School Savings Clubs for Primary Schools

Be a Saver for Life!

Central Credit Union is a not-for-profit, member-owned savings and loans co-operative serving Liverpool City Region, West Lancashire, Wigan, Warrington and Cheshire West and Chester. We believe that teaching young people about money from an early age sets them up for lifelong financial success.

We’re proud to work with Just Finance Foundation to bring their free LifeSavers financial education programme, and School Savings Clubs, to primary schools across our common bond area.

LifeSavers provides:

Free, high-quality teaching resources that help children build healthy money habits for life.
Fits naturally with the PSHE and Maths curriculum.
CPD training for teachers provided by Just Finance Foundation.
Quick and easy to set up.
School savings clubs – practical, hands-on experience of money, run in partnership with us.

Find out more

Three photos showing a school savings club session, In the first, a teacher gestures while talking to a group of primary school pupils seated around a table with a soft toy dinosaur, Milo who is the LifeSavers mascot, and colourful worksheets. In the second, a close-up shows a child's hands typing on a tablet displaying a savings account screen. In the third, two pupils sit at a desk with a cash tin, savings passbooks and a tablet, recording savings A third pupil sits opposite and is having their savings deposited by the two pupils.

More than just a savings club

What makes our partnership special is the level of support your school receives.

Our Financial Education Manager works directly with your school to:

Train your staff and pupil cashiers. We come into school and show key staff and your pupil cashiers, exactly how to run the savings club and use the banking system.
Launch with a whole-school assembly, introducing children to the power of a “little and often” savings habit in a fun, memorable way.
Support your savings club as it opens. We’re there on the ground to help your club get off to a flying start, and we stay on hand as it grows.

Every child who joins the savings club automatically becomes a Junior member of Central Credit Union, with their own Junior Saver account where their school savings are kept safe.

Why it matters

Early financial education is essential to instil positive behaviours and attitudes towards money.
Pupil-led. Older pupils (usually Years 5 and 6) apply for jobs and act as “cashiers” for the savings club, building responsibility, numeracy and leadership skills.
Hands-on. Real experience of handling money helps young people understand its value and the importance of saving – even if that’s “little and often.”
Habits formed early last longer. Research suggests money habits are often formed as early as age 7.
Community-owned. Children save with a credit union owned by its members, not shareholders – any surplus is reinvested for the benefit of members and the local community.

A cluster of three images. The first is a LifeSavers

Pupils who save through the School Savings Club, will also receive a complimentary certificate from Central Credit Union when they leave primary school.

Note for secondary schools

LifeSavers is only available to primary schools. We are working to bring school savings clubs to secondary schools across our common bond area.

Don’t just take our word for it…

“At Stockton Wood Primary School, we are proud to have embedded LifeSavers as part of our commitment to developing pupils’ financial understanding alongside their wider personal development. Our school savings club plays a significant role in this work, with over 150 children saving regularly. This high level of engagement demonstrates the value children place on saving. Pupils are encouraged to make regular choices about their savings and develop resilience through setting and achieving personal financial goals. The school is fully supported by Central Credit Union and we enjoy a close working relationship.
Participation in the savings club supports pupils’ personal development by promoting responsibility, independence and self-esteem. The impact of this work was recognised in our most recent Ofsted inspection, where LifeSavers and the school banking system were referenced as a strength of our personal development provision.”

– Justine Clovis, Headteacher, Stockton Wood Primary School

“Just Finance Foundation is proud to work with Central Credit Union to give children practical experience of saving and making decisions about money. In partnership, Central Credit Union supports Just Finance Foundation’s LifeSavers programme, which provides free Savings Clubs to primary schools. Through this partnership, Central Credit Union and Just Finance Foundation give children hands-on experience of money, safe opportunities to practice saving, and the chance to serve as “cashiers” and learn the responsibility of handling money. Through this valuable partnership, children in the community can develop their understanding of money and make wise decisions for their future wellbeing.”

– Just Finance Foundation

Their savings are safe

Pupils’ savings are held in a Junior Saver account with Central Credit Union. All savings held with Central Credit Union are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person. For further information, refer to the FSCS website: https://www.fscs.org.uk

Frequently asked questions

We are a school and might be interested in this. Are we able to work with you?

As we’re a credit union, everyone must share a “commonality.” This is also known as a common bond. If your school is located in any of the following areas, then you may be eligible to set up a school savings club: Liverpool City Region, West Lancashire, Wigan, Warrington and Cheshire West and Chester.

We’re a school located in your common bond. How can we get set up?

You can contact Just Finance Foundation here. They will be able to get you started.

Can secondary schools get involved?

The LifeSavers programme is only available to primary schools. We’re working to bring school savings clubs to secondary schools across our common bond area too.

Is there a cost to schools to set this up?

Currently no. Thanks to funders, the LifeSavers programme is delivered by Just Finance Foundation at no cost to schools.

Is the pupil’s money safe?

Yes. Through the school savings club, pupils will be saving into a Junior Saver account with us. All savings held with Central Credit Union are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person. For more information, visit fscs.org.uk.

Do the pupils become members of the credit union?

Yes. Saving through the school savings club automatically makes the children junior member of Central Credit Union.

What happens if a pupil moves school?

If a pupil moves school, and the school they are moving to is not a LifeSavers school, the savings they have made will remain with Central Credit Union. The parents or guardians of the child will have the option to close the account and withdraw their savings, or they can opt to set up a standing order with the credit union and continue the savings habit.

In some cases, a child may move to a school that also have a LifeSavers Savings Club with us. In this instance, we can switch the school over, or there is still the option of parents and guardians taking the money out.

Who are Central Credit Union?

We’re a not-for-profit, member-owned savings and loans co-operative serving those who live, work or study in Liverpool City Region, West Lancashire, Wigan, Warrington and Cheshire West and Chester. We work under the ethos of ‘people helping people’ and we’re on a mission to break down misconceptions about credit unions and highlight their role in promoting financial inclusion and resilience. By providing education on how credit unions work and highlighting the benefits of membership, we empower individuals to take control of their finances and reduce the risk of individuals falling victim to illegal money lenders.

We have worked with, and supported our local schools and children for many years, encouraging them to save. We believe that teaching young people about the power of money from an early age sets them up for lifelong financial success.

You can learn more about us and our history here.