Making a regular savings contribution directly from your salary is the most efficient way of saving with Wirral Credit Union.
Recent research has shown that companies who offer payroll deduction to their staff have seen improved staff retention and improved well being of employees who are able to reduce stress levels by managing their finances better.
Members who save via a payroll deduction scheme are able to take an initial loan of up to 3 times their savings amount at our lowest interest rate (12.68%APR) and are eligible for a loan after one regular savings contribution has been received by Wirral Credit Union (Terms & Conditions apply).
We currently have payroll deduction schemes in place with the following employers:
- Atlantic Steel
- Park Group
- BAM Nuttall
- Solutions In Service Ltd
- Smylie Ltd
- Birkenhead Academy
- Spie Ltd
- Cheshire & Wirral NHS PCT
- Clatterbridge Centre for Oncology
- Wirral Borough Council
- AgeUK Wirral
- Wirral Citizens Advice Bureau
- Energy Projects Plus
- Wirral Community NHS Trust
- Wirral University Teaching Hospital
- Magenta Living
- Woodchurch High School
- NW Community Services
- Wirral Churches’ ARK Project
- Wirral Women & Childrens Aid
- Wirral Chamber of Commerce
If you would like to pay directly from your salary and your employer is not currently able to perform this deduction then ask your HR or payroll department to contact Wirral Credit Union to see if a payroll payment system can be established.
Why should employers set up a payroll deduction scheme for their employees?
- Credit unions offer ethical, local investments
- Payroll deductions offer a simple, convenient route to saving
- Credit unions provide independent financial support to your employees
- If employees take out credit union loans, this is a convenient and simple method of repayment
- People who save regularly are better able to cope with any financial distress or unexpected cost
- For no cost the employer provides a valued staff benefit which can help recruitment and retention of staff. Deductions are made via BACS and utilises systems your company most likely already has in place
- Employees can improve their standard of living by accessing affordable loans for things they might otherwise be unable to afford to pay for in advance. As an example, a credit union loan could pay for a holiday, which could reduce the stress levels of an employee and / or reduce the levels of sick leave / staff turnover.
- Credit unions foster a responsible attitude towards credit, assisting with the welfare aspects of being a caring employer
- Employees who are members of a credit union will be more likely to see the benefits of membership and will be more persuasive to others.
- Increasing the customer base of local credit unions will make them more sustainable, so promoting them to your employees is a form of corporate social responsibility
If you are an employer and would like more information on how to set up a payroll deduction scheme for the benefit of your employees please contact Wirral Credit Union using the enquiry form.
We will be happy to meet with you and talk through the benefits of the scheme and are able to arrange a presentation for your staff to promote the benefits of joining Wirral Credit Union.