Save As You Earn
We offer payroll deduction through a number of local employers. These companies offer their staff the ability to have money deducted straight from their salary to be paid directly in to their Credit Union account.
KMBC, KHT, St Helens Community College, St Helens MBC, Hope Centre, Magna and Communicate Better are payroll partners of ECU.
How Does it Work?
When you join the credit union you should select that you wish to pay into your account via payroll deduction. We will then make an instruction of your request to your payroll department. If you want to change the amount, just complete a Payroll Amendment Form and we will make the necessary changes with your payroll department.
Starter Loans For Payroll Members
Payroll Starter loans up to £1,000 are now available. If you wish to apply for a loan please complete our join & borrow section.
Employers are able to help their Employees save by becoming one of Enterprise Credit Unions Select Employer partners.
Employees select the amount they want to save; the HR or Payroll department deduct the requested amount and send it to the credit union where it is allocated to the employees savings account.
As the employer:
- Positioning the service as an employee benefit
- Helping employees to save reduces the stress and sickness levels caused by debt
- It may help to reduce requests for pay advances
- Knowledge that the credit union is a mutual and ethical financial services organisation
- Being local helps to retain and circulate money in the local economy
- There are no charges made to the employer by the credit union
- Employees have access to low-cost loans provided by the credit union, this can help avoid the new breed of payday loan companies/money shops and again reduces the risk of financial difficulty as a result of high interest rates
As the employee:
- A ‘painless’ way to save; it’s often easier for employees to put some money aside before receiving their pay
- Employees can save as much as they want
- Savings can be withdrawn at any time
- Employees will have access to low-cost credit union Loans, as well as other offers and services from the credit union.
- Employees savings are safe and covered by the Financial Services Compensation Scheme
This is an excellent benefit to offer your employees, encouraging regular and responsible saving.
We could also arrange to talk to your staff to promote the benefits of saving with the Credit Union, please contact us for more info.