FAQ

Information about Save By The Bell for Parents and Teachers.

Commonly Asked Questions

Q.How can my son or daughter join Save By The Bell?

A. They can get an application from their school. If your child is at primary school you need to complete it as you are the sponsor for the account.

Q.Can my son/daughter withdraw money without my consent?

A.Children at primary school must have your consent to withdraw money and any withdrawals are paid by cheque to you. Secondary school pupils manage their own account and do not need your permission to withdraw money.

Q.Can they borrow money from their account?

A.Save By The Bell run savings accounts so pupils can only withdraw what they have in their account and cannot borrow money.

Q.How safe is the money?

A.The money is 100 per cent safe. Save By The Bell is part of Discovery Credit Union, which is regulated by the Financial Services Authority, which means we must comply with strict rules.

Q.I don’t want my son/daughter carrying a lot of money to school with them.

A.Neither do we. They should only bring a small amount of money. If you want to pay in larger sums you can come to our main office at the Central Library in the Wellgate Centre. You can also pay into the account by cheque.

At secondary schools, pupils will use their Discovery Card to make payments (this is the same card they use to pay for their school lunches).

However, if there are any problems please contact the school.

Q.Who manages and runs Save By The Bell?

A.Save By The Bell is part of Discovery Credit Union Ltd. Discovery Credit Union is a not for profit organisation that is managed and controlled by volunteers.

In the schools, pupils act as tellers and run the savings clubs. They are trained to be tellers and there is always an adult present who supports and supervises the tellers.

It is good experience for the pupils and teaches them a wide range of skills.

Q.As a teacher I would like Save By The Bell in my school – who should I contact?

A.At the moment Save By The Bell operates in 9 schools. We want to extend it but this will take time and resources. Call school development worker on 01382 431577 to discuss this.

Q.What is a credit union?

A.Credit unions are mutual financial organisations, which means that they are owned and run by their members. Credit unions aim to help members take control of their money by encouraging them to save what they can and only borrow what they can afford to repay. Once a member has a reliable record as a saver (which usually means saving for three months) they can apply to borrow from the credit union. The normal amount they are allowed to borrow is three times their savings.

For more information about Discovery Credit Union, please go to www.discoverycu.co.uk

Q.Is interest added to the savings?

A.Yes, they will receive interest on their savings. Interest rates change every year and Save By The Bell's interest is in line with High Street Banks and Building Societies.

Q.What happens when my son/daughter leaves school?

A.If they are leaving primary school their account goes with them to secondary school. When they leave secondary school they can transfer their account to Discovery Credit Union. If they are over eighteen their history of saving will give them access to well managed and low cost credit.

They can also close their account and withdraw their savings.

Q.My son/daughter’s school are not part of the Save By The Bell savings scheme – can they still join?

A.They can join Discovery Credit Union as a junior saver at any of Discovery Credit Union’s collection points. For information about Discovery Credit Union please go their website at www.discoverycu.co.uk

Q.If I have any other questions what can I do?

A.Telephone school development worker on 01382 431577

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