The earlier you start saving, the more money you will have later on in life, in times when you’re likely to need it the most.
At Wave Community Bank ,we have made it easy to start regular savings account for your children, and here’s how:
1. A parent, grandparent or guardian can open an account for a child and will need to nominate a trustee. (In most cases, this is the same person as opens the account.) This must be someone over the age of 18 and this person has overall responsibility of a young savers account until they turn 16.
2. You can open an account for a Young Saver by either:
- emailing us at info@wavecb..org.uk and we can send you an application to be completed by esignature
- downloading the application form and returning it to us with proof of ID by email (info@wavecb.org.uk) or posting it to our head office: Wave Community Bank, Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ.
3. Once the account is set up, they can start saving and there’s a few ways that money can be paid into their account:
- Pay in by bank transfer using these bank details:
- Bank Name: The Co-operative Bank
- Account Name: Wave Community Bank
- Sort Code: 08-92-50
- Account Number: 67007952
- Ref: The Young Savers Member Number, Initial, Surname (For example: 123456.A.Smith)
- If you’re paying in regularly then you can easily set up a standing order with your bank using the bank details above.
- We can issue an AllPay Card so money can be paid in via any store that displays the PayPoint logo with cash or at the Post Office with cash or cheque or online via the AllPay Internet Payments Portal. You can request your AllPay Card by emailing us at info@wavecb.org.uk.
4. The trustee or guardian can withdraw cash by sending a secure message on the mobile app or by phoning the office on 0300 303 3188.
And once Young Savers start saving, they will be earning 1% interest on their savings.
Young Savers can also open a Smartcash account which has a VISA debit card so they can learn to manage their own money. Find out more here.
