The ideal way to introduce young people to saving for their future. We invite all young members of the family, up to the age of 16 to share in the benefits of Commsave.
How to Save
The account is opened in the Child’s name, with the adult member as a trustee. Savings can be made to the account in just the same way as other members by:
- By a transfer from the adult member's account by adding it to their payroll deduction.
- By regular card payment.
- By Standing Order.
- By cheque made payable to Commsave Credit Union.
Features of our Stamper Children's Savers Account
- There is no requirement to save on a monthly basis, so save as much or as little as you like.
- The account is managed by the account trustee, until they agree to pass control over to the Junior Saver (This can not be before the age of 7).
- At the age of 16, the account will be converted to that of an adult member. (However no loans are permitted until the age of 18).
- Interest is paid at the same rate as our dividend (2016 2.25%).
Some people find it easy to save whilst others find it more difficult. Our members benefit from the fact that the savings decision is made automatically for them each week or month. Once we have arranged the regular contribution for you it will continue until you tell us to stop it!
Instructions can be taken over the phone for bank transfers or the issue of cheques, as well as online which is of course more convenient for shift workers. Bank transfers are made several times a day and reach your account by 8pm the same day.
You must leave at least £1 in your savings account or the loan security amount of 1/3rd of the loan balance if you have a loan.
Our dividend for 2016 was 2.25% and over the past 3 years has been a fantastic 2%, much higher than instant access savings accounts at a bank!
Members receive a dividend based on their average weekly or monthly savings during the financial year. Following the preparation of the financial year end accounts for 30th September, the Board of Directors ask the members to approve a dividend. All surpluses after the deduction of operating costs and transfers to reserves, in line with legislative requirements, are returned to the members. This is added to your savings account with no income tax deducted at source.
Yes, you can make deposits into your account by sending in a cheque payable to 'Commsave Credit Union' to 6 Duncan Close, Moulton Park, Northampton, NN3 6WL. If you would like to make an electronic bank transfer, please call us on 0303 0402 660 and ask a staff member to provide you with our sort code and account number, before logging into your online banking system or contacting your bank, to arrange the transfer to us. With either method please ensure you provide your membership number to us to enable us to allocate the funds correctly. If you would like to make a payment to us by debit or credit card click here.