Smartcash

The Engage account for young savers

A banner showing a credit card and the words Smartcash - Engage

Smartcash is an exciting new pre-paid Visa debit card just for young savers aged 8-16, and is exclusive to credit unions.

Smartcash has been designed to help children and young adults to take control of their finances as well as help parents (and grandparents) to teach the importance of money management in today’s increasingly cash-less society.

Smartcash is great value. There’s no monthly fee, no charges to transfer funds to or from the credit union and just a one-off charge of £10 to open the Smartcash account.

Information regarding any other charges can be found in the terms and conditions.

Note: If the child/young adult isn’t a member yet, just click here to go to the Young Savers page and application form. Also, if the adult who is going to be responsible for the Young Saver account isn’t a credit union member, they will need to join here to allow us to provide Smartcash. This is necessary to comply with the government’s rules about managing financial services.

About Smartcash

A mobile phone displaying the Smartcash appThe Smartcash account uses all of the latest available technology and comes with a contactless Visa debit card, free mobile app and online account. Plus, a range of junior rewards and discounts that will save them money on everyday spending, as well as high value purchases like games or fashion items.

Using the Smartcash account encourages young people to become financially independent as well as providing full parental access and monitoring of the young person’s online account - ensuring safe, responsible spending. There’s also a facility to send money direct to the Credit Union, encouraging young people to save on a regular basis.

The Smartcash account and debit card has been designed to protect against overspending, or making inappropriate purchases, there is no overdraft facility and daily spending limits and ATM withdrawals can be controlled to ensure responsible spending.

Click here to watch the Smartcash video. Further information and the answers to all of your other questions can be found by viewing the Frequently Asked Questions.

Smartcash overview

  • The Smartcash debit card is only available from your Engage accredited credit union and works just like an account from a high street bank.
  • Available for 8 to 16 year old credit union members
  • It is an ethical prepaid account with a number of great features:
    • Contactless Visa debit card
    • Free mobile app
    • Cashback rewards from national high street retailers and online retailers
    • Encourages saving – funds can be paid directly to their Credit Union savings account
    • UK sort code and account number. So pocket money etc can be paid direct to the card
    • ATM cash withdrawals (small fee applies)
    • Enables Parental control with access to account
    • Helps teach children how to manage money and budget
    • Can’t spend more than is loaded onto the card
    • Minimum £10 card load, maximum £50 ATM withdrawal and maximum card balance of £500
    • Only a £10 one-off card fee
  • To apply for a card just click here and complete the simple application form
  • To access the Engage web site click here.

A father and son looking at the screen of a laptop computerFor many, knowing what gift to buy for their children, grandchildren or nieces and nephews is getting harder and harder. So the default option becomes, simply, to “stuff some money into their birthday/Christmas cards.” As our children are getting more and more independent and want to decide and choose how and when to spend these gifts, the Smartcash account is a much better choice than carrying around a pocket full of cash.

Here at Essex Savers we think Smartcash is a brilliant idea.

Note

There’s also an Engage account for adult members. For full details and to apply just click here.