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Build a savings nest egg with your Child Benefit payments

If you receive Child Benefit, did you know that you can have it paid directly into a Credit Union account? That means you could start to build a savings nest egg for your family, as well as getting access to ethical and affordable credit.

Everyone with kids knows how expensive it can be and there’s always something round the corner – whether its childcare costs, school uniforms or holiday activities – so it makes sense to have some savings put by. If you have your Child Benefit paid into a savings account at the Credit Union, you will soon build up a pot of money which you can access when you need it.

In addition, by joining the Credit Union and saving with us, you will be able to benefit from our fair and affordable loans, should you need some extra help. We offer loans of up to £25,000 above savings starting from 2.9% APR, or small loans to tide you over until payday. You can apply for a loan as soon as you join the Credit Union, but often we will reward you with even lower rates of interest if you have saved with us for a while.

To start saving with us, you first need to join as a member. Membership is open to anyone who lives, works, studies or worships in any of the following areas:

  • Barnet
  • Brent
  • Camden
  • City of London
  • Enfield
  • Hackney
  • Haringey
  • Islington
  • Waltham Forest

You can also join us if you are a member or employee of The Co-operative Group (The Co-op) in London and the South East Region, a member of UNITE or UNISON or if you are an employee anywhere in the UK of one the organisations listed on our website.

Martin Groombridge, Credit Union Chief Executive, said: “For families with kids, having your Child Benefit paid into the Credit Union is a win-win. Not only will you have a safe home for your savings, which you can withdraw whenever you need them, but you will qualify for our range of ethical, low cost loans, which you can call upon if you need a little bit extra.”

Click here to find out more about our Young Savers accounts and click here to complete the form to have your Child Benefit paid directly into the Credit Union.

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