Junior Savers Accounts - 5% interest for 0-16 year olds.
North London Credit Union is offering parents a fantastic incentive to save for their children at what is thought to be at the best rate of return available in the UK. NLCU’s Junior Savers Accounts pay interest rates of 5% per annum on the first £500 saved, and 3% on anything saved over that figure.
Accounts are open to any close relative of an adult member, so parents wishing to save for their children will need to join as well. However NLCU also offers great rates on adult savings too, including a fixed one- year ISA paying a tax-free 4% on amounts of £2,000 plus (terms and conditions apply).
The accounts are operated by the responsible adult opening them, with control being passed to the junior saver when the child reaches 16. Junior Savings Club membership is free to all young people, there is no minimum deposit and it is not necessary to save a regular amount each month, although this can be arranged if desired.
Adult members are able to save as little as £20 a month by direct debit, standing order or payroll deduction (if available through your workplace), and once you have started saving with us we can then look at applications for loans. The maximum amount available and the interest rate charged will vary depending on circumstances (rates range from 12.68%APR to 26.82%APR), and we are always happy to look at taking over borrowing from other lending, particularly high-cost lenders like Wonga.com and The Money Shop.
Credit unions are financial co-operatives owned by their members. Since 1994, North London Credit Union has been offering secure savings and ethical loan services at competitive rates to the people of north London. It is part of a worldwide movement with nearly 200 million members belonging to 51,000 credit unions in 100 countries.
The credit union is regulated by the Financial Services Authority, and all deposits are insured with the Financial Services Compensation Scheme, so that members can be sure their savings are 100% secure.
For more details please do not hesitate to call on 020 8366 8244 or visit our website at www.northlondoncreditunion.org
[*For small investments repayable on demand]