Lambeth Credit Union - any experiences?

[pootle]

Hullo!

I'm increasingly getting ticked off with my bank and other financial services, and I reckon I might join Lambeth Credit Union. Whilst I'm not planning on using it as my main banking facility, cos, well, you can't, I reckon I might try and start some savings with them, however little, cos you should have savings, eh?

Anyone round here a member? Or a member of a credit union generally?

[Mrs Magpie]

It's meant to be very good...

[shakespearegirl]

I am a member. They were very friendly and helpful when I went in and applied. Think there is a limit on how much you can have in the saving account (£10k from memory). You automatically get insurance on your savings so that if you die the account pays out twice as much as is currently in the account.

[Loupylou]

I've fucked off my bank (well jumped before being pushed....!), went to join Credit Union the other week - as above, very friendly. I am going to use it as my main bank because I recently lost my job so have had to go onto benefits. When you get your first benefit payment, they set up like a separate part of your account & you can arrange for an amount of your benefit to go into it automatically when you get paid to put by for bills or whatever; I think it's almost impossible to save your benefit otherwise. You can take out a max of £100 in a day except from your benefit account, where there is no limit (as they understand that when you get your benefit you often need to take out more / the whole lot!). It will definitely help me budget as the only place you can withdraw money from is the Credit Union itself which is up Brixton Hill (the top end).
I asked as a long shot if they will get cash cards to get money out of cash dispensers & I was surprised when they said that Credit Unions are going to get them in about a year, but as Lambeth CU has only been open about a year, they are going to get them in a couple of years. (NB Southwark has 3 well-established Credit Unions - been open for many years.)
You can't have stuff paid out on direct debit, but you can have standing orders paid & your wages.
The interest rate for loans is so small that if you borrow £250 you pay back about £16 IN TOTAL interest. They assess your abilty to pay it back ny whether you pay into the account regularly.
Banks are becoming more unscrupulous, & just because they've had their wings ever-so-slightly clipped over here they are targetting poor countries & hitting the people there with loan offers etc.
I phoned the Consumer Credit Counselling Service for debt advice as well they are very good as well & really help if you are in debt - would reccomend them to anyone. They send you letters to send to your creditors & stuff.
www.cccs.co.uk
I have become a Credit Union evangelist (in case you hadn't noticed).

[Ms Ordinary]

They do sound good - I meant to start a savings account with them but didn't get round to it / couldn't commit to regular savings at the moment. But they seemed very organised from the little contact I have had.

I don't think I would be able to switch to have them as my main account, because I have a permanent overdraft so I can't just close my current account & AFAIK I can only have my account (with Abbey) on condition that a certain amount of money is paid in each month...

Having them as your main account if you are on a low income sounds ideal though.

I should really get the forms for the savings account sorted out...

[Jonti]

Ms Ordinary, you do not need to commit to a certain amount each and every month. You will be able to open an account with a lump sum, and then tuck away cash as and when you can (as long as it averages out OK, iyswim).