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Why the Credit Union is the best place for Children to save?

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Starting a saving plan from as early as possible is important for children to sharpen their saving abilities and to determine important money-management skills in later life.

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 though, opening a children’s saving account is a great way to ensure security, success and also a sense of responsibility and independence.

Each new junior saver account (under 16 years) opened in WCU from 20th Sept – 30th Sept 2021 will receive a goody-bag, activity sheet and a Junior Savers Reward Card.

For each lodgement (minimum €5) the junior saver makes to their account, they will receive 1x sticker which will be placed on their Junior Saver Reward Card. When 4x stickers are collected, Waterford CU will lodge €10 to their shares.

Opening a children’s saving account with Waterford Credit Union

Waterford credit union is run by the community, for the community. We are friendly, welcoming with valued services. 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.

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

1. Waterford Credit union 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. Our service in WCU is tailored towards the needs of those in our common bond.

2. Waterford Credit union is community based: It can help teach your child the importance of community

As mentioned, Waterford Credit union is 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 teach them the concept of a member-owned organisation

Credit union members are all shareholders, which operates on a one member – one vote basis, which means everyone has an equal say in how WCU is run.

The theory of a community-owned organisation 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 Waterford credit union is returned to members as a dividend or else invested in improving and expanding our services.

Take the first step on your child’s saving journey and open a children’s saving account today.

Waterford Credit Union is regulated by the Central Bank of Ireland.

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