At a glance:
- A set limit you can withdraw up to. (Guidelines: half of gross monthly salary)
- Funds can be drawn via BACS, cheque or transfer to another account.
- Interest free.
- Reviewed annually.
- Monthly fee covered by payroll deduction or Direct Debit.
- Deposits can be made via payroll, direct deposits or transfer from other accounts.
How does the account work?
The Budget Account is a short term facility that is designed to help you manage your finances on a day to day basis. It allows you to pay for costly expenses when you need to and spread the cost out over a few months or defer payment until a time when you are expecting some additional funds. It is ideal for annual expenses such as Christmas or holidays, because you use your budget account to pay for it, and then either pay the funds back as and when you can afford to do so, or simply set yourself a monthly repayment through payroll, that repays the account that way.
All we would remind you of is that it is an annual facility and is intended to be fluctuating with funds going in and out not just drawn on and never repaid.
How do I know it's the right product for me?
If you are one of the many that find planning your annual budget an unbearable task, then this is the product for you. It has been designed as a tool to help you manage your money, and provides a means of spreading the cost of expensive purchases such as a holiday or Christmas or even a large annual bill, over a period.
How much can I apply for and how much will it cost me?
There are four limits available on this account which are £500, £1000, £1500 and £2000. There is no interest payable on this account either. Instead, you will simply pay one small monthly fee, based on the amount of your limit. The table below shows the four different limits depending on your needs.
| Limit | Monthly Fee |
| £500 | £5 |
| £1,000 | £10 |
| £1,500 | £15 |
| £2,000 | £20 |
When can the funds be drawn upon?
As soon as your application is approved and you have signed the relevant document, the funds available to use. You can use them whenever you like - they are there to be used at your convenience.
How do I withdraw from the account?
You can withdraw funds in all the usual ways. Simply give us a call, email or fax us and we can send the funds to your designated bank account. Similarly, you can withdraw online by using the Transfer Funds Request Form too.
How and when do I have to repay the funds?
Repaying the funds can be done to suit you; either on a monthly basis or in lump sums when you have spare funds available, for example after overtime.
You can pay in via payroll deduction, lump sum deposit or cheque. To see if you have payroll deduction in your force, click here.
Your account will be reviewed annually and the decision of whether to renew your limit will be made within the best interests of you and your finances.
What's the difference between this and a Member Loan?
A loan should not extend over a longer period than the life of the item you are funding. Big items such as a car or home improvements will last for years and a loan is well suited to funding that. You should not need to replace them in the short term. Things like Christmas and holidays are annual events and you will need to pay out for them again next year so you don't want to still be paying for last year when they come around again. This is where the budget account can help.
The Budget Account is a facility to help spread an expense over a short term, normally within a year. It is a facility that you can use when you need it and you can arrange the repayments around your own individual finances. If you have an insurance policy maturing in a few months time, you could clear it then, or if you will have lots of overtime in the next few months you can change your payroll deduction to clear a little each month. Then when you need funds again you will have them available up to the agreed limit and start the cycle over again.
In short, the difference is TOTAL flexibility!
How do I apply?
Applying is easy! You can do so by filling in the online application form here, or if you prefer you can download a copy of our paper application form here, and then fill it in and either send or fax it to us. Alternatively, you can request a paper application form from us at the office by emailing info@no1copperpot.com or phoning 0845 130 1852 and then send this to us in the post.
