Our Young Saver Account is a great way to teach young people to save and manage their money. It is available to all children from birth to under 16 years, who live or study in Telford and Shropshire. A Young Saver Account can be opened with as little as £1 and children can save as little or as much as they want, whenever they want.
Young Saver Account at a glance –
- Open for Young Savers from birth to under 16 years
- No membership fee
- No charges for paying in or withdrawing from the account
- Parents, guardians, relatives & friends can pay in at any time
- Save as little or as much as required, as often as you want
- Annual bonus as a reward for saving – 2.5% for the past 3 years
- Squirrel Saver Newsletter, with fun activities for children!
- A great Birthday or Christmas gift!
- A great way to teach children about saving!
- A Young Saver member under the age of 12 years must have a nominated parent or guardian who manages their account
- Optional Smartcash VISA Debit Card with rewards and App*
It’s easy to pay money into your FAIRshare Young Saver account –
- Set up a regular standing order or bank transfer – this could be from a parent, relative or guardian
- Payroll savings (from a parent, relative or guardian) – if offered by their employer
- Deposit cash or cheques at our Telford branch
Withdrawing you money –
- Telephone – Call our Member Services Team on 01952 200200 during opening hours, and our helpful, friendly team will arrange to transfer money to a bank account.
– If the Young Saver is under 12 years of age, funds are transferred to the nominated parent or guardian’s bank account only.
– If the Young Saver is 12 years or older, funds can be transferred to your own bank account or to that of their nominated parent or guardian’s bank account.
- Funds are usually in your bank during the same working day.
- Transfer money to your prepaid Smartcash VISA Debit Card with rewards* – telephone our Member Service Team on 01952 200200 during opening hours
- Visit our Telford branch – Withdrawals can be made in person by the Young Saver if accompanied by the nominated parent/guardian (if the Young Saver is under 12 years) – ID may be required.
To open a Young Saver Account –
- Complete an application form
- Provide proof of identity and your address
- Deposit your first £1
- Start saving!
On of the following is required to open a Young Saver Account –
- Child’s Birth Certificate
- Child’s valid Passport
In addition, a parent or guardian must either already be a member of FAIRshare, or provide two recent and original forms of identification to confirm both identity and address.
*One-off card fee applies
Happy 16th Birthday!
A FAIRshare Young Savers account is available to anyone from birth to under 16 years, so what happens to your account when you reach 16?
Well, your account will automatically transfer to an adult savings account. Like all adult members, you will become a shareholder in FAIRshare & can share any profits made in the form of a dividend, as a reward for saving regularly. You continue to save regularly as before, perhaps for a new phone, driving lessons, university or your own place to live.
On your 18th birthday, you can manage your FAIRshare account online using Online Members’ Access & benefit from FAIRshare’s affordable loans, subject to meeting our loan criteria.
The latest addition of the Young Savers Newsletter can be downloaded here –