Saving money can be rewarding and it can also be fun!
London Borough of Hackney and LCCU have designed a scheme to encourage Year 7 students to get into the saving habit and gain practical money management skills as they embark on the journey to adulthood.
To jump-start your account we will deposit £20.00 into your new or existing LCCU account if you are entering secondary school for the first time. *
Students who participate in the scheme will also receive training and guidance on:
- How to budget, save and borrow
- How to understand finances and make prudent financial decisions
- Working in the financial sector via work experience or volunteering opportunities **
- Running your own credit union at your school
Students and schools can receive training on how to operate a Credit Union and gain practical experience which you could use on your CV.
Why is the council investing in young people?
On leaving school and home, young people are faced with having to deal with the challenges of managing money. Independent living means that for the first time you will need to manage your bills, phone contracts and interact with banks.
It is proven that young people who start thinking about money management and budgeting from an early age grow up to be financially independent adults.
What do I do?
Once the account is opened we encourage you to get into the habit of saving by making regular deposits into your account. There is no minimum or maximum so you could save as little or as much as you can afford at least once per month.
Joining is as easy!
1) Download the application form, print, complete and visit our Hackney branch – 225 Mare Street, London E8 3QE bringing the form along with proof of identity and address (refer to the application form) of the young person and responsible adult and we will open your account and credit the £20.00.
2) Join at your school or at any one of our branches. You will need proof of identity and address (refer to the application form) of the young person and responsible adult and we will open your account and credit the £20.00.
If you already have an LCCU junior account, and you are a year 7 student, you qualify for the £20.00 payment. Please let us know and we will credit your account.
So, What are you waiting for? Join today and take advantage of this fantastic opportunity!
* The initial £20.00 payment into your account cannot be withdrawn until your 18th birthday
** Work experience and volunteering is subject to age and availability