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|Young savers club|
|Red Kite Credit Union
20 Market Street
Legal age constraints
The minimum age for membership of the main credit union is 16 years*. (The minimum age at which loans can be advanced is 18 years*.) There is no minimum age for the Young Savers Club.
The Young Savers Club
The Young Savers Club is run as a separate savings club for those under 16 years of age. There is no minimum age. Financial costs are borne by the credit union. The Young Savers Club has generally been able to pay an interest to its members. At age 16 young savers can transfer FREE to the main Credit Union [others who join have to pay an entry fee], but do not become entitled to apply for loans until aged 18*.
* the age constraints arise from the Credit Union Act and subsequent legislation and statutory instruments.
Operation at junior schools
Currently only one school operates a Young Savers Club under this scheme, but we expect to introduce the scheme in other schools in due course. In schools the scheme is operated by the pupils themselves, under the supervision of a teacher.
The current school is Ysgol Dolafon in Llanwrtyd Wells. Any pupil at the school can join the scheme and volunteer to participate in the running of the service there. The School Secretary, Kate Jones, supervises the scheme.
If you think your local school could benefit by joining this scheme please contact us.
Operation at service points
Where there is no school scheme or where a young saver has left their junior school, facilities are available at any service point for joining or making deposits or withdrawals. Currently only the main offices in Builth Wells and Rhayader offer this service.
Trustees for Young Savers
Children of Primary School age or younger must be supported by a Trustee, e.g., a parent, grandparent or guardian. The Trustee may make deposits on behalf of the young saver. The Trustee must authorise any shares withdrawals. A Trustee should be prepared to relinquish control of the account when the young saver becomes a member of the main credit union.
|How to save and borrow with Red Kite Credit Union
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