We’re committed to supporting young savers as they transition into financial independence. If your child holds a Junior Savings Account, some important changes take place when they turn 16.
Your Child’s 16th Birthday – What Changes?
When your child reaches the age of 16, their Junior Savings Account will be automatically converted into a standard Member Savings Account, and they will become a full member in their own right.
Prior to your child turning 16, we write to them regarding the next steps.
Here’s what happens:
- The Junior Savings Account is converted to a Member Savings Account
- Your child can manage their own account and can register for our mobile app
- The trustee relationship (you, as parent or guardian) is removed
- All account communications and control are transferred to the child
What You Need to Know as the Trustee
- Once the account is converted, you will no longer have access to manage or view the account
- Contributions from your Direct Debit or Salary Deduction will cease.
- We’ll link their new account to their own bank account for making deposits and withdrawals.
- If you wish to continue supporting your child financially, they will need to set up their own payment instructions.
Preparing for the Change
To ensure a smooth transition:
- Encourage your child to download the GCU Mobile App for easy account access
- Talk to them about money management and the benefits of continued saving
- Contact us if you or your child have any questions about how to access or manage their new Member Savings Account