Hi stevies1980

No, there's no restriction as such. It will be up to the credit union to allow you to open a post trust deed account though.

Mark

Hi,
I've had a credit union savings account (albeit NHS one) for past 18 months or so & mines came off directly from my salary, so my IP would have seen it when my pay slips were handed at at the 6monthly reviews. Never had an issue, only put away £50 per month to cover emergencies.
Surely it makes sense if, once you've allocated all your monthly cash, to have an emergency fund of sorts ??
Good luck

Hello Stevies1980.

I think this will come down to the rules of the credit union you apply to.

If you're not looking to borrow money you'd hope they'd accept you as a member.

Hi Stevies1980,

It's a good idea to try and have some sort of saving for the expenses you mention like an MOT or car tax, broken washing machine etc.

We have a relationship with Glasgow Credit Union and they try to assess everyone on an individual basis rather than a computer automated program. If you live or work in a G. Postcode you could try them.

Some Trustees may take the approach that you can't have any kind of savings at all so it's worth checking this up front with them and what would happen if you did have some small savings.

Thanks for the answers. Looks like I need to speak to a few different places then before going ahead with anything as would like to be able to put something aside for these costs and for any emergency.

Hi Stevies1980

Its probably wise to get this confirmed before doing anything. The normal income and expenditure has an allowance built in for emergencies, so there shoyuldn't be an issue.

Mark

Hi

I'm with Scotwest, kept monthly payments as way of trying to budget better by making it a bit more difficult for me to access, but I always use it during the month. My trustee was aware at start and I provided proof then that I didn't have millions stashed away.
It's handy not just for building up a history, I have used it for very low loans when i'm struggling to pay the likes of a utility bill and pay it off as quickly as possible over a few months. Recently used it foir Christmas. The loan is above board, one of the questions is "Are you in a trust deed" and I , of course, reply yes and so far have not been refused. As I say though in the 2 years now into my trust deed I have only borrowed 3 times, and for low amounts.

Hope this helps.

That's really useful information rodney.

Thank you for taking the time to share it.

Credit unions do allow savings account and small loans as Rodneys already said it asks on form when you apply for a loan if you are in a trust deed and i think its £500 over ammount you have in savings that you are allowed to borrow ,interest rates are very good just wish i had heard about them years ago !!