Minor Accounts

Deposits Limit

A minor account may now take deposits up to a total of £10,000


  • Monies earned by the investment of minors’ deposits shall be distributed as deposit interest to minor accounts.
  • In the case of accounts that have already £10,000 in deposits their interest will bring these accounts in excess of the permitted amount.
  • A letter will be sent to the minor and signing parent/guardian requesting that they withdraw the excess amount within 7 days.
  • If they do not respond to the letter then the excess amount is withdrawn and posted to the minor in form of a cheque.


  • If the minor is under age 7 then the signing parent/guardian must sign the withdrawal form on the minor’s behalf.
  • If the minor is aged 7 or over then they must sign the withdrawal form as well as the signing parent/guardian.
  • Staff reserve the right to ask for identification if they are unsure of the recipient.

Change of Address

In order to change the address on a minor account, identification has to be provided by the signing parent/guardian proving the new address.

Change of Surname

The Surname of a Minor can be changed if the following documentation is provided:

  • A passport with their new surname
  • A legal certificate of adoption

Transferring from a Minor Account to an Adult Account

A letter will be sent to the minor and his/her signing parent or guardian two months before the minor attains the age of 16

The following is needed to transfer to an adult account:

Photographic identification as shown in the list below

  • Current Passport
  • Current photo card driving licence
  • Electorial identity card with photo ID
  • Firearms certificate
  • National identity card (Non UK Nationals)

If no photographic identification is available then two other forms of identification are required from the following list

  • Current utility bill
  • Current statement
  • Government Issued Documentation
  • If any of the above is not available then please see list for exceptional circumstances as listed under new members identification
  • The identification that was used to open the minor account plus proof of current address can be accepted if the minor is unable to provide any documents from the lists provided

Please note:

  • A Membership fee of £1 will be taken
  • A nominated person of your choice will be noted as beneficiary for the account

Automatic change from Minor Account to Adult Account

If the minor does not take any action after receiving the letter he/she shall be deemed to have applied for membership and after deduction of £1 fee for joining, the deposit balance shall be transferred to a new shareholding in their name.  The minor account will be closed and any deposit points earned will remain in the minor account, and paid at year end.  Identification will need to be provided as required by Lurgan Credit Union before any further transactions can be made

Minor Deposit Accounts Leaflet

For more information view the Minor Deposit Accounts Leaflet.

Minor Deposits Accounts Leaflet Page 1

Minor Deposits Accounts Leaflet Page 2


Advice for Young Adults

Whether it’s two toppings on the pizza instead of four, new jeans this month or next, or giving up free time for a part-time job, money already plays a big role in your decisions. And that’s only the start! Welcome to a lifelong relationship with money:

  • Get into the habit of budgeting so you can make the most of your time and money.
  • When you do spend, save what’s left over. The same goes for extra pocket money. Keep your savings in an account and earn interest in the meantime.
  • Small amounts quickly add up no matter how little you save each week.
  • Money doesn’t grow on—you know what! Your parents want you to be secure and have it better than they did, but they are not a bottomless well of money! It’s easy to get carried away so try to save as well as spend.
  • Be prepared to make choices – you can’t have everything, all of the time!
  • Have a spending limit and stick to it. Break down your weekly limit and budget for each day. If you spend too much early in the week, cut back later on.
  • Talk to your parents and friends about money. By discussing what’s involved in paying for holidays, a new TV, car, or even groceries, you find out just how many expenses there are in life, what things cost, what’s good value and when you’re being ripped off. This info can help you make healthy financial decisions.

Top Tips:

  • Earn some, save some, spend some.
  • Save your money and get interest.
  • Work to make money.
  • A bargain is not a bargain if you can’t afford it