A Credit Union is an organisation which helps people to save and offers a range of savings accounts and other financial products. It's a little bit like a bank. The big difference though is that the Credit Union is owned by all of the people who use it. In a Credit Union customers are called members.
There are hundreds of Credit Unions in the UK, with Scotwest being one of the biggest. For juniors up to age 16, we offer a number of savings accounts including our FutureSave account where a current Scotwest member can help you to save and, if your school operates one of our school credit union branches, our Moneywise Accounts.
Why saving is good
As you grow up, having savings and being able to save is a great bonus. It helps you to become more independent and to develop the skills you will need when you become an adult. Wouldn't it be great if you had money saved up so that when you want to buy something you are able to?
Is there something you have your heart set on?
A new DVD, a mobile phone or a computer game
How do you plan on getting it?
Instead of relying on someone else paying, why not set yourself a goal and see if you can save up for it yourself?
Start with something small. Work out how much you will need to save to get it and then look at ways of saving the money.
Sacrifice a little and benefit loads
Can you save part of your pocket money? Or even Christmas or birthday money?
Small job. Big reward.
Are there any small jobs you could do around the house to earn some extra cash?
Try to save the money somewhere separate from your everyday spending money as this way you won't be tempted to spend it.
Even saving a little on a regular basis soon adds up.
Give it a go and you'll soon see your pennies turn into pounds!