Minors are children up to their 16th birthday. Minor Accounts are deposit accounts only and should be treated as a trust fund for the child.
Children over age 7 attend the office and co-sign withdrawals.
Maximum annual lodgment is £1,000, up to a maximum £5,000.
At age 16, the child can follow the New Member process and transfer their savings to their new adult account; or they can close the account and withdraw their money.
To open a Minor Account: The account is opened by a parent named on the long-form birth or adoption certificate or a legal guardian, known as the ‘signing parent.’ The child’s long-form birth or adoption certificate must be presented to open the account.