School Savers Scheme- St Oliver Plunkett's PS

It's finally back!

Portadown Credit Union are delighted to announce the return of the school savers scheme which ended back in 2020 due to Covid-19. The school savers scheme was created to encourage saving and instil healthy money habits in young people as research shows that how we behave around money as adults is learned early on. Implementing good money habits for children early on helps them understand the importance of financial responsibility. So it is never too early for children to start learning prudent financial behaviour!

Portadown Credit Union want to ensure that our future generations are financially educated and empowered. Teaching children the value of money is a real benefit to them in the future and habits learned from an early age last a lifetime. We want to encourage the development of a regular savings habit during our frequent school visits.

St Oliver Plunkett's Primary School was the first school on board for the school savers scheme. All information regarding how to join and visit dates are made with the school directly. We are delighted to say, Presentation Primary School will join the scheme in September 2025. Information for parents will be given closer to the time.

We understand many local schools would be interested in the scheme, schools will be added periodically, resources permitting. Local schools who participate in Credit Union events (School Quiz and Art Competition) will be priority.

How to open a minor account?

If you are a parent/guardian, you can open a minor saving account for the child, if they’re under the age of 16.

In order to open an account, you will need:

1. Child’s long birth certificate
2. Valid photographic ID of the individual opening the account e.g. passport or driving license
3. Proof of address of the individual opening the account. This has to be physical proof dated within the past 3 months e.g. utility bill

Minor accounts can only be open in office and they will mature into adult accounts when the child reaches the age of 16. At this time, the 16 year old will have sole access to the account and the money held in it.

How can I make saving fun for my child?

Here are the Credit Union’s top 3 tips

1. Play!- Turn your living room into a shop and put some price tags on every day food items, as well as fun items like toys. Give them a calculator and a set budget that they have to stick to and send them off shopping. This is great way to teach them needs versus wants.
2. Chore planning.- Ok, so maybe not the most ‘fun’ thing in the world! If they have new roller skates in mind then sit down with them and write out how many chores/tasks they would need to complete to reach their savings’ goal for the skates. They can track their progress out on a homemade chart for their wall. This will give them a great sense of accomplishment too.
3. Open a Credit Union account- For children, saving money in their local credit union helps develop great habits and also teaches them the value of credit unions which are run by the community, for the community.

Portadown Credit Union- Your local lender of choice