How a managed account can work for you
What a managed account means
Here at JTCU we understand that sometimes keeping on top of all your monthly bills can be difficult and can cause stress & worry about the consequences of not making your money last long enough to keep on top of everything. We developed our managed account alongside our members to help give them peace of mind that the important stuff was covered.
A managed account with JTCU simply means that we help manage your money for you on your instruction. This can mean different things for different people such as:
- Splitting a monthly benefit payment into weekly or fortnightly payments
- Ring-fencing a proportion of your money to pay to you later in the month to cover bills
- Ring-fencing a proportion of your money for bills which we then pay on your behalf
An example of how this could work is John receives £300 Universal Credit on the 1st of each month. John needs to pay his water bill of £15 on the 10th of each month and his Council Tax of £35 on the 20th of each month, but often finds that he struggles saving money each month to cover these bills. With a JTCU managed account, John would have his Universal Credit paid into his JTCU account. We would put aside the £50 needed to cover John's water and Council Tax bills and pay the other £250 into John's bank account for him. We would then pay the bills for John on the dates necessary and John gets peace of mind that the money left is his to spend and that his bills are covered. John can also choose to have some of his Universal Credit put into a savings account to help him build up a savings pot.
