If you work for an eligible employer, you can have savings or your loan repayments automatically deducted from your pay each month. Your savings or loan repayment will be taken off at the same time as tax, national insurance and any other deductions (such as student loan).
If you apply membership and work for an eligible employer, your salary deduction will be set up for you automatically. However, depositing the money into your savings account takes from a few days to a few weeks, and it depends on when your Employer sends it.
Here's how it works:
- Join the credit union online as a member and start saving
- As part of the application process, we'll ask for details of your employer, and for a payroll number which we can use to identify you.
- Once your membership is set up, we'll pass on your details to your employer telling them how much to deduct each month. They won't receive any details about your credit union account
- Each month, on payday, your employer will automatically deduct your savings This deduction will usually be listed on your payslip along with tax and any other deductions.
- The money will arrive in your credit union account when your employer sends the funds to us and it will be used to either repay your loan (if you have one) or deposited into your savings account. The speed of sending money depends on Employer and sometimes it takes from a few days to a few weeks.