Minors Savings Account

    Child with Piggy Bank
  • This account is available to children from birth to age 16. It is generally opened by a parent or guardian on behalf of the minor.
  • The parent or guardian can make withdrawals from the minor account if the child is less than 7 years old, after that age both minor and parent signatures are required. Withdrawals are restricted to two per year.
  • Annual interest is payable on the account
  • Savings limited to a maximum of £5,000
  • At the age of 16 the minor must close their minor savings account as they will be eligible to become an adult Credit Union member although they are unable to apply for a loan until the age of 18. If, at the age of 16, they not working or living within the bond of Ballyhackamore Credit Union they will be directed to their nearest Credit Union.
  • The minor and their parent or guardian must bring the following identification when closing the minors account:
    • Parent/Guardian: Photographic ID
    • Minor: National Insurance number