Young Saver Account

Members can open a Young Saver account in minutes using Nivo or login to Online Banking and complete the online Young Saver Membership form today! You will need a picture of the child’s Passport or Birth Certificate as proof of identity. (Unfortunately, we are unable to identify Young Savers electronically).

Click here for our quick guide on How to open a Young Saver Account.

• Payroll deduction – save for your child direct from your pay – so easy, you won’t even miss it!
• Standing order* – set up a regular standing order from your bank or building society
• One-Off Payments* – bank transfers or pay in cheques whenever you wish, perfect for saving some Christmas or Birthday money!

*Make sure you quote the child’s initials & membership number as the reference (eg AB12345), so we can allocate funds to their account.

Good news -the account will automatically be converted to an adult regular saving account, with all the benefits of being a Penny Post member. We will require Proof of Identity and address at the time, as the trustee will no longer be linked to the account.

• A Young Saver account can be opened for a child or grandchild of a member, from birth to under 18 years.
• The maximum Young Saver account balance is £10,000
• The account will be opened in the name of the Young Saver, with the adult member as trustee. The trustee must be a Penny Post adult member.
• When the Young Saver reaches the age of 18, the account will be converted to an adult regular saving account. Proof of identity will be requested at the time.
• Savings earn a competitive Annual Dividend*
• Savings in the Young Saver account are covered by the Financial Services Compensation Scheme (FSCS), up to the value of £85,000

* The dividend is dependent on the performance throughout the year and current regulations. It is agreed by the Board of Directors and members at the Annual General Meeting.