The option for people up to 16 years of age

It is widely recognised that the encouragement of thrift at an early age will be very beneficial to an individual when they grow into adulthood. Credit Unions (CUs) are designed to provide a safe and useful place for children to save for their future needs. A child (under 16 years of age) will have no legal say in how a credit union is managed and so it has been decreed by government that their savings are kept in a separate interest bearing account. This interest earned is all returned to the junior every year and is not subject to the ebbs and flows of the CU's management board decisions!

Children grow up in an insecure world. Education might have to be paid for in the child's future. Or the child might need equipment such as books a computer for college or a small car to go to his or her first job after leaving school. A good savings record in a CU is an acknowledged way of creating a personal source of saved capital and a potential source of much needed credit if necessary.

Kilrea & District No.5 Credit Union - A good place to begin....

Current regulations in Northern Ireland permit a young person to accumulate up to £10,000 in a credit union savings account. This account must be looked after by the child's parent or guardian as appropriate. The child cannot withdraw any of this money from their account until they are 16 years of age. It is perfectly permissible for the parent/guardian to do so for the good of the child and the CU will readily allow a parent or guardian to transact as such.

The 'coming of age'

After the age of 16 years the 'child's' account is 'transferred' in Kilrea & District No.5 Credit Union Ltd. This means that all of their accumulated savings are used to purchase shares in the CU and they then become a normal shareholder with total control of their own account and a right to participate in the running of the affairs of the business. However they must attain the age of 18 years before they can legally apply for a CU loan.


Ayn Rand

Money is the barometer of society’s virtue.

 A creative man is motivated by his desire to achieve,

not by his desire to beat others…..