dormant in accordance with Credit Union Rule 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 the account balance.
How do I close the account?
Apply in writing giving 30 days’ notice before the money can be paid out. If you close the account, any dividends declared after the account is closed will not be paid out.
Note that we may also declare the account dormant if there are no transactions for 12 months or more.