We offer a 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.
Only a parent or legal guardian who is a current Glasgow Credit Union member can open a Junior Savings Account for their child.
Requirements:
- The trustee (adult) must be and remain an active Glasgow Credit Union member
- The account is opened in the child’s name, but is held in trust by the adult member
- The child becomes a junior member of and is issued their own account number which will transition to adult membership when the child turns 16 years old.
Trustee Responsibilities
The trustee manages the account on behalf of the child until the child turns 16. Trustees are responsible for:
- Making contributions
- Monitoring account activity
- Ensuring compliance with maximum account balance (currently £10,000)
Note: When the child turns 16, the account is converted into a standard Member Savings Account, and the trustee relationship ends.