MERTON YOUNG SAVER ACCOUNT
Merton Council has introduced an exciting new initiative to promote the importance of saving from a young age.
When they approached us to see if this is something we could facilitate, we knew we wanted to get involved as we are equally passionate about promoting savings amongst the younger members of our community!
The Merton Young Saver Account is being launched in partnership with CroydonPlus for all students currently in Year 7 in the 2023/24 academic year, and their parents and carers, who live in Merton.
To be eligible, students must have birthdays between 1/9/2011 - 31/8/2012 and in order to open an account, one adult in their household must also have an account set up.
Once a Merton Young Saver Account is open, Merton Council will deposit £20 into the students account, along with an additional £10 for their parent or carer. These deposits are being funded through Merton Council’s Cost-of-living Fund.
Along with Merton Council, we want to encourage young people to build good savings habits from a young age, go through the process of opening and maintaining an account, get knowledge about managing finances, and understand the value of money management, so that the cost-of-living does not define their futures.
Students cannot access the £20 deposit until they turn 16 years old, so it is great way to start putting money aside, that could be used at a milestone in their lives such as going to university or buying a first car.
AT A GLANCE
Merton Young Savers is for current Year 7 students in the 2023/24 academic year
Eligible savers should have birthdays between 1/9/2011 – 31/8/2012
Eligible savers should live in Merton (but don’t have to go to a school in Merton)
A £20 deposit will be made to each Merton Young Savers account which cannot be accessed until the saver’s 16th birthday
Each Merton Young Savers account must have an account opened by an adult from the same household
A £10 deposit will be made into the adult account (for a £5 deposit and £5 to cover the account joining fee)
HOW TO JOIN
To become a member of CroydonPlus Credit Union and open a Merton Young Saver Account, please click the button below. You will then be directed to open your Adult and Young Saver Accounts. We have also created a handy user guide to assist you with your application.
When prompted, please quote the Scheme Reference which can be found in your information pack from Merton Council.
If you have any questions about this account, please click the button below. Should you have any questions relating to your membership with CroydonPlus Credit Union, please visit our FAQ Page.