Workforces benefit from payroll saving schemes


Saving directly from your pay is probably the easiest – and less painful – way of putting some hard-earned money aside for the future.

And as we face a potential recession following the UK-wide lockdown due to the Covid-19 pandemic, then having money in a savings account is more important than ever.

If your employer is a payroll partner with a credit union then you can benefit from a range of financial products such as the payroll deduction scheme.

As an ethical savings and loans cooperative, credit unions put you at the front of everything they do and members have a say in how its run.

Saving even the smallest amount of money per month is central to the financial stability that we all want in life.

It means that we can see our savings pot build up towards a particular goal, like a holiday for the family or a wedding. On the other hand it acts as an important buffer if you need money urgently because you’ve lost your job or have to buy a new car.

As a member of the workforce of a payroll partner you can choose how much money is taken from your wages on payday and transferred directly into a savings account before you have the chance to miss it or spend it.

Its totally confidential, doesn’t cost your employer a penny to run and your savings are protected by the Financial Conduct Authority up to £85,000.

As your saving with a financial co-operative, there are no external shareholders, meaning that profits are ploughed into providing the best possible services for you and other members.

You will also receive free life insurance and reap the reward of any profits in the form of an annual dividend.

Your money is also benefiting the community where you live or work because savings provide affordable loans with low interest rates, helping members to avoid high cost credit, ‘payday’ lenders or loan sharks.

Savings and interest on loans also lead important projects such as school savers clubs are used to open new collection points in areas where resident lack access to financial services because of the closure of banks, building societies and the lack of cash machines.

Find out if your employer is a credit union payroll partner because they have a social responsibility to support the financial welfare of their workforce – and that means you.

To find out more, contact your nearest credit union here or email us at enquiries@creditunionsofwales.co.uk.

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