Junior Deposit Account
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Open to the children of RMT members up to age 16
The junior saver must be living at their parent or guardian's address and an original birth certificate must be produced to be able to join.
Open a junior deposit account!
RMT Credit Union offers members the opportunity to open an account for their children to allow them to save for the future
Here at RMT Credit Union we know how important it is for family members to understand money even at an early age. We also recognise that parents and grandparents often want to set aside some money or build up a lump sum for their children or grandchildren to provide them with a good start in life.
It is never too early to start and the longer the savings are held, even when saving small amounts, with a regular dividend they soon mount up. With this in mind RMT Credit Union has developed a Junior Savings Account which can be tailored to suit your needs.
Who can open an account?
The account needs to be opened by an existing RMT Credit Union adult member but it can be opened for any child living at the same address. Accounts can be opened from birth, right up to the age of 16. The junior saver must be living at their parent or guardian's address and an original birth certificate must be produced to be able to join.
How does it work?
The account is opened by the member on behalf of the junior saver. The account will be in the child’s name but control of the account will remain with the adult.
How do I operate the account?
Unlike full members, juniors do not have a regular income so the parent / guardian opening the account for the junior member will have to set up the account to save a minimum of £5.00 every month / 4 weekly or weekly. The savings is collected by Direct Debit from a bank account
How do I keep up to date with the account?
A statement is sent out to the junior members once a year around Christmas time and of course you are able to keep in touch via the usual methods such as phone and email. Your child will be able to view their own account online to see how much they have saved. Additional statements can be requested at no extra charge at any time.
What happens when they reach 16?
At the age of 16, the junior account must change to adult status. At this point, the junior will now be considered an adult member and will automatically gain full control of the account. They will therefore have full access to any funds you have deposited in their account however, at this stage they may need to provide identification prior to withdrawing any funds.
Once 16, do they have to save regularly every month to keep the account open?
We recognise that they might be going on to higher education or may not even have left school at that stage. We do not want to lose them as a member, particularly as they may not be eligible to join again should they leave, so we are happy to maintain the account while they are in full time education. Don’t forget that once they are 18 they gain all the benefits of being a full member and ability to use all the Credit Union’s products.
How safe is it?
Just like all savings held with the Credit union they are fully guaranteed by the Financial Services Compensation Scheme up to £85,000.00.
You can apply for a membership form to join the Credit Union by writing to RMT Credit Union Ltd, Unity House 39 Chalton Street, London NW1 1JD or downloading a form from the RMT website here .