Following their recent focus on banking in maths lessons, Year 4 have established a StarSavers club in partnership with Berkshire Credit Union. This savings club will give our Year 4 children the chance both to save money and to participate in the running of the savings club.
We will have a collection point in the modular buildings located next to the field every Tuesday morning from 8.30-8.55 a.m. Please enter the school through the through the Foundation gates by the main entrance.
Membership is open to all pupils and there is no minimum deposit. If you would like your child to join and start saving simply collect a registration form from Mrs. Burton and bring it along with your first deposit. Alternatively, you can register on any Tuesday morning during opening times. Please also note that Money Laundering regulations mean that Berkshire Credit Union requires a responsible adult to countersign the application form and to provide proof of address.
On joining each StarSaver will be given their own unique credit union membership number. StarSavers will receive interest on their savings, which will be paid to them annually. When the school is closed or when your children have left, they can carry on using their account either on the internet or at the office at 62 Portman Road, Reading or at one of the other collection points in the area.
Many local people have already joined the credit union and taken advantage of its services. If you would like any further information on membership please contact Beth Rowland, the Schools Development Officer, at the Credit Union office on 0118 957 4678.
Berkshire Credit Union is owned and controlled by its members and delivers a local service. Any profits are paid back to members as dividends on their savings and there are no external shareholders. The philosophy of the Credit Union is that of 'local people helping local people'.
We look forward to your child learning through this experience.
Mrs Burton & Mrs Moffatt
Parents’ questions answered:
What is a credit union?
A credit union is a financial co-operative whose membership is open to anyone who qualifies under the registered rules. All savings are guaranteed under The Financial Services Compensation Scheme.
Look at our website – www.cslberks.org.uk for more information.
How does my child join?
Simply complete the StarSavers Application form and return it to the school, along with a copy of a household bill to prove your address – these are Money Laundering regulations.
How are deposits made?
StarSavers can pay in at the regular weekly collection held at the school. Deposits can also be made at the credit union’s office or any other collection point when the school is closed, or over the internet (always quote the membership number)
How much do they have to save?
StarSavers can save as little or as much as they want.
Do StarSavers get interest on savings?
Yes they do, although they are not full members until they reach 18.
Can my child withdraw their savings when they want to?
Yes, but there maybe a short waiting period to allow for the credit union office to process the request. Withdrawals are normally paid into a bank account by faster payments. If cash is required notice needs to be given to the school.
What will my child gain from this?
- Your child will learn the benefits of regular savings – maybe for a special outing, a holiday or an expensive toy.
- If your child is chosen to help run the collection point training in basic bookkeeping and record keeping.
- Development of the personal qualities of teamwork, organisational skills and co-operation.
- A basic understanding regarding financial transactions and improvement in numeracy.
- An ability to appreciate the benefit of saving and encourage an understanding of financial awareness.
Is the credit union insured against fraud or robbery?
Yes. It is a legal requirement that all credit unions must have insurance in place, to cover members in the event of dishonesty or robbery.
Can I join too & do I get interest/dividend on my savings?
Yes, all you need to do is contact the credit union to join. Credit unions are co-operative organisations and as such may pay a dividend on adult savings which is agreed by the members at the Annual General Meeting
Can I borrow from the credit union?
Yes, subject to eligibility. Please ask the credit union or further information about loans.
Can my friends and family join?
Yes if they qualify under the credit union’s rules for membership.
Can I change my payments at any time?
Yes if you only have savings. Payments cannot be reduced once you take a loan, unless it is agreed by the credit union.
- StarSavers must be under 18 (over 18s are classed as full members of the credit union).
- Each Star Saver must complete an application form to join the credit union
- To comply with Money Laundering Prevention Regulations all StarSavers and adult signatories must provide identification.
- All StarSavers accounts must include and adult signatory until they are 16 years of age or until an age specified by their parents/carers (usually 16 but may be younger although not younger than 7)