A simple, powerful way to build your credit history and grow your savings, all at your own pace.
What is Save?
Save is a credit-building powered by a 0% APR loan.
You can save between £20 and £200 per month. It's designed to help you build your credit history while saving money at your own pace.
When you decide how much you want to save, we give you a Loqbox Save Voucher for that value.
How Save works at a glance
- You select your monthly savings amount (between £20–£200)
- Loqbox sets your savings goal for the year, which is 12 times the amount you want to save each month
- The amount you save over the year sets the value of your Loqbox Save Voucher, which we email to you
- You make fixed repayments monthly, and your progress is reported to credit reference agencies (CRAs)
- At the end of the year, you ‘unlock’ your full savings amount and, if all goes well, your credit score may have improved
Save helps you to make steady, stress-free progress towards your goals, while growing both your savings and your credit score.
Why Save could improve your credit score
Every time you pay into your Save, we report it to CRAs: Experian, Equifax and TransUnion.
This helps you build a history of reliable repayments, which is one of the biggest factors that can influence your credit score.
It’s completely normal to see a small dip in your credit score when you start using Save. That’s because it appears as a new credit agreement. As soon as you start making payments, your score should begin to rise.
On average, members who use Save alongside other tools like Grow and Rent have seen their scores rise by up to 200 points over 12 months.
How it works (in three steps)
Step one: Choose how much to save
Pick an amount between £20 and £200 a month (up to £2,400 a year).
That amount is used to purchase a Loqbox Save Voucher as a 0% interest loan, provided by Loqbox Finance (the trading name of our sister company DDC Financial Solutions Limited).
Step two: Make monthly payments
We collect your monthly repayments using your payment method.
These are automated payments from your debit card. We don’t use Standing Orders or Direct Debit.
Your Save repayments are reported to the CRAs to help build your credit history.
If you miss a payment, don’t panic. You have until the 14th of the following month to catch up.
💡If you don’t think that you can catch up by this date, please speak to our member support team. Missed payments will be reported and will negatively impact your credit score
If you have both Save and Grow, and your Grow payment fails, we may use your Save balance to maintain reporting to the CRAs.
Step three: Unlock your savings
After 12 payments, your loan is paid off. That means you can withdraw your savings. We call this ‘unlocking’. You can now unlock your full savings balance.
You can unlock to your existing bank account for a one-off fee of £30 (called a ‘Flexi Unlock add-on’).
⚠️ Occasionally, we may need to verify your identity before releasing your savings. You might be asked to share a bank statement or a quick selfie with your ID, just to make sure the payment is going to the right place.
If you need to unlock early, for whatever reason, we can make it happen. Contact member support to talk about the options.
FAQs
What shows on my credit file?
Save will show as a short-term, or unsecured loan. Depending on whether you complete all 12 payments or unlock early, it will be marked as either paid in full or settled.
This type of loan is not a payday loan or high-cost credit product. It’s an interest-free way to build a strong credit history.
Where does Loqbox keep my saved money?
We keep your money in a Trust, completely separate from all our other finances.
A trust is a way of managing money. It controls and protects everything you save with Loqbox from all outside influences.
If Loqbox ever got into financial difficulties, your money would be protected in the trust.
Can I use Save if I downgrade my account?
Yes, you can. Save is always available, even if you downgrade.
Will I need to open a new bank account?
Not necessarily.
You receive a 'Flexi unlock' if you make 26 total weekly membership payments. They don’t need to be consecutive. That means you don’t need to worry about opening a new partner bank account.
If you miss a membership payment or downgrade, you have two options to redeem your funds. You can either:
- Open a partner bank account and get it for free, or;
- Pay £30 for Flexi Unlock
Can I use Save more than once?
Yes, many members choose to "rebox" (open another Save) after unlocking.
It’s a great way to continue building your savings habit year after year.
When you unlock, we ask if you want to open another Save, so you don’t have any extra admin to do.
It’s not possible to have more than one open Save at the same time.
Who can’t use Save?
We need to make sure that you can afford the monthly repayments on the loan, so we conduct creditworthiness and affordability checks when you sign up.
Unfortunately, Save isn’t available to people in an IVA or a Debt Management Plan. That’s because it involves taking out a form of credit, which may not be allowed under the terms of your arrangement.
We’ll be here when you’re ready to rebuild in the future.
Need help?
💡If you’re already using Save, and you’d like more information about managing your payments, get the information you need: Set up and manage your Save payments
For any other questions, please get in touch and we’ll support you with Save.