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.
Benefits of a Young Savers Account
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
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
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
Paying money in to your Young Saver Account –
A parent, relative or guardian can set up a regular standing order or bank transfer
Payroll savings from a parent, relative or guardian – if offered by their employer
Withdrawing 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. *One-off card fee applies – separate application necessary.
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 require
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?
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.
Your Young Savers 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.
We’d love to hear from you.
Do you have a question about FAIRshare services? Our team is ready to answer all your questions.
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