MoneySavingExpert

Martin Lewis's MoneySavingExpert website has a guide on credit unions.  We'd encourage you to read the guide, which provides an overview of what credit unions are, and the services that they provide.

Manging Your Current Account

We are committed to helping you manage and get the most out of your current account. Wherever you have your bank account, whether through a high street bank, building society or one of our Engage Current Accounts, it is important to keep track of your income and outgoings. That way you will know where you stand with your money and avoid any problems such as unauthorised overdrafts, returned payments, and charges.

Tips and advice:

• Check your account regularly on-line, by SMS, using statements, or by contacting your bank or building society.
• Check your balance and make sure you have enough money available to cover any payments due. If payments are due and you have insufficient funds they may be returned and result in fees being charged.
• Keep a note of money you have withdrawn or spent on your card so that you always know what is available.
• Know the difference between your cleared* and available** balance

* Cleared balance is the current amount held in your account taking into account fully completed or cleared transactions. It does not take into account payments pending and still in process.

** Available balance is the amount that you have available to withdraw or to spend on your debit card taking into account the cleared balance and any transactions pending.

• It may take several working days for purchases to leave your account. It is important that you have a sufficient available balance to cover any further payments due.
• Make the most of direct debits to pay bills - direct debit offers an easy, convenient and safe way of making sure that your bills get paid on time.
• Know when your direct debits are due and be sure that this is a good time for you. If not contact the company involved and ask if they will change the collection date to a more convenient date e.g. when wages or benefits are due.
• You may find a difference between the two balances when making debit card payments with a VISA card. This is because your available balance shows the recent debit card payments before they have been fully processed (cleared). This means that the money has been set aside for when the seller actually debits the account. Once the money leaves your account the cleared balance will reduce.

Credit Ratings

It is important to understand how credit ratings and credit scores can affect you and your finances. Missing payments on loan or credit card repayments can reduce your credit score which in turn can make it more difficult to access lending products in the future. Equally, there are ways to actively improve your credit score. For more information, please visit this helpful website: www.transunion.co.uk/consumer/credit-education

In Debt And Need Help?

If you are experiencing financial difficulties try not to worry you are not alone. Visit our In Debt And Need Help web page.

Rent Arrears:

If you are having problems with rent arrears, please see our useful guide