Young Saver Account

Helping families save! £10 Birthday Bonus every year

Withdraw funds whenever you wish!

Savings earn a competitive annual dividend*

You’re never too young to start saving!

Penny Post’s Young Saver Account is a great way to teach children to save and manage money, or for parents, guardians and grandparents to put money aside for their youngsters on a regular basis.

Children or grandchildren of Penny Post members aged from birth to 18 years can open a Young Saver account. Putting a little aside for your family on a regular basis is an easy way to help your family prepare for the future.

Birthday Bonus!

We all know birthdays are special! So our Young Savers receive birthday cards from the Penny Post team AND we credit their savings account with a £10 birthday bonus each year! That’s up to £180 in birthday bonuses for Penny Post Young Savers, in addition to our competitive annual dividend.

Young Savers also receive the Penny Post Mail, our Newsletter for Penny Post Young Saver.

How to apply

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.

Easy ways to save into 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.

What happens when the Young Saver reaches 18?

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.

Terms & Conditions
  • 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.

Online Banking

Manage your account, request withdrawals, apply for loans and so much more…

Savings Calculator

Use our savings calculator to see how much you could save

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