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Saving is fun at Waterford Credit Union!

Waterford Cu Blog

Opening a childrens savings account is something every parent should consider. Opening a childrens savings account with Waterford Credit Union can not only contribute to a child’s future, but teaches them important planning, goal setting and budgeting with their pocket money. This all gives them important building blocks which are needed throughout their lives.

Starting children’s savings in a piggy bank or a jar is a great first step and allows them to see their money build up – giving them a real sense of achievement. Once they’ve reached a certain level with their savings at home, opening a children’s saving account is a great way to ensure security, success and also a sense of responsibility and independence. At Waterford CU we give each new member (under 16 years) a free piggy bank to start the process!

Opening a children’s saving account with us..

Credit unions are run by the community, for the community. We are friendly and welcoming. For children, saving money in a place which is so embedded in the community could be a real benefit and could also teach them the value of a community and the importance of collaborating within it.

So, why is the credit union the best place for your child’s savings account?

  1. Credit unions offer excellent member services: A great environment to kick-start your child’s saving journey.

Credit unions are run for the benefit of their members and all decisions are made at local level, which means the service is tailored towards the needs of those in the common bond

      2. Credit union’s are community based: It can help teach them the importance of community

As mentioned, Credit unions are made up of people from the local community, who share a common bond – whether it’s where they live, the industry they work in or an association they belong to. Savings in the credit union contribute to the loan fund, which directly benefits other members and helps develop the community.

This environment, which involves the local community, is a great place to open a children’s saving account and kick-start your children’s saving habit.

3. Credit Unions are member owned: It can help each them the concept of a member-owned organisation

Credit union members are all shareholders, and they operate on a one member, one vote basis, which means everyone has an equal say in how it is run.

The theory of a community-owned organisations is a great concept to teach children, and a great movement to get them involved with.

4. Credit unions are not-for-profit: a great concept to teach children

Credit unions are run for the benefit of their members, not to profit from their needs. Unlike banks, where profits go to third party investors, any surplus income generated by your local credit union is returned to members as a dividend or else invested in improving and expanding the service.

5. Credit Unions have reasonable rates on loans: This can help them in the future

While this might not be immediately relevant to your children, credit union members are able to take out loans at very reasonable interest rates. This will definitely come in handy when it comes to college, travelling the world or buying that first car!

What documents are required?

To open an account for a minor (someone under the age of 16), you need the following:

  • Passport or a copy of the child’s birth certificate
  • Proof of the child’s PPS number, e.g. medical card, government letter
  • Proof of parents’ address, e.g. recent utility bill dated within the last three months
  • Photographic identification & PPS number of parent/guardian, as they will have authority to operate the account up to the child’s 16th birthday.

Call into our offices at Parnell Street or Upper Grange | Tel: 051-861600

For further information contact Ann-Marie at adrohan@waterfordcu.ie

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