CroydonPlus Credit Union and Merton Council Launch New ‘Merton Young Saver Account’

Friday 26 January 2024

Merton Council has collaborated with CroydonPlus Credit Union to launch the ‘Merton Young Saver Account’ which is a new initiative designed to promote the importance of saving from a young age.

Through the scheme, every Year 7 student living in Merton is being offered a free £20 deposit to open a savings account with CroydonPlus Credit Union. The account deposits are being funded through Merton Council’s £2 million Cost of Living Fund and the process aims to teach the children about money management and understanding the value of having savings for the future.

“CroydonPlus is excited to be working with Merton Council on the Merton Young Savers’ accounts.” said Michael Wilson, CroydonPlus Credit Union CEO. Michael commented “This is an amazing scheme that sets out not only to educate young people on the importance of saving money but also to ensure that our next generation is financially better off.”

The Account also benefits the children’s families because an adult trustee needs to open and maintain an adult account for every Merton Young Saver account that is opened. The Council is offering an additional £10 for each adult account opened, which provides those who may not have heard of a credit union with access to safe savings and affordable loans.

Cabinet Member for Finance and Corporate Services, Councillor Billy Christie said: “Alongside the practical support we have been giving to people in Merton during these challenging times, we want to help young people plan, and get into the good habit of saving, so that the cost of living does not define their futures.”

A short video about the scheme has been made and is available here.

For further details, please see this page.