Fine print - Under 18s

Terms and conditions for Under 18 accounts

These terms and conditions are in addition to the current Joining terms and conditions contained on this website.

1. An Under 18 account holder is a person who is under 18 years of age. 
2. Super Saver accounts are available to children from 0 to 9 years of age.
3. EarthOne accounts are available to children from 10 to 13 years of age.
4. TeenPlus accounts are available to children from 14 to 17 years of age.
5. A Shareholding member may open an Under 18 account for a family member and act as the signatory for the account.
6. Either the Shareholding member or the Under 18 account holder can be the signatory on the account.
7. If the shareholding member is the signatory on the child’s account, as in clause 5 above; they can transfer signatory rights to the child. This cannot be reversed.
8. The shareholding member or the Under 18 account holder must pay the member share for the child’s account and may do this by depositing funds into the S1 Everyday account.
9. Completing the Under 18 membership application authorises Teachers Mutual Bank Limited to open an account in a child’s name. Any mailings (including account statements) will be posted to the Under 18 account holder in their name.
10. Completing the RediCARD section in the Under 18 membership application authorises Teachers Mutual Bank Limited to issue a RediCARD in the name of an Under 18 account holder or signatory as instructed.

 

Product features

1. Internet banking and SMS banking are not available to Super Saver accounts or any account where the child is not the signatory.
2. Under 18 account holders are not eligible for Visa cards, credit cards, cheque facilities, loans or credit facilities.
3. The signatory of an Under 18 account can operate the whole account.
4. The signatory of an Under 18 account can authorise a person to have authority to operate the child’s account. This allows the person authority to deposit, withdraw, transfer funds; obtain balances; open and close savings and term deposit accounts; authorise periodical or other payments to be debited; place money on an investment account, receive payment and give instructions regarding the disposal, renewal, conversion or breaking of any investment. The nominated person is not authorised to terminate the membership; increase or decrease the pay or allocate the pay to another person; register or operate via internet banking, phone banking or text messaging; change the member’s PIN on a card.
5. If the signatory is not the Under 18 account holder and resigns their membership, any Under 18 account on which they are signatory will be closed and any balance returned to the Under 18 account holder.

 

Changing account types

1. On the 10th birthday of an Under 18 account holder, the Super Saver account becomes an EarthOne account.
2. On the 14th birthday of an Under 18 account holder, the EarthOne account becomes a TeenPlus account.
3. On the 18th birthday of a signatory Under 18 account holder, the TeenPlus account becomes an adult shareholding member.
4. On the child’s 18th birthday, if they are not the signatory to the Under 18 account, the account will be closed and any balance returned to the Under 18 account holder.
5. The Under 18 account holder will receive written notice each time their Under 18 account changes account type.