We offer a dedicated Junior Savings Account to help parents and guardians save for their children’s future. This savings product is designed to support long-term financial growth for young members.
The minimum balance of this account is £1 and the maximum balance is £10,000.
Who manages the account
A parent or legal guardian (known as the trustee) manages the Junior Savings Account on behalf of the child. The trustee must be an active Glasgow Credit union member whilst the Junior account is active.
• The child is the account holder
• The trustee oversees and manages the account until the child turns 16
• At age 16, the account is converted to a Member Savings Account, and the trustee relationship ends
Making deposits
- The trustee can make regular deposits as part of their own regular contribution to the Junior Savings Account
- Minimum regular contribution: £10
- Maximum regular contribution: £1,000
- Contributions to the Junior Account do not count toward the trustee’s own regular contribution limits
- The trustee can also make one off deposits to the Junior Account from their linked bank account.
As the trustee, you can:
- View and manage the child’s savings balance
- Adjust contribution amounts
- Monitor growth and ensure the account stays within its balance limits
You will not be able to:
- Set up independent contributions from third parties
- Access the account once it converts to a standard Member Savings Account at age 16