Minor Accounts

A minor account is a savings account held with Lurgan Credit Union by younger people up to the age of 16.

According to the Money Advice Service, money habits are formed from a young age.

Furthermore by the time someone reaches their teenage years, they take a lead from their parents copying (both positively and negatively) the financial behaviours of their older relatives, including grandparents. In fact, 63% of younger people save regularly compared with 53% of adults.

Not only can younger people start their adult lives with some savings, getting kids involved early with saving also helps them learn important lessons about money.

Minor accounts have a deposit limit of £10,000.


  • Minor accounts attract interest and the rate is agreed at the Annual General Meeting.
  • When an account is already at the £10,000 limit, the payment of this interest will take the balance over the permitted limit. Consequently the Credit Union will send a letter to the minor and signing parent/guardian requesting that they withdraw the excess amount within 7 days.
  • If they do not respond to the letter then the excess amount is withdrawn and posted to the minor in form of a cheque.



  • If the minor is under age 7 then the signing parent/guardian must sign the withdrawal form on the minor’s behalf.
  • If the minor is aged 7 or over then they must sign the withdrawal form as well as the signing parent/guardian.
  • Staff reserve the right to ask for identification if they are unsure of the recipient.


Opening a minor account

In order to open an account for a juvenile, you must be the parent or permanent legal guardian of the child.

You will need an appointment to open this account, if the child is over the age of 7 then they must accompany the operating parent to the appointment.

You will require the following documentation

  • The child's long birth certificate / adoption certificate
  • Proof of parents address (dated within 3 months)
  • Parents photographic ID

Staff reserve the right to request any other legal documentation necessary.


Change of Address

In order to change the address on a minor account, identification has to be provided by the signing parent/guardian proving the new address.

Change of Surname

The Surname of a Minor can be changed if the following documentation is provided:

  • A passport with their new surname
  • A legal certificate of adoption

We always require documentation to show the change of name. A passport is not sufficient.

Transferring from a Minor Account to an Adult Account

A letter will be sent to the minor and his/her signing parent or guardian two months before the minor attains the age of 16.

The following is needed to transfer to an adult account:

Photographic identification as shown in the list below

  • Current Passport
  • Current photo card driving licence
  • Electorial identity card with photo ID
  • Firearms certificate
  • National identity card (Non UK Nationals)

If no photographic identification is available between the ages of 16 and 18 we accept a birth certificate along with proof of address.

If no photographic identification is available from the age of 18 we have to request photographic identification (as above).

Please note:

  • A Membership fee of £1 will be taken
  • A nominated person of your choice will be noted as beneficiary for the account


Automatic change from Minor Account to Adult Account

If the minor does not take any action after receiving the letter he/she shall be deemed to have applied for membership and after deduction of £1 fee for joining, the deposit balance shall be transferred to a new shareholding in their name. The minor account will be closed and any deposit points earned will remain in the minor account, and paid at year end. Identification will need to be provided as required by Lurgan Credit Union before any further transactions can be made.

Minor Deposit Accounts Leaflet

For more information view the Minor Deposit Accounts Leaflet.

Minor Deposits Accounts Leaflet Page 1

Advice for Young Adults

Whether it’s two toppings on the pizza instead of four, new jeans this month or next, or giving up free time for a part-time job, money already plays a big role in your decisions.

And that’s only the start! Welcome to a lifelong relationship with money:

  • Get into the habit of budgeting so you can make the most of your time and money.
  • When you do spend, save what’s left over. The same goes for extra pocket money. Keep your savings in an account and earn interest in the meantime.
  • Small amounts quickly add up no matter how little you save each week.
  • Money doesn’t grow on trees! Your parents want you to be secure and have it better than they did, but they are not a bottomless well of money! It’s easy to get carried away so try to save as well as spend.
  • Be prepared to make choices – you can’t have everything, all of the time.
  • Have a spending limit and stick to it. Break down your weekly limit and budget for each day. If you spend too much early in the week, cut back later on.
  • Talk to your parents and friends about money. By discussing what’s involved in paying for holidays, a new TV, car, or even groceries, you find out just how many expenses there are in life, what things cost, what’s good value and when you’re being ripped off. This info can help you make healthy financial decisions.

And remember - a bargain is not a bargain if you can’t afford it.

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