Junior Savings Account
Save for their future
Encourage an early savings habit in your children or grandchildren with our junior savings account. It’s a great way to put some money aside for birthdays, Christmas or a special treat when they turn 18.
Children from birth up to 17 years of age can open a junior savings account, as long as their parents, guardians or grandparents are members of our credit union.
We’ve a handy mobile app that can be used to keep track of savings and, depending how we’ll we’re doing and members’ approval, an annual dividend may be paid in April/May.
If you would like to open an account for your child or grandchild, just get in touch with us via email or phone and we’ll guide you through the process.
Savings
How do I pay into my account?
You can make deposits into your savings account with us either by cheque, by bank transfer or by payroll deduction. If you have lost your NLCU bank account details then just get in touch and we’ll confirm them for you.
The amount you save we leave up to you! There are no transactional fees with saving. We have a range of savings accounts and you can request your deposits be split for different purposes like Christmas or Holidays. The maximum balance we can hold in our accounts for a single person is £10000.
Do I get a return on my savings?
Usually yes! As a financial cooperative we share our profits with our shareholders – and all our customers are our shareholders.
Once we have paid for running costs and paid into our legally required reserves we share the rest amongst members based on the amount in their savings. The dividend that we pay to our members is voted on at our yearly AGM – see our downloads page for more info from our last AGM.
How do I withdraw money from my account?
You can withdraw funds:
- Online using our online banking service or our mobile app
- Over the phone on 0330 004 0842 – lines open Monday to Friday 10am-3pm
How soon will my requested withdrawal reach my bank account?
Requested withdrawals are processed between 9am and 3pm every weekday. Withdrawals made after 3pm, on weekends or bank holidays will be sent the following workday morning.
If requested online, this show as “Pending” until we’ve set up your withdrawal.
Are my savings safe?
Notts and Lincs Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
All savings held with Notts and Lincs Credit Union are protected under the Financial Services Compensation Scheme which protects savings up to the value of £85,000.
