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Payroll Savings & Loans

Payroll Deductions are a simple and convenient way for you to:

  • Build savings;
  • Repay loans;
  • Keep some of your wages on one side for emergencies;

Who can pay into a Credit Union account by payroll deduction?

You can have deductions set up from your wages if you are an employee of any one of our participating employers.

How do they work?

  • You become a member of Sheffield Credit Union;
  • You email us on payroll@sheffieldcreditunion.com to tell us your payroll number, member number and the amount you wish to have deducted from your wages and paid into your Credit Union account;
  • You may need to confirm with your payroll department that you want this setting up for you - this varies from employer to employer;
  • We split the payment into the accounts that you choose - this can be a combination of different saving and loan accounts;

How do I keep track of my balances?

  • Register for online services to keep track of your accounts, and request withdrawals when required;
  • Ring our helpline (0114 2760787), email us on admin@sheffieldcreditunion.com or you can pop into our offices;
  • Request a statement to be sent out to you.

For more information, check out our pages below:

Page for Employees
Page for Employers

Frequently Asked Questions about Payroll / Salary Deductions

Are deductions made before or after tax?

Deductions from your wages are made after you have paid tax.

My employer isn't listed - can I still join the Credit Union?

Yes, so long as you meet one of the other conditions for membership.

What if I leave my current employer or retire?

You can still keep your account with us and continue to take out new products. We will just need to arrange an alternative way for you to pay-in to your account.

Can I apply for a loan if I pay by payroll deductions?

Yes, we have a special loan products for members who work for one of our participating employers. Please see our Payroll Loan page for full details.

Will my employer know if I take out a loan?

No. When we set-up your payroll deductions with your employer, we just arrange for a set amount to be deducted to your pay and paid across to your credit union account. We won't tell them whether this is for savings, a loan repayment or a combination of the two. We guarantee complete confidentiality.

I don't want a loan - can I just save with you?

Yes. Take advantage of our great range of savings accounts.

My employer isn't listed - can they sign up?

Yes. Please raise the request with your employer - they can visit our employer's page for details on how to sign up.

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