Payroll Savings and Loans

Payroll deduction allows employees to save into a Credit Union account with the money taken directly from salaries.

Payroll Benefit Scheme For Employers and  Employees

Enhance your social responsibility through forging stronger links with your local Credit Union. Supporting the ethical side of finance shows that you care.

Payroll deduction is a simple way of making a payment into employees Credit Union account directly when they get paid. It will appear on their payslip as payment to Cheshire Neighbours Credit Union (and we will pay the money into their savings, or make loan repayments. The purpose of the deduction is not shared with the employer.)

Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with their local Credit Union. The financial stability established by the availability of savings or low cost loans is seen as a real benefit by employees who use the service.

This in turn can improve moral and productivity, reduce stress caused by financial problems, reducing sickness levels and absenteeism and promote  productivity as well as staff loyalty. 

We offer a free payroll scheme service. The only cost to employers is processing time within your payroll department and we work with you to keep this to a minimum.

If you would like to take advantage of this opportunity to save money by salary savings, or would like to offer your employees access to secure savings accounts and low cost loans, please contact us.

Why your Business should offer Credit Union Savings & Loans?

  •  Strengthens Corporate Social Responsibility and benefits the local community by reducing the negative impacts of financial exclusion, pay day lenders and other high cost credit providers.
    • Any savings are lent out to the local community.
    • Payroll deductions offer a simple, convenient route to saving.
    • Convenient and simple method of repayment for Credit Union loans.
    • People who save regularly are better able to cope with any financial distress or unexpected cost.
    • For no financial outlay the employer provides a valued staff benefit which can help recruitment and retention of staff.
    • Offering membership to a Credit Union is a commitment to your employee’s financial future.
    • Credit Unions promote personal financial stability.
    • Build employee loyalty by adding to your range of employee benefits.
    • Easy to administer payroll system.
    • Savings are protected under Financial Services Compensation Scheme
    • Savings can be as a rainy day fund or we can help set up a savings scheme whether it be for something expected like a car maintenance plan or Christmas or something more exciting such as a wedding, a significant birthday, a special holiday; we all need something exciting to save for and a credit union account by way of payroll deduction is a great way to save.
Do CNCU pay interest on savings?
Our savings account does not pay interest, although a dividend may be payable to savers if the credit union were to make sufficient profit.
Do you offer loans?
Subject to status, we can offer loans up to £7,500. As a responsible lender, we need to make sure that repayments are affordable. We fast track loan applications for members who are part of our Payroll Partners Programme and we aim to deal with them within 2 working days. We offer loans repaid through Payroll Deduction at a preferential rate which depend on the circumstances of the individual.
What checks do you undertake?
We will undertake a credit reference check and we will require sight of payslips and bank statements.

 

Payroll Loans – For Employees

You can also apply for a loan while building up your Savings, and make simple loan repayments by Payroll deduction too.  You can choose to repay a loan and build your savings from one monthly payment, which we will divide across your loan and savings when received into your Credit Union account.

Many local employers are part of this scheme, please scroll down to the bottom of this page to see a full list.

As your payment is deducted as one monthly payment, your employer will not know whether this is savings, loan repayments or a combination of the two.  This information will be confidential to you.

Participating Employers

If your employer is not listed, why not ask them to join? For full information on joining up new employers, please contact us.

  • Reaseheath College and University Centre
  • Cheshire East Council
  • Cheshire West and Chester Council
  • Vivo
  • Mid-Cheshire NHS Trust
  • Schools and Academies across Cheshire and Staffordshire
  • Ansa Environmental Services Ltd