Children’s Savings
Minor Accounts
Children’s Savings at St. Paul’s Garda Credit Union
Do your children know the importance of saving? Opening a children’s saving account is the most effective way to teach your kids money management and budgeting skills, as well as the value of work and reward.
Opening a children’s saving account with the credit union means they can save in a welcoming, member-owned environment at the heart of the common bond.
Opening a children’s saving account is one of most important things a parent can do – and opening a children’s saving account with the credit union will contribute to a child’s future.
What is the best way to help children save?
The best way to help children save is to build a children’s saving plan with achievable goals and fun, successful ways to save – including opening a savings account. Here are some ways to get started:
- Open a savings account
- Set a savings goal
- Create rewards for regular saving
- Create a timeline
Below, we’ve included some frequently asked questions around children’s savings accounts. Why not contact us today about opening an account?
What is a Children’s Savings Account?
St Paul’s children’s savings account, sometimes known as a minor account, is a savings account for a member who is under the age of 16. The savings account is the sole property of the minor in question and no one else is entitled to use it for his/her own benefit.
How to open a Credit Union Children’s Savings Account
If a child is under the age of 16, the account will generally be opened with the help of a parent or guardian.
What is needed to open a Credit Union Children’s Savings Account?
The child’s birth cert or a passport
Parent or Guardian’s photo ID
Proof of child’s address: e.g. utility bill in parents or guardian’s name
Proof of the child’s P.P.S. number – letter from social welfare
Who can withdraw from the Children’s Saving Account?
Where the child is not deemed old enough to withdraw money, (for example they are under the age of 7) the account may be opened by a parent/guardian. The parent or guardian is deemed the authorised signatory to operate the account until the child is deemed old enough to sign and withdraw money themselves.
Withdrawal by a parent / guardian, from a minor account can only be approved when the funds withdrawn are for the sole benefit of the child and are certified by the authorised parent or guardian accordingly. After the age of 16 the minor transitions to full membership and will have sole authority to access funds from the account.
Who can lodge money into the Children’s Savings Account?
Anyone can lodge money into the child’s account.
Why would the account be made ‘Dormant’ and who can reactivate it?
Where a child’s savings account has not been used for a certain period of time, usually 36 months, sometimes as a security measure, the account is made ‘Dormant’. The child, parent/guardian or third party can reopen it with photo ID and proof of address.
