Andrew’s Story: University Fund

student funding

Saving for Student Funding doesn’t have to be tough

Earlier this year the Co-operative Credit Union announced a series of savings accounts to help members save for specific life time occasions. The University Fund was introduced to assist members who are considering a long term saving option specifically for a child or grandchild who may have a desire to attend university in the future. With university fees rising, this option to supplement your child’s or grandchild’s student funding is a reassuring financial opportunity. Andrew, who has been a credit union member for the past 18 years, recently noticed the new account on the website which prompted him to start thinking about his son’s future.

Andrew explained: “My son is 10 years old and is about to start high school with the potential later to attend university which carries a heavy financial burden, so I have decided to open University Fund with the credit union saving £25.00 a month.

“I plan to increase the amount I pay at a later date, into the University fund but if I am unable to do so, I have the comfort of knowing there will be in excess of £2000 to start him off should he wish to go to University.  If he doesn’t then at least it will pay for driving lessons!”

To open a University Fund, you must be a member of the Co-operative Credit Union and pay a minimum of £10.00 a month to a regular share account. Payroll deductions make helping your loved one save up for their student funding easy.

The minimum contribution the University Fund is £10.00 a month but lump sum payments are accepted and remember funds held in all your credit union accounts combined are protected under the Financial Services Compensation Scheme up to £85,000 and savings will attract additional income if the credit union votes for a dividend at the annual general meeting each year.