Credit union Savings not on ICB - should I move my money?

Hi All,

I learned today my local Credit Union are not ICB members. I have been regularly saving money every week into my account hoping to improve my ICB rating and also save for a house.

Is it possible to change Credit Unions to one that is registered despite not living within that community? I like that my money is not easily accessable to me and I NEVER withdraw from the account because of it.

Perhaps moving my money and changing the Standing Order to a bank account is in my best interest? We have hopes to go for a mortgage within the next year so having a good ICB rating is vital.

Saving's (with any institution) don't show on an ICB report, only borrowings do.

When I eventually apply for a mortgage will they take into consideration my savings with the CU?

Yes, they will.


ICB only records debts. ("credit" report)


As I had never borrowed at all before my mortgage application, I didn't have any ICB record.

Your ICB record is only important if it is poor, i.e. if you have missed repayments, etc.

When you apply for a mortgage, you can produce your CU statement to show your capacity to repy the mortgage. Most CUs are not in ICB but that is changing. Slim

Perfect, thanks lads