Saving from your benefits
Why save regularly?
Less time stressing about the unexpected
A greater feeling of being in control
Control over your future plans and goals
Treating yourself and others without feeling guilty
Ways to save
Open a membership account
Apply for a loan and save as you repay
How benefits deduction works
Pay benefits into your account
Loan repayments deducted
You keep the rest
Access to your savings
Benefits-deducted borrowing options
Affordable borrowing for all, including those who are unemployed, retired or on Universal Credit.
Available to anyone with children under 16 receiving Child Benefit. Get a revolving loan facility when you pay it into your credit union account.
Borrow at our lowest rate against any savings currently held in your credit union account.
Good to know
What is benefits deduction saving?
Benefits deduction lets you save or repay loans directly from your benefit or pension payments. The money is taken before it reaches your bank account, so contributions are automatic and hassle-free.
What benefits can I use for deduction?
You can save or repay from any benefit which it’s possible to have paid into your credit union account. This includes Universal Credit, Child Benefit, and many other types of payments which you may receive on a regular basis from the Department for Work & Pensions or HMRC.
How do I set it up?
If you join and apply for a loan and your main income source is benefits, we’ll set you up with a credit union e-account, which comes with its own account number and sort code.
We’ll then ask you to contact HMRC (or DWP) to arrange for your benefits to be paid into this account. You can do this directly via their app or over the phone by calling them.
Can I save and repay my loan at the same time?
Yes. When your benefit payment arrives, we’ll first take your agreed loan repayment and savings contribution. The remaining balance is yours to withdraw or keep in savings.