Minor Account
Minor Account
Help set your child on the road to a positive financial future
with Minor Accounts from St. Colman’s Credit Union
Who can open a Minor Account?
- Savings Accounts are available to minors from birth to 16 years of age (i.e., up to the day before the member turns 16).
- Only a Parent/Guardian may open the account and a minor account must be in the name of the child only.
What’s needed to open a minor account?
Child
- Proof of Identity: Birth Certificate
- Proof of PPSN: PPSN Letter / Medical card / DPS card / GP Visit card / European health card
Parent (s) / Legal Guardian (s)
Proof of Identity One of the following is required
- A valid Passport
- A current Driving licence (Irish or UK only)
- A National Age Card (from An Garda Síochana)
- National ID Cards
- Garda National immigration Bureau (GNIB) Card accompanied by a letter from the Office of Minister for Integration.
Proof of Address (Dated within the last 6 months) (One of the following is required)
- Utility bill, bank or credit card statement, household or motor insurance certificate
- Revenue or Department of Social Protection documentation showing name address & PPSN
- Driving licence containing a current address and not already being used to verify identity
- Medical card for over 18
Who can lodge money to a minor account?
Anyone can lodge money into a minor account.
Important Notice Regarding Minor/(Junior) Accounts
The Credit Union understands the importance of minors having the benefits of their own account while also ensuring there is sufficient oversight from parent(s) or guardians(s). The Credit Union retains a number of policies to ensure the correct operation of minor accounts and the safeguarding of these accounts is of the upmost importance. In line with the introduction of our Current Account offering—available to children aged between 12 & 16 years of age—we have recently updated some of our policies regarding these accounts.
- Only the account opening Parent/Guardian may sign for withdrawals for children to the age of 7 and must sign an indemnity, stating that the funds are for the benefit of the child. Please note the indemnity is required as account funds are owned by the child, irrespective of the child’s age
- For children aged between 7 and 16 years of age, both minor and Parent/Guardian signatures are required with the Parent/Guardian also completing the indemnity referred to above. Please note this change to the credit union’s policy, prior to this a child was entitled to sole account operation from the age of 14 onwards.
- A child may operate the account without Parental/Guardian support on reaching their 16th birthday
- From the age of 12 years, access to the savings account can be given to the minor with Parental/Guardian consent. This will be in line with the current account offering and Parents/Guardians must be aware that if online access is given to a minor for the purposes of a current account, the same access will apply to savings account
- Current Accounts are available to minors aged between 12 & 16 years (i.e., up to the day before the member turns 16) with parental consent only. This includes debit card and online access.
- A person of 16 years and over can open and operate an account without Parent/Guardian support.
- Minors aged between 16 & 17 years of age can open a current account without Parent/Guardian support but will still have Merchant Category Code applying (e.g., Off licences, Betting Shops etc. restrictions) to debit card usage.
- An account holder will be considered an adult upon reaching one’s 18th birthday.