Payroll Deduction Scheme.

Are you an employer in the Liverpool City Region, West Lancashire, Wigan, Warrington, Cheshire West or Chester? Interested in setting up a payroll deduction scheme for your staff?

Our payroll deduction scheme can help. 

What is our Payroll Scheme?

Our Payroll Scheme can help your colleagues manage their money better, helping them feel less stressed about debt or financial worries. They can save money and/or make loan repayments directly from their wages – no fuss, no hassle.

Payroll Scheme Benefits For Employers

  • Improve staff retention

  • Lower absenteeism

  • Increase productivity

  • Meet social responsibility targets

  • Enhance morale

  • Reduce staff stress

  • A precious feel-good factor

  • Free staff benefit

Financial worries and stress can have a profound impact on staff.

  • Over a third of 18-34 year olds claim that their financial situation impacts negatively on their work productivity.

  • According to the Office of National Statistics, 77% of adults were feeling worried about the cost of living with half worrying every day.

  • YouGov found that 55% of adults felt that their health worsened due to the cost of living crisis, with one in five stating it was having an impact on their work.

Employees who save regularly are better able to manage any financial distress or unexpected costs life throws at them. Additionally, they access affordable loans for things they might otherwise be unable to afford to pay for in advance. For example, with a loan from Central Credit Union, they could pay for a holiday, which could reduce their stress levels and ultimately help reduce the levels of staff turnover and absenteeism.

What the credit union can offer your staff and colleagues.

We provide access to financial services for everyone, including those who are financially excluded. We foster a responsible attitude towards credit, assisting with the welfare aspects of being a caring employer. Our payroll deduction scheme is a great way to provide your employees with saving facilities and an easy and accessible way to affordable, friendly, fair credit.

An added perk for your staff who save through payroll deduction is the option to apply for a payroll deduction loan with us if needed. They can borrow up to £3,000 at 19.6% APR. Learn more about our payroll deduction loan here.

Joining us is easy. For more information about our payroll deduction scheme or how your organisation can join, please contact us.

Get in touch

Frequently asked questions

Does it cost the employer anything?

No. The credit union provides this service to your business without charge.

Does it cost our employees anything?

Once your employee is a member with us, they will be charged an annual account fee of £5, which is deducted from the first savings payment. Apart from interest on any loans and a £1 charge to withdraw savings by bank transfer, there are no other fees or charges for an active credit union savings or loan account.

How do we sign our staff up to this scheme?

It’s easy for your staff to join. If they choose to save with us through their salary, you’ll verify their identification and address. Next, instruct your payroll department to deduct the chosen amount from their monthly salary. Finally, send the forms to us and we’ll set up their account.

Is it a lot of work for our payroll staff?

All that is required from payroll staff is facilitating the single monthly exchange of employee information and BACS funds transfer.

Can members access their accounts on-line?

Currently, our website is under development but we will soon offer a full on-line service, including a mobile app so members can track their balances.

Are members’ savings safe?

Savings with the credit union are safe, secure and protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).

How much interest do you pay on employees' savings?

As employees’ payroll deduction savings will go into our Regular Saver account, they will receive a ‘dividend’ rather than a fixed rate of interest. Dividends are a share of the profits and are agreed at each Annual General Meeting, but are not guaranteed.

Can members withdraw cash from the credit union?

Yes, unless they want to withdraw more than £500, in which case we require a minimum of 24 hours’ notice.

Please note: No cash deposits or withdrawals are available at our Breck Road or West Derby branches.

How do members pay into their credit union savings accounts?

Members can save directly from their pay packet. However they can also make deposits in cash, by telephone (debit card deduction), cheque or by Standing Order. They can also arrange to have a benefit, such as Child Benefit or Working Tax Credit to be paid into their credit union account.

What rate of interest do you charge on your loans?

Any employee who joins a payroll deduction scheme can apply to borrow up to £3,000 at 19.6% APR.

When can someone borrow?

Members using our payroll deduction scheme can apply to borrow at any time. We do reserve the right however to ask members to save with us for at least two months prior to approving a loan.

Members using our payroll deduction scheme can apply to borrow at any time. We do reserve the right however to ask members to save with us for at least two months prior to approving a loan.

We do use credit reference agencies, but past difficulty repaying loans will not automatically prevent applicants from borrowing from us. We may use a credit reference agency to verify ID and address. Please note, multiple credit checks may affect credit rating.