Minor Accounts
Minor Account Explained
Saving made easier
If you have opened an account with us and would like your child to also receive the benefits of membership with DCU, we can provide you with a Minor Deposit Account for your child.
Benefits
A saving account will:
- Give children a sense of importance, responsibility and add a ‘real-world’, feeling to their savings.
- Helping your children save from as early as possible will not only set them up for the future, but teaches them important planning, budgeting and money management skills - giving them vital building blocks needed throughout their lives.
- The credit union is personable, community based, and is a perfect place for children to open their first savings account.
Open a minor credit union savings account today
If you are a parent/guardian, you can open a Minor saving account for the child, if they’re under the age of 16.
In order to open this account, you will need:
- Child’s long birth certificate
- Photographic ID of the parent/guardian opening the account
- Proof of address (Dated within the last 3 months)
We believe it is important to introduce children to the Credit Union at an early age, using our Gr8 Savings scheme.
Before the age of seven, money can only be withdrawn from the account by the parent/guardian who signed to open the account. After this, until the age of 16 the child is considered a juvenile and signatures of both the child and adult are required for any withdrawal.
When the minor turns 16 the account will be transferred to an adult member account. At this time, they will be invited into the office to update their account. After all paperwork has been completed the 16-year-old will have sole access to the account and the money held in it.
Walk ins are welcome, subject to staff availability and provided that the member has brought
the required documentation.
How to Save
Minors are welcome in the office to make deposits.
Parent/Guardian can also deposit into Minor account in the office.
Parent/Guardian can also send funds online into Minor account from their own account online.
The funds held in the Minor Deposit Account are to be used to the benefit of the minor only.
Savings balances for minor accounts cannot exceed £3000.
How to Close the Account
Before the age of seven the account can be closed by the parent/ guardian who signed to open the account. After this, until the age of 16 the child is considered a juvenile and signatures of both the child and adult are required for any closure.
Not a Member?
Our Credit Union lets people in the community come together to save and borrow money at low rates, and is operated on a not-for-profit basis.
Look Out for Annual Competitions
DCU is involved in the Annual Schools Quiz and Art Competition in liaison with the ILCU
