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Tel: 020 7561 1786    |    Fax: 020 7272 8192    |    Email: info@credit-union.coop

Save from your Salary

Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with the 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 reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.

Save from your Salary

Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with the 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 reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.

 Employers Salary Savings Scheme

The Employee Benefit Scheme For Employers and Employees

The credit union is a not for profit co-operative that encourages saving as an alternative to borrowing, but also provides low cost loans at times of need. We run salary savings and loans schemes for dozens of employers, large and small who are interested in promoting the wellbeing of staff. Unlike others claiming to be ‘social businesses’, we are owned by our customers with profits returned to our members rather than external shareholders. Others encourage people to borrow, repeating the debt trap.

Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with the credit union. The financial wellbeing & resilience provided by the availability of savings or low-cost loans is seen as a real benefit by employees and employers who use the service. This in turn can reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.

If you would like to offer your employees access to secure savings accounts, support with money management and low cost loans, please contact us.

If your employer is already working with us, simply complete the form below and we will take care of the rest.

Our Employers

This list is not exhaustive as we have many smaller employer partners offering our services as an employee benefit. Employers are listed alphabetically.

If you work for one of the employers listed below you can CLICK HERE to submit the Online Salary Savings Scheme form. You will need your employee number as printed on your payslip.

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Participating Employers

This list is not exhaustive as we have many smaller employer partners offering our services as an employee benefit. Employers are listed alphabetically.

  • ARHAG Housing
  • BPP Education
  • Barnet Council
  • Barnet Homes
  • Brent Council
  • Bright Horizons Nurseries
  • Camden Council
  • Capital City College Group (CONEL, KWC, CANDI)
  • Central North West London NHS Trust
  • City of London Corporation
  • Clarion Housing Group
  • Citizens Advice
  • Co-operative Group
  • Dorchester Collection
  • East London Foundation NHS Trust
  • Financial Service Compensation Scheme
  • Fremantle Trust
  • Great Ormond Street Hospital
  • Greenwich Leisure Limited
  • Guardian Media Group
  • Guarding UK
  • Hackney Council
  • Haringey Council
  • Hyde Housing Group
  • Islington Council
  • Islington & Shoreditch Housing Association
  • Jewish Care
  • Legal & General
  • Lineage Logistics
  • Linklaters LLP
  • London Metropolitan University
  • Moorfields Hospital NHS Trust
  • Newlon Housing Association
  • Origin Housing Association
  • Outward Housing
  • Picturehouse Cinemas
  • Renaisi
  • Rydon Construction
  • Southern Housing Group
  • St Pauls Cathedral
  • University College London NHS Trust
  • Unison
  • University College London
  • Veolia Environmental Services
  • Workers Educational Association
  • Whittington Health NHS Trust

Good employers offer credit union services as part of their employee benefits/wellbeing package. It’s good for business.

If you would like information on the benefits to your business as an employer and to your staff then please get in touch info@credit-union.coop

Learn More

Download a copy of Mutual Benefits for Employers and Employees

Frequently Asked Questions

 

Here are answers to many of the questions you may have. If you have any other questions about this service please do not hesitate to get in touch

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Does it cost the employer anything?

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

Does it cost our employees anything?

Apart from interest on any loans, there are no other fees or charges for an active credit union savings/loans account.

Is it a lot of work for our payroll staff?

All enquiries of any kind at all are dealt with by the credit union office. The employer need not be involved in anything but a single monthly exchange of data and BACS funds transfer.

What if an employee leaves?

The employer does not need to do anything. Once the payroll deduction stops the credit union contacts the member to offer alternative payment options.

Can members access their account online?

Yes, members can register for online access at our website www.creditunion.coop

People can check balances, request withdrawals and apply/sign for loans online or via our mobile devices App. We also provide telephone, email access and have a well located accessible office for personal enquiries.

Is the money safe?

Savings are protected by the Financial Services Compensation Scheme, currently up to £85,000 per person.

What rate of interest do you charge on your ‘Saver Loans’?

Our interest rates start at 4.9% apr but the typical rate is for our ‘Saver Loan’ which is 12.7% apr charged on the reducing balance. A £1,500 loan paid back in 12 months will incur a total interest of only £101.

How much interest do you pay on savings?

We pay a ‘dividend’ rather than a fixed rate of interest. Any surpluses are distributed back to members as a dividend on savings or a rebate on loan interest paid.

Do members have to give notice to withdraw money?

No. We can transfer savings to the member’s bank account by BACS. Most BACS transfers are completed the same day.

How do people pay into the Credit Union savings accounts?

Many employers allow staff to save directly from salary. Members can also pay by direct debit, standing order, bank transfer or cheque. There is no minimum savings payment, unless the member has a loan.

How much can a member borrow?

We currently offer loans of up to £20,000 but all loans are considered based on affordability. The loan sum may be greater if the applicant has already saved with us or has borrowed from us previously.

When can someone borrow?

Members can apply to borrow at any time but we give priority to those members who have saved for short period and/or are using a payroll deduction scheme.

Do you use credit reference agencies?

Yes, 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.

Making deposits into your Credit Union account.

Standing Order & Bank Transfer

These payment methods are suitable for one-off deposits and/or recurring payments into savings from your bank account.
The easiest way to set up a Standing Order is to use online banking or to contact your bank.

You must use your membership number (or NI Number) as the reference for every payment.

Bank Name:
Co-operative Bank

Sort Code:
08-92-50

Account Name:
London Capital Credit Union
NB Some banks may say account does not match the name because our full name, London Capital Credit Union Ltd., is too long. You can ignore the error message and use these details.

Account Number:
67003299

Reference:
Your credit union membership number or your NI number in order that we can credit the payment to the correct account.


Salary Savings Schemes

Many people can make regular savings deposits or loan repayments directly from salary. CLICK HERE to access the Online Salary Savings Schemes Form.


Child Benefit Payment

Did you know that you can save with your Child Benefit paid directly to your credit union account?


Cash

We only accept cash for initial deposits. If you make your first deposit by cash the maximum we can accept is £50.


Cheques

Cheques should be made payable to ‘London Capital Credit Union’ or payable to yourself. We can also accept cheques payable to yourself. You should note that it will take at least 12 working days before you are able to draw on funds paid in by cheque.

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