Child Benefit Savings and Loan Plan

Child-Benefit

We are delighted to announce our new Child benefit savings and loan plan. To be eligible for this offer you must join the Credit Union and have your Child Benefit paid directly to Thamesbank Credit Union. You can apply for a loan immediately and your funds will be available for withdrawal as soon as your first benefit payment has been received.

Little-Girl-with-Piggy-Bank1image      kids-and-money

The plan:

Borrow between £250.00 and £500.00 and repay it over up to 50 weeks. Repay £12.00 per week and save the rest. Once your loan is cleared then you can withdraw all or some of your savings, continue to save or start a new savings and loan plan.

  Savings after your loan is paid (based on £500 loan over 50 weeks)
1 Child £20.70 per week  £435.00
2 Children £34.40 per week  £1120.00
3 Children £48.10 per week  £1805.00

At a 42.6 % APR this is much less than the typical rates that doorstep lenders charge, such as 399.7 % APR.

Call or email us for more information

Tel: 020 8756 3865

Fax: 020 8573 7958

Email: admin@thamesbank.org

Step 1: Download and complete the Child Benefit Savings And Loan Plan Application Form.

Step 2: Attach proof of ID and proof of address and send it to Thamesbank Credit Union.

Step 3: Contact the Child Benefit office and redirect your payments to the bank details, which you will find in the Child Benefit Savings And Loan Plan Application Form.

Step 4: Make sure you let us know your 10 digit Child benefit reference number. This will be on the notification letter or other papers you have from the Child Benefit Office.

Step 5: Once we’ve received your 1st Child benefit payment your loan will be processed and paid by BACS to your nominated bank account which can take 3-5 working days to clear.

*Child Benefit loans can be renewed after a minimum of 5 months.

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