Saving Money Young Savers Membership

Children and their savings growing together

Wrexham County Borough Credit Union operates a Young Savers Account which encourages young people to join and develop a savings habit.  The Young Savers Account facility will help children to develop their savings and budgeting skills.

Members are welcome to open a Young Savers Account from the birth of a child.  The operation of the account can be transferred to the young saver when he or she is 8 years of age, or the account can be held in trust for the child until the age of 16 - which means the account is held in the name of the Trustee whilst the funds belong to the child.  When the child reaches 16 years of age, the account will automatically be transferred to our Adult Membership.

Young Savers - Paying Tax - Children don't usually have to pay tax. But, to make sure that HM Revenue and Customs does not deduct any tax from the interest on a child's account, an HM Revenue and Customs form R85 must be completed.

If the money for the account comes from a parent or guardian and it earns over £100 per year in interest, then HM Revenue and Customs treats all of that interest as being the parent's income - not the child's. That means it will be liable to tax.

However, if the money in the account came from anyone else, HM Revenue and Customs says that the interest belongs to the child and does not have to be taxed.

To open an account, please complete the Young Savers Membership Form and bring it along with suitable identification to the main office at 51 King Street, LL11 1LA or to an Information/Collection point.  (Child needs Birth Certificate and Child Benefit Letter, whilst for the Adult Trustee see Means of Identification).