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Children & Young Persons Savings Account – Terms & Conditions

The account will be owned and run by a named adult. Deposits into the account can be made by payroll deduction or direct debit. It’s never been so easy to start encouraging a saving habit and start preparing your child or young person for the future. All you need to do is become a member of the NHS Credit Union to begin.

Children & Young Person Savings Account Account Terms and Conditions                                                          
Who Regulates Us?

The NHS (Scotland & North England) Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Registration number is 213898.

Eligibility for Membership

As child or young person are under the age of 16 and therefore under the required age as per the Common Bond to be a Member of the Credit Union, the account is held in trust. The child or young person must reside at the same address as the Parent, Guardian or Carer. The Parent, Guardian or Carer is a qualified Member of the Credit Union in accordance with the Common Bond. The Child & Young Persons has no individual Member rights as associated with a Credit Union membership.

Statement of Account

You can contact us at the office or via our secured messaging service app Nivo at any time for a paper statement.

Minimum and Maximum Savings

There is no minimum saving required to maintain this account. The maximum savings must not exceed £10,000 or 1.5% of the total non-deferred shares in the Credit Union.

Regular deposits

Regular deposits can be made via payroll deduction, through one of our employer partners, or by Direct Debit. Please note:

  • Payroll deduction: funds received will be credited to accounts on the last working day of each month provided we have both the funds and confirmation list from employers
  • Direct Debit: funds received will initially be placed into your savings account and take 7 working days to clear. The funds will be eligible for dividend during this time
Payroll Deduction Paperless Mandate

Members employed by a payroll area that has agreed to the Paperless Mandate Scheme will be required to complete a paperless mandate agreement form. By doing so this will allow the Credit Union to amend/cancel payroll deductions for the NHSCU according to the Member’s instruction via automated, online, verbal or written communication and that, the payroll mandate agreement supersede the need for a signed mandate form. By agreeing to the membership Terms and Conditions, you give permission for your pay office to transfer personal data to the Credit Union in order to make deposits into your account.


Members may receive an annual dividend on savings at an interim rate that is decided by the Board of Directors. Dividend payments are based on the daily account balances. As the dividend is an allocation of surpluses, there is no guaranteed rate of dividend, or indeed guarantee that a dividend will be paid.

Dividend payments are made without the deduction of income tax; therefore, Members should declare dividend payments to Her Majesty’s Revenue and Customs (HMRC). Please contact HMRC for further information.


Savings can be withdrawn at any time subject to any notice period, as per the registered rules of the Credit Union. The Parent, Guardian or Carer using a paper request form can make withdrawals.


On the child’s 16th Birthday, the Children & Young Person Savings Account matures as the child can apply to become a Member of the Credit Union. We will contact the Trustee prior to the maturity date and provide details of the membership application to be completed for the child. The Parent, Guardian or Carer can then request the shares to be transferred to the child’s membership account. If the child chooses not to become a Member of the Credit Union, the Parent, Guardian or Carer can choose to transfer the shares to an external account on maturity.

Withdrawal of Membership

Successful applicants have the right to withdraw from membership at any time where they have no outstanding liability to the Credit Union, by applying for and receiving their shareholding minus the joining fee in the Credit Union, subject to any notification period in place as agreed from time to time by the Board of Directors.

Members with an outstanding liability to the Credit Union are required to settle their account in full prior to being permitted to withdraw from membership of the Credit Union.

To exercise this right, applicants should send written notice of cancellation to the Credit Union’s registered address. The Credit Union will return any funds it has received under the Terms and Conditions of the membership application. Please note no dividend will be payable on closure.

To withdraw from membership please write to us at:

NHS Credit Union

9 Dava Street



G51 2JA

Or send us a message through the Nivo App available to download on the App Store or Google Play Store.

Expulsion from Membership

Subject to the Credit Unions registered Rulebook, a Member may be expelled from the Credit Union for any grave or sufficient reason.

Dormant Accounts
In line with the registered rules of the NHS Credit Union an account(s) may be considered to be dormant where there have been no Member initiated transactions for a period of 12 months. Where an account(s) has become dormant, we will send a notice to your last known address to inform you and provide you with a 6 week period to determine the future of the account(s).

If you do not reactive or close your account(s) within 6 weeks of receipt of the notice being sent to you, the NHS Credit Union has the right to:

  1. Hold any monies within the account(s) of such member in a suspense account pending subsequent withdrawal of your money, or activity on the account;
  2. Charge the annual administration fee not exceeding £20.00;
  3. Expel you from membership of the NHS Credit Union

We are committed to protecting your privacy, and will only use the information you give us, or we collect about you lawfully in accordance with UK GDPR and the Data Protection Act 2018. We will collect information about you for two reasons – firstly, to process your application and secondly to provide you with the best possible service. If you have any questions or comments about privacy, please contact us or visit our website:

NHS (Scotland & North England) Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

‘NHS Credit Union’ is a trading name of NHS (Scotland & North England) Credit Union Ltd.

Protection for your money

Your eligible deposits with the NHS Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here to read “A guide to the Financial Services Compensation Scheme” or visit

Need Help? Contact the NHS Credit Union team today

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