Picture of budget account

Need help managing your money? 

Want to make sure your rent and bills are paid in time?

Open a Budget Account with Wolverhampton City Credit Union.

What is a Budget Account?

The Budget Account divides your money into ‘pots’ - one pot could be for rent, one for each of your bills, one for spending and perhaps another for savings. Then your bills are paid automatically from each pot.

The credit union will help you decide how much money goes into each by working out how much you need for your rent and bills and how much is left over.

The best thing about a Budget Account is that you never need to worry about your rent being paid, our rent will be paid as the first payment, as long as you have enough money in the account.

Can I withdraw money from my budget account?

If you have any money left over after your bills have been paid, you can withdraw money in three ways:

  1. Request a money transfer directly to your bank account.
  2. Withdraw cash at the credit union office in Worcester Street, Monday to Friday.
  3. Using a pre-paid card, which works in a similar way to a debit card, but has money loaded onto your card from your account.

Can I view my account online?

Yes, the credit union will provide you with a pin number to let you view your account online.  

Is there a charge for a Budget Account?

There is a monthly administration fee of £4 for the account - that's less than £1 per week). The good news is, that we will pay the monthly fee for you for one year - as long as you have money in the account, you are a Wolverhampton Homes tenant and you are using the account to pay your rent.*

Is my money safe?

Yes! The credit union is a not-for-profit community bank, owned and controlled by its members. As a financial cooperative, WCCUL is authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority which also regulates banks and building societies. They are also a member of the Financial Services Compensation Scheme (FSCS) and hold a Consumer Credit Licence that is registered with the Financial Conduct Authority.

How do I end a budget account if I don't need it?

You can end your account by giving 28 days written notice.

How do I open an account?

Just fill in this form and a member of our money smart team will contact you.

 

* This offer is limited to the first 20 people claming the offer.

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