Boom! Junior Saver
The smart saving option for any child under 16 who lives in Surrey, Kingston or West Sussex.
How it works
To open a Boom! junior savings account with the credit union a child must:
- Be under 16
- Live in West Sussex, Surrey or Kingston
Your child can only open a Junior Saver if with the agreement of a trustee. This could be a parent, carer or grandparent, for example. The trustee will be responsible for managing the account until the child turns 16. To be a trustee you must be 18 or over.
Why save with us?
- Online access to watch their savings grow
- Same-day withdrawals with no charges
- Savings 100% protected by the FSCS
- No account set up fees
- No monthly account fee.
What you need to open an account
You can apply for a Boom! Junior Saver online, come into our offices, or download and complete Boom! Junior Saver Application Form (293kb) and post or email it to us. We do electronic ID verification, but we will need you to bring or send us:
- a copy the childs birth certificate or passport
- proof of your address as trustee, such as a copy of a recent utility bill, council tax bill or benefit payment
You will also need to send us a cheque or a postal order for £2. This will be deposited into your childs savings account.
Paying into the account
To pay into the account you can:
- set up a direct debit or standing order
- use a PayPoint card to pay into your account in any shop displaying the PayPoint sign
- pay in directly at the childs school if they have a Junior Savers Club
Your child can save up to £30,000 in their account.
Earning money on savings
Our Boom! Junior Saver interest rate is 0.25% for the year. The interest is automatically paid into the account every six months, on 31 March and 30 September.
Fees and charges
- No account set up fees
- No monthly account fee
- No fee for withdrawals or for closing the account
Withdrawing money from a Junior Saver Account
To withdraw money you need to complete a withdrawal form. The form must be signed by the trustee until the child reaches 16. You can download a withdrawal form and send it to us, or visit us in our offices in Worthing or Crawley.
Visit us in Worthing or Crawley
You can complete a withdrawal form at our offices. Please remember to bring proof of ID with you. We can then either transfer the money into the designated bank account immediately, or issue you with a cheque. If the cheque is for £500 or less you can cash it for free at specific local post offices. We cant make cash payments.