Expected to find Sheffield Credit Union or LASER? You've come to the right place. We're now called South Yorkshire Community Bank. Read more about our name change

Junior Saver

Open a savings account for an under 16 to start good habits early.

Simply download and complete the form.

Open now
Family of four sat on a sofa. One adult is putting coins into a white piggy bank, helped by the older child, while the other adult and younger child watch on.

What is it?

  • For under 16s
  • Relatives/Guardians/Trustees can arrange regular payments into this account

Key facts

  • Interest included?

    Yes. This account pays annual interest, subject to approval at our AGM.

  • Life savings insurance included?

    No. A Junior Saver account does not include life savings insurance.

  • FSCS protected

    Yes. All your savings are protected by the Financial Services Compensation Scheme up to £120,000.

Am I eligible?

To open a Junior Saver account you must be:

  • An adult
  • Opening an account for someone under 16

What our happy members say

“I save and have savings accounts for my grandchildren. Great service.”

Jonathan C

What’s different about saving with us?

We’re a not-for-profit organisation. Which means we run our services focused on helping members and our community, not making the biggest profits.

  1. Why do you pay dividend rather than interest?

    Each year, we have costs to run our community bank. Our surplus is what’s left after this.

    We use this surplus to invest in improving services and reward savers with a dividend. So when we do well, you do too.

  2. How much dividend will I get?

    In most years we do make a small surplus.

    We aim to pay dividends equal to the interest rates on building society instant access savings accounts.

    Your dividend is calculated based on your average savings balance over the year. It is paid in the following March.

     

  3. Is my dividend guaranteed?

    Dividends are approved at our Annual General Meeting (AGM), and paid shortly afterwards.

    We can’t guaranteed that a dividend will be approved, and past performance is not a reliable indicator of future results. Read more about the dividends we have paid over the last five years.

How to open an Junior Saver account

  • Complete our Junior Saver form

    Download the form. We will need ID from both the adult and junior members to open the account.

  • Receive your account information

    We will send the junior saver’s membership number to you by post.

  • Make your first deposit

    You can pay in by standing order, benefit transfer, cheque or payroll deduction, if your employer is part of our payroll scheme.

Open a Junior Saver account now

Managing your account

  • You can make deposits as often as you like, up to £10,000 in a Junior Saver and up to £25,000 in total across all savings accounts
  • You can withdraw as often as you like, by phone or in person to your nominated bank account, or online to any UK bank account.
  • We will send you an annual statement by post or email in February.
  • You can ask for additional statements at any time, free of charge, or see your transaction history online,

Get the app

Did you know you can manage your savings and loans with our app?

Scan the QR code on your mobile device to download the app now.

Google Play App Store

Junior Saver FAQs

Below you will find out most frequently asked questions about our Junior Saver account. For more FAQs, explore our Resources hub.

App and Online Services

Can I pay cheques into my savings account via the app?

No. You can only pay a cheque in at either of our branches, or you can send it to us by post.

Managing My Account

When can I close my Junior Saver account?

To close your account, you should withdraw the full balance, and stop paying in. If you have a regular deposit which is split across multiple accounts, please let us know how much you would like to pay into your remaining accounts in future. You can close this account at any time.

What happens to my Junior Saver account when I turn 16?

When you turn 16 you will become a full member of South Yorkshire Community Bank and will start receiving dividends.

What do I do if I don’t want to receive dividends/interest on my savings?

If you do not want to receive dividends or interest, please complete a Declining of Interest or Dividend Payment Form.

How do I pay into my savings account?

You can pay in by:

  • Standing order
  • Payroll deduction if you employer is part of our payroll scheme
  • Benefit transfer
  • Cheque ( 14 working days clearing time)
How do I close my Savings account?

To close your account, you should withdraw the full balance, and stop paying in. If you have a regular deposit which is split across multiple accounts, please let us know how much you would like to pay into your remaining accounts in future.

Product Basics

How much interest do you pay on Junior Saver accounts?

Junior Saver accounts attract interest at the same rate, calculated in the same way and applied at the same time as dividends. It is called interest rather than dividend because it is for a junior account and you do not have to be a member to open a junior account. Dividends can only apply to member accounts because members have a Share in South Yorkshire Community Bank.

What is a Junior Saver account?

A savings account for an under 16 to start good habits early.

Will my savings be safe?

Yes. All your savings accounts with South Yorkshire Community Bank are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000. That means your savings are safe, even if something happens to South Yorkshire Community Bank.

Savings Withdrawals

Are there any charges for withdrawing my money?

Withdrawals are free of charge online. There is a £2 charge for prearranged or over the phone same day transfer.

How can I withdraw from my savings?

You can withdraw your savings to your nominated bank account online, by phone or by calling in to see us.

To withdraw your savings online, you can request a withdrawal (not available for junior accounts). Online withdrawals are free, and will be processed within one working day, excluding weekend and bank holidays.

To withdraw by phone, you will need to have set up a withdrawal password. If you have this in place, call us on 0114 276 0787. When you call, we will ask you some security questions, including your password.

To withdraw in branch, you can visit us at any time or complete a withdrawal form. There is £2 a charge to request withdrawal over the phone or in person. If you want to withdraw £10,000 or more, please contact us by phone or visit our office.

Terms & Conditions: Junior Saver Account

A Junior Saver account is opened by an adult trustee, on behalf of a person under 16. The adult trustee is the person who agrees to follow these terms and conditions, so “I” refers to them, and “the junior saver” refers to the person under 16 in whose name the account is held.

  • I confirm that the junior saver lives within the common bond of South Yorkshire Community Bank, as defined in the Sheffield Credit Union rulebook.
  • I can pay into and withdraw from this account at any time, using the methods outlined in my welcome letter, or on sycb.co.uk. I must request withdrawals myself; the junior saver cannot withdraw without my agreement.
  • South Yorkshire Community Bank will pay interest on this account, at a rate decided at the Annual General Meeting. Interest will be paid shortly after the AGM.
  • When the junior saver turns 16, they will take over control of this account.
  • I will provide details of a nominee, who must be 18 or over, who will become the trustee of this account in the event that I die before the junior saver turns 16.
  • I have the right to cancel this account within 14 days of applying. If I do, all deposits and payments will be refunded, minus any administration fees or fees for services.
  • The maximum balance I can hold in my junior saver account is £10,000.
  • If I do not make any transactions for one year, this account will become dormant. If it is still dormant when the junior saver turns 18, they will be charged a £5 annual maintenance fee. If their total balance is £5 or less when the fee is charged, then the full balance will be forfeited and their account (s) will be closed.
  • If I break the terms and conditions of this account, or the general rules in the Sheffield Credit Union Rulebook, South Yorkshire Community Bank may close my account and/or terminate my membership.
  • These terms may be varied from time to time, and I understand that I can find the current version, as well as the Credit Union Rule Book which details other requirements of membership, online at sycb.co.uk. I can also request copies of these documents via phone, email or post.

Funds in the Junior Saver account are covered by the Financial Services Compensation Scheme, which protects deposits up to £120,000 in the event of the failure of South Yorkshire Community Bank. For more information visit www.fscs.org.uk.

In addition to these terms, more details on how we will manage your account, including the dormancy process for unused accounts, can be found in the Welcome Letter, Privacy Policy and FSCS Information Sheet. If you have not received these documents, or would like another copy, please get in touch through the website or contact us by phone on 0114 276 0787, or email at admin@sycb.co.uk.