Budget accounts

Budget accounts with Essex Savers

A smiling mum with three childrenAdult members may open budget accounts in addition to their normal savings accounts. Payments can be made into the budget account in cash or by cheque. Budget accounts can also receive regular payments, such as salary, pension and welfare benefits (see our payroll deduction authority and DWP payment of benefits forms). The member can then draw money from the budget account to pay bills such as rent and electricity, to meet living expenses and to pay for holidays and the like.

A budget account can be used with a prepaid debit card to work like a simple current account. Money is transferred from the budget account to the debit card, which can then be used like any other debit card to shop and pay bills or withdraw cash at an ATM.