Payroll Deductions – An Easy Way to Save and Repay
Do you want an easy way to save, or to repay a loan? Would you find saving easier if the savings were taken before you received your wages or salary?
Payroll savings may be right for you!
Step 1 – Your employer must be registered with Sheffield Credit Union to provide this service;
Step 2 – You need to join as a member – either on-line from the website or with a form and your ID and proof of address in the office (see below, small joining fee applies);
Step 3 – You tell how much you would like to save by completing a slip or emailing email@example.com. We will let your employer know, and they may ask you to confirm your agreement to this. You will then see this on your payslip.
You can also apply for a loan, and make simple loan repayments by this method too. You can even choose to repay a loan and build your savings from one monthly payment, which we will divide across your loan and savings when received into your credit union account.
Many local employers are part of this scheme, please scroll down to the bottom of this page to see a full list.
As your payment is deducted as one monthly payment, your employer will not know whether this is savings, loan repayments or a combination of the two. This information will be confidential to you.
I am not already a member – How can I join?
You can now join online here, or via the link on the home page. If you prefer to complete a paper form, and visit one of our offices or information points, please follow this link.
Once a member, you can apply for a loan via a paper form or you can register for the members area here and submit your loan application online.
Is my money safe?
Yes. All Credit Unions are regulated by the Financial Services Authority as are banks and building societies. They are also fully insured through the Financial Services Compensation Scheme .
The employers listed below are currently offering a payroll deduction scheme to Sheffield Credit Union members.
If your employer is not listed, why not ask them to join? The form they need to complete is here.
Employers joining the scheme will need to nominate someone in their company or organisation as a contact who will liaise with us to provide the service. For full information on joining up new employers, please contact us.
- Darnall Childrens Centre
- ESP Projects Ltd
- Manor Development Company Ltd
- Mears Group
- Rotherham Metropolitan Borough Council
- Sheffield Credit Union
- Sheffield Futures
- Sheffield Health & Social Care (SHSC) Sheffield Care Trust
- South Yorkshire Housing Association
- Sheffield Community Transport
- Sheffield Teaching Hospitals
- Sheffield City Council
- SCC Children and Young People’s Department
- Sheffield Credit Union Ltd
- Swann Morton and Jewel Blade
- Westfield Health
- Wilmot Dixon
- Beck Primary School
- Birley Community College
- Chaucer School
- Emmaus School
- Fox Hill School
- Hatfield School
- Lower Meadow Primary School
- Steel City Schools
- Totley School
- Valley Park School
- Yewlands School