Junior Savings

Junior accounts are free to open and operate


Paying into a junior savings account

  • The junior’s parent / grandparent /guardian needs to fill in the membership /nomination form to open a junior savings account
  • A passbook will be issued in the junior’s name with their individual account number and posted out to their home address
  • The passbook must be presented to record all pay ins made by cash or cheque (payable to St Machar Credit Union) at the collection point. Each pay in will be initialled / stamped to verify pay in has been made.

Local schools are working in partnership with the credit union and collection points for pupils, their families and staff are open within Kittybrewster Primary School, Stompers Day Care Centre, St Peters RC Primary School, Seaton Primary School and Riverbank Primary School every week.

All junior accounts opened within schools will receive a free money box that you build yourself and the credit union will pay in £1.00 to start savings balance

You can also pay in by bank standing order, or family members can pay into junior accounts through their benefits. Pay in an affordable amount that is manageable on a regular basis e.g. it could be 50p a week

Withdrawing Junior Savings

  • To withdraw savings from the junior account the parent or guardian who opened the account will sign a savings withdrawal form
  • Withdrawal may take up to a week to process. Passbook balances need to be verified against the credit union’s computer system before cheque can be issued
  • A cheque will be issued for the amount requested payable to the parent / grandparent / guardian or other party as requested at the time of withdrawal. The cheque can be opened as cash and encashment can be made at any one of the three Lloyds TSB bank branches the credit union works with (Woodside / Seaton / Rosehill), only for one day as agreed at time of withdrawal with the credit union

Annual Dividends payable

  • Annual dividend may be paid on all junior savings Annual Dividend is paid on savings March / April each year (Percentage is agreed at the members’ AGM e.g Year ended September 2012, 4% dividend was paid for the 3rd year running)
  • A computer statement is sent out to the junior account holder’s home address annually after interest is paid on savings, in April each year
  • Passbooks can then be updated by volunteers with juniors dividend paid, when annual computer statement is shown at the collection point or main office


Our older yellow money boxes