We are happy to share some more lovely news. A new initiative by the Southwark Council gives every 11 year old child who lives in Southwark a voucher worth £10 to open a savings account at London Mutual Credit Union. We believe that this monetary incentive is being provided at a critical stage, as they prepare for secondary school, and this lays the groundwork as they eventually become adult members of the Credit Union and be able to access a wider range of financial services. Every child in Southwark will have the same opportunity to save and be part of the alternative banking movement. We hope that they will be able to sustain their credit union membership and thus contribute to the social, local and ethical ideals that guide savings & loans co-operatives.
Southwark Smart Savers has been designed to help young people to save and teach them about responsible financial behaviour including experience of money matters, budgeting, saving and handling cash; giving them the tools to manage their money well into adulthood. Scheme details and terms and conditions can be found here. The vouchers are valid till the end of November 2015 and upon redemption of the voucher you also enter a prize draw that could win you an iPad!
While the emphasis is largely on savings, we also want to provide a wholesome banking experience even at this young age- young savers can come to their nearest branch (accompanied by Trustee)and make their own withdrawals. Please go to our Young Savers page to know more about how to save once the YSA (Young Saver account) has been set up. We are confident that this scheme will have a big impact on children and lead to positive habits related to planning and goal setting, as they prepare to become economically active contributors to the society.
We currently have more than 1700 Young Savers and this scheme has the potential to increase Young Savers at London Mutual to more than 5000!! We urge all parents and guardians of 11 year olds in Southwark to seize this opportunity and open your child’s savings account as soon as possible.