For service personnel
The Gov.UK website has a page containing some financial top tips aimed directly at service personnel.
In October 2015, a new Armed Forces Credit Union initiative was launched enabling service personnel to save direct from their pay (ie before it gets to your bank, like any other deduction) with one of three Credit Unions who have entered into an agreement with the MoD.
Likewise you can borrow through one of these Credit Unions and pay it back directly from your pay account. The three Credit Unions in question are:
Serve and Protect are one of the largest credit unions in Britain. Established in 2003, Serve and Protect help over 50,000 members to improve their financial resilience, with savings deductions from their military pay and a transparent and affordable option to borrow.
The credit union are passionate about providing their members with the tools they need to navigate their financial journey. Serve and Protect’s range of free monthly webinars offer actionable tips on a range of financial topics, from boosting your credit score, to starting a budget plan and even planning for future mortgage renewals.
Join over 50,000 members who improve their financial resilience with Serve and Protect. Here to help you save, there when you need to borrow.
All are well established and recognised Credit Unions with thousands of members and assets of millions of pounds.
Some companies provide services specifically aimed at Forces people. There is an independent search engine that specialises in comparing quotes for insurance called Forces Compare. Whilst Forces Mutual and Towergate Insurance also provide a range of insurance policies tailored to the needs of forces people.
HM Forces Railcard
If you are a member or a spouse/civil partner of a member of the Regular Armed Forces or Volunteer Reserves then you are eligible for a HM Forces Railcard which can save you a third on adult and 60% on child fares.
Pro Bono Financial Advice
Forces MoneyPlan, is a pro-bono initiative offering free, confidential financial guidance to all Armed Forces personnel and Veterans. All guidance is provided by fully qualified financial advisers and members of the Personal Finance Society, who have volunteered both their time and expertise. Forces MoneyPlan enables recipients to be more informed about their financial well-being and less vulnerable to misinformation and scams. We’re grateful to be able to offer support to forces personnel and veterans who are members of the On Course Foundation, Blesma (the Limbless Veterans charity) or the Forces Pension Society and to all veterans who come to us via the Veterans Gateway. We have financial advisers ready and waiting to support you, wherever you are in the UK.