Hadau Onnen — Trefonnen Piggy Bankers
Who are the Trefonnen Piggy Bankers?
Trefonnen Piggy Bankers, also known as Hadau Onnen, is a Savings Bank operated by Ysgol Trefonnen School in partnership with Red Kite Credit Union whereby pupils at the school and/or their parents or guardians can open a savings account(s) in the name of the child, protected by a Trustee, into which the child or Trustee can deposit savings for any future purpose. Examples might be to pay for a school outing or even long term towards university. The aim is to give the young people experience in prudently handling money before they emerge into the wide world with all its traps for the innocent.
The two names were chosen democratically by the pupils at the school. Hadau Onnen means Ash seeds and an ash leaf is the symbol for the school.
Who can join?
Some children who joined
at the opening session
Any child who is a pupil at Trefonnen School can join the Savings Bank.* The application must be supported
by a Trustee who will have overall responsibility for the account. The Trustee will usually be a parent
or other person with a guardian reponsibilty for the child. For legal reasons the credit union must have proof of identity
of the child, typically the birth certificate, and of the Trustee and their address unless already a member of the
credit union.
A Trustee of a member can enrol another child of theirs of pre-school age.
* Initially the scheme was made available for year 4,5 and 6 pupils during the pilot
period but is now available to the whole school.
Members of the Savings Bank are also junior members, also known as Young Savers, of Red Kite Credit Union and their savings are fully protected by the Financial Services Compensation Scheme (FSCS).
When is it open?
Trefonnen Piggy Bankers is now operational and will be open on Friday weekly from 8.30-9.00am in the school foyer.
The scheme is operated by staff at the
school with the initial assistance of a Director of the Credit Union.
Deposits and withdrawals
Trustees can pay in for a member but it is hoped that pupils, especially the older ones, will make their own payments to gain experience in handling money and checking their passbook. A withdrawal request must normally be authorised by the Trustee. Small amounts may be withdrawn in cash at the school but larger amounts will need to be referred to the credit union. The Trustee can give permission for the child to make small withdrawals without explicit permission.
Ysgol Trefonnen Church in Wales Primary School, Trefonnen, LLandrindod Wells LD1 5EP Telephone 01597 822190 Email office@trefonnen.powys.sch.uk Web www.trefonnen.powys.sch.uk
Red Kite Credit Union would like to see other schools running similar Young Savers Clubs. We can assist in the initial setting up and start of operation but the continuing active participation by staff and/or parents is necessary. For more general information please click here