- Accounts include a free £20 deposit to help kickstart savings
- All current Year 7 pupils living in Merton are eligible
Merton Council’s scheme to support young people to save is back for another school year.
By signing up, every Year 7 pupil living in Merton can access a free £20 deposit to open a savings account with our partner Croydon Plus – the credit union for Croydon, Merton and Sutton.
The Merton Young Saver accounts aim to support young people to start saving regularly and understand the importance of building a savings pot for the future.
The return of the accounts follows the scheme’s pilot year in which 135 pupils applied to become a Merton Young Saver.
The account deposits are being funded through the council’s £3 million Cost of Living Fund, helping the ‘Next Generation’ of savers to create financial resilience.
We are proud to again partner with Croydon Plus, a community-focused organisation, owned by members with a mission to invest in local communities, and support its membership to grow and flourish.
For the first time, Croydon Plus will have a face-to-face service available in Merton. Staff from the credit union will have a helpdesk at the Civic Centre in Morden from October 2024. The service can be accessed by appointment, or by dropping-in, providing in-person advice and a way for clients to submit documents.
The partnership between Merton Council and Croydon Plus Credit Union is one of the first of its kind in the country, and saving with the credit union is a great way to keep finances local and provide a boost to the community.
An adult trustee needs to open and maintain an adult account for every Merton Young Saver account that’s opened. The scheme also offers an additional £10 for each adult account, which includes a £5 deposit, and £5 to cover an account joining fee.
Students cannot access the £20 deposit until they turn 16 years old, so the account is a great place to start putting money aside regularly to use for milestones such as going to university, travelling or buying a first car.
To enable as many young people as possible to take up this offer, the deadline for last year’s Year 7 pupils to apply for a Merton Young Saver account has been extended to 31 October 2024.
Cabinet Member for Finance Councillor Billy Christie said:
“We’re very pleased to extend the Merton Young Saver accounts to a new group of Year 7 pupils to help kickstart their savings and encourage them to save regularly for the future.
“We know a good savings habit can help build financial resilience and these accounts are just one of the ways we’re supporting the next generation to prepare for any cost of living pressures ahead.
“If your child is in Year 7 now, I encourage you to find out more and apply for a Merton Young Saver.”
CroydonPlus Operations Manager Peter Robinson said:
“We are delighted to continue to work alongside Merton Council in delivering this scheme to Merton’s Year 7 students. Not only will it encourage the younger generation to commence their savings journey, but it will also hopefully encourage parents to start theirs too.
“By saving early, you can own your own financial future and be better prepared by life ahead, whether it be to purchase your first car, a holiday, a laptop, cover University fees or a deposit on a home.”
For more information and to sign up, please visit CroydonPlus.co.uk/MertonYoungSavers.