Derbyshire Community Bank

Derby Homes are working with Derbyshire Community Bank (trading name for Erewash Credit Union) to help tenants to access financial services such as savings products, loans at affordable rates and bank accounts.

If you wish to have your rent paid directly to Derby Homes then we can help you open a ‘Rent Payment Account’ with the credit union.

Derby Homes will pay the membership fee for tenants to join the credit union and pay the transaction charge for each rent payment made. You will then be in a position to choose other appropriate products you may need such as savings products and affordable loans.

With a Rent Payment Account you will get:

  • Life-time membership to your local credit union
  • A pre-paid card that you can use online or in shops to pay for things
  • Some money for your 'share' in your credit union to keep your account open
  • Access to fair, ethical and affordable loans, safe savings and much more
  • A rent safeguarding and payment service free of charge to you
  • Your rent paid on time every time through Rent Direct system

Remember on the Rent Payment Account Derby Homes will

  • Pay the lifelong £10.00 joining fee
  • Pay each transaction cost for rent payments for the life of the membership.

You could open account which offers even more services such as a Budget Account or a Current Account. Derby Homes will still pay the lifelong joining fee and you pay the monthly charge for the account.

With a Budget account the benefits are the same as a Rent Payment Account, plus it

  • Allows you to manage your money better so your bills are paid on time
  • Enables you to set savings targets and save for specific items
  • Improve your credit rating and manage any debts better
  • Manages your money withdrawals to help control your spending
  • Helps you to become a better saver

With a Current Account the benefits are as a Rent Payment Account, plus

  • Instant access to your money via ATM machines and the Post Office
  • Direct Debit and Standing Order facilities
  • Wages, benefits and other payments can be paid directly into your account
  • VISA debit card to use in shops, online and abroad
  • Free (UK Link) withdrawals giving instant access to your cash from ATM machines

For further advice on free credit union membership, services and accounts available please contact Derby Homes Income Team on 01332 888777.