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Savings

Young Saver

Our Young Saver Account is a simple way for parents, guardians and grandparents to put money aside for the children in their lives. It’s never too early to start saving and it is important to encourage good money habits early on. Teach your child the importance of saving and enjoy watching them grow into financially savvy adults.
Apply now

Benefits for you

  • Seamlessly manage saving for your child’s future with a linked adult account  

  • Understanding money matters benefits children throughout their lives 

  • Young Savers will receive a £10 bonus on their birthday until they are 17   

  • Young Savers enjoy the benefits of an annual dividend, further boosting their savings  

Your Young saver  

  • Save weekly or monthly via direct debit or standing order 
  • Make one off deposits from your bank account 
  • Online account management via our App or the My Account area of our website  
  • Earn an annual dividend on Young Saver accounts 
  • Deposits are protected by the Financial Compensation Scheme (FSCS)  
  • Our dividend return for 2023 was 4.00%

You’re eligible to apply if you… 

  • Are applying for a child aged under 18 
  • Are a GMB trade union member
  • Are a GMB Credit Union member  
  • Are a parent, guardian or grandparent of the child  

Terms & Conditions

  • Children of GMB Credit Union members are eligible for a Young Saver account from birth to 17 years of age   
  • When a Young Saver reaches the age of 18 the account will be converted to an adult Member Saver account  
  • Young Savers accounts are opened in the name of the child
  • The opening adult acts in the capacity of trustee and controlling interest until the child is 18  
  • The minimum opening deposit is £5 
  • The maximum Young Saver account balance is £25,000 
  • Deposits are fully protected by the Financial Compensation Scheme (FSCS)   
  • Young Saver accounts receive an annual dividend in April, agreed at our AGM*

Apply

Apply for a Young Saver account today for your child. It’s fast, simple and you can do it all on our website. Build a more secure future for your loved ones and benefit from being a part of our community, including access to ethical loans, such as the GMB Credit Union Starter Loan.

Apply now

Why choose us?

GMB Credit Union is more than just a financial institution – we’re a community where members help each other. We make sure that money circulates for the benefit of the community by pooling member savings and then lending to other members. Support your GMB community and boost access to affordable credit with your GMB Union membership.