How the Family Finance plan works
1. Complete the Family Finance Plan application form
Give us brief details of your income and expenditure, your Child Benefit Reference and whether your child benefit is paid weekly or 4-weekly. You’ll also need to provide proof of where the payment is currently made (e.g. bank statement, Post Office Card statement).
2. Switch your Child Benefit payment
If your application is approved, we’ll arrange with you for your Child Benefit to be paid into your credit union account.
Depending on how often your Child Benefit gets paid and how you choose to switch, it could take up to 28 days to set up your account and release funds.
3. Withdraw funds
Once set-up, you’ll have access to £500 credit limit in your Family Finance Plan account. You can draw down whenever you need funds by logging into the member portal and selecting 'Move Money'.
The Family Finance Plan can only be managed online via the member portal and we are unable to take transfer requests or balance requests over the phone or via email.
4. Repay your balance with your Child Benefit
Pay back your balance £11.50 weekly, or £46 every 4 weeks using your Child Benefit. You can also make extra payments to save interest. The rest of your child benefit will build up in your Easy Saver account for you to access when you need to.
What happens to my Child Benefit?
