First Saver

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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.

  • 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 (2021 - 0.7%)

You can apply for a First Saver at a branch or over the telephone.


Step 1: Complete the application form.

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



Speak to our friendly team on 01482 778753.


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 HEY Credit Union (if they are still eligible within our common bond). They will be asked 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?

- by bank standing order, Direct Debit or direct transfer from a bank account

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

- direct from the Adult Signatory’s State benefit

- at an East Riding of Yorkshire Council Customer Service Centre.

* 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 we are unable to accept mixed change. 

How can I withdraw money?

A signed withdrawal request form must be posted, faxed or emailed  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 match that on our records.

Withdrawals can be paid:

- By direct transfer to your designated bank account (if requested before 2.30 pm Mon to Fri, the funds will normally appear in your bank account the same day);

- Your first faster payment transfer each day is free. However all subsequent transfers that day are charged at £6.00 each;

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

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, in December, although the rate is not guaranteed.  The final dividend paid may vary and it is possible that no dividend is paid at all.

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, HEY 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, you will not be eligible for any dividends declared after the account is closed.

Updated 12.2.2020.


Other savings products


All members receive this standard membership savings account when joining


Instant Access

Save separately from your other accounts


Christmas Saver

Savings that you can't touch until Christmas


© 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.