Juniors BannerJunior Section

Starting At An Early Age
The Junior Section of any credit union is very important because these members are the members of the future.

Why bother planning for the future?
Our society is presently suffering from the highest levels of consumer debt ever. Everyday thousands of individuals find themselves in financial situations that they can no longer control. We recognise that many of these problems often arise as a result of a lack of basic financial education from an early age.

How can MTCU help you safeguard the future of your child?
Simply put we can help let your children realise the importance of responsible cash management by working with them to build an understanding of the true value of money. By opening a Junior Share Account you can achieve the following:
• Save on behalf of your child from the day that he or she is born.
• Involve the child in the saving process when he or she becomes old enough to understand the basics of the deposit methods available.
• Teach your child the importance of saving by encouraging him or her to save for school trips, clothes etc.
• Be content that the child will NOT be able to withdraw funds from the account until the age of 16 as you have complete control as the trustee.
• Keep the money away from your regular bank account removing the temptation to spend it.

What return will my child get on their savings?
Junior Share Accounts earn interest on their deposits instead of a dividend. All deposits are invested for the year and whatever interest is earned is distributed to all junior account holders evenly.

What is the age limit for a Junior member?
Once a child reaches the age of 16 they are automatically transferred to a Senior account holder.

Read more about our share regulations here.