Payroll Save & Borrow

  • Features
  • For Employers
  • For Employees
  • Payroll Partners
  • Testimonials

Payroll Save & Borrow is a beneficial arrangement which allows employers to offer their staff an extra benefit

Enabling employees to have money deducted straight from their wages and transferred into their account with us. We have many successful partnerships with businesses who use our scheme and always welcome new recruits - it's really simple to set up!

 

  • Convenient savings and affordable loans for employees
  • Reduced financial stress in employees
  • No direct cost to employee or employer
  • Support the local economy

For Employers

What is Payroll Save & Borrow?

Payroll Save & Borrow Presentation

 

- Payroll Save & Borrow is a valued employee benefit that you can offer your workforce for minimal effort at no direct cost to you.

- For over 21 years, HEY Credit Union has earned respect as a not-for-profit ethical provider of safe savings and affordable loans, working with employers and other key partners to support financial wellbeing across the Humber Region.

- By partnering with us to offer payroll deduction, you can help your people to build up financial resilience by saving regularly, with options to borrow affordably and sensibly when they need to.

- You’ll be encouraging a responsible attitude towards credit and managing money, while supporting wellbeing at work and reducing the financial stress which often leads to low productivity, absenteeism and/or staff turnover.

- All you have to do is provide a payroll deduction facility and make your employees aware; HEY Credit Union handles all member enquiries, transactions, compliance and communications to a high standard of customer care and confidentiality.

 

What are the Benefits?

Promoting financial resilience and wellbeing

- 26% of UK adults have no savings and a further 29% have less than £1,000 saved.

- So, when an unexpected bill arrives or a family crisis occurs, they may have to borrow, sometimes from high cost lenders.

- It is proven that it’s much easier to save money regularly if it doesn’t hit your main bank account.

- Enabling your staff to save direct from wages into a separate HEY Credit Union “pot” is the best way to help them to build up financial resilience, reducing requests for salary advances and staff loans.

- Employees who get into a savings habit are less likely to take on problem debt and more likely to perform well at work.

 

Reduced stress, anxiety and absenteeism in the workplace 

- It is estimated that at least 50%, possibly as many as 90%, of people in debt feel anxious and depressed.

- Staff preoccupied by money worries are not focusing on their work and performance can suffer.

- Financial distress causes more than half of the 15 million UK stress-related days off each year.

- By partnering with HEY Credit Union your staff can access safe savings and affordable credit (with a 5* Fairbanking Mark accreditation) confidentially, greatly reducing these issues.

 

A free and valued addition to your employee benefits package

- Offering payroll deduction with HEY Credit Union is a popular benefit which is valued by staff, as they can save effortlessly without missing it.

- As part of a staff benefits package, it can help to boost staff retention and aid recruitment, being appreciated by all types and grades of employee.

- We do not charge employers for the staff benefit, so delivering Credit Union services to your staff costs next to nothing, only a simple process each pay day.

 

Improving staff loyalty and commitment

- Helping your employees to manage their money wisely is a clear signal that you care about their wellbeing.

- It breeds loyalty to your organisation and helps you retain your best people.

 

Clear demonstration of Corporate Social Responsibility

- HEY Credit Union’s payroll partners have gained recognition for supporting a well-respected, regionally-based social enterprise making a positive impact on the financial health of the community.

- In 21 years we estimate to have saved our members over £20 million in interest charges through our policy of affordable responsible credit and returned over £1 million in dividends to our saver-members.

-The more employers that partner with us, the more we can do. Find out more from our Social Impact report.

 

Volunteering and employee skills development

- If you have an employee development and/or volunteering programme, HEY Credit Union can provide opportunities for your people to be credit union volunteers, workplace champions or even serve on our non-executive Board of Directors, using their skills to help it become ever more successful in the community.

 

How can we set it up?

Payroll Save & Borrow is really simple to operate, working just like any other payroll deductions you may currently run.

- Your employee completes an online or paper joining form (with a Payroll Deduction section authorising you to deduct from their pay) and sends it to HEY Credit Union.

- HEY Credit Union notifies your Payroll Department before the monthly or weekly payroll is completed of any changes to the previous payroll list (Starters, Leavers, Changes).

- Your Payroll Department securely emails us a monthly or weekly listing of deductions made and remits the funds to our bank account on or before the usual pay day.

- HEY Credit Union posts the amounts on the listing to its members’ savings and loan accounts and administers all other transactions and enquiries.

 

If your organisation would like to offer staff this valued benefit, or to find out more, please contact John on 01482 778753 or email info@hullandeycu.co.uk.

 

How can we promote it?

Here’s some simple ways you can work with us to make your employees aware of their Payroll Save & Borrow benefit:

- Download a poster and share with staff and/or pin to noticeboards.

- Provide a link to our website on payslips, internal bulletins or your intranet.

- Ask us to provide you with an article for your staff newsletter.

- Invite us to run an information/sign up session in your staff room or canteen.

- Don’t forget to mention us in your induction pack for all new employees.

We can provide management information to monitor the take-up and effectiveness of the scheme.

 

For Employees

What is Payroll Save & Borrow?

- A simple and effective way for you to build up some useful savings each time you are paid by becoming a Member of HEY Credit Union and arranging to have a regular payroll deduction from your wages into a credit union savings account.

- As a Credit Union Member, if you need to spread the cost of a major purchase or a line of credit to meet unexpected bills, HEY Credit Union offers affordable credit options, with agreed repayments made effortlessly, along with savings, direct from your pay.

- An important feature of Payroll Save and Borrow is that your individual accounts are maintained confidentially within the Credit Union and your employer is not aware of your savings and/or loan balances.

- Your payroll deductions stay the same each pay day until you tell us to change them.

 

What are the Benefits?

As a credit union we provide our Members with access to products that foster a responsible approach to money and credit, helping you to afford your life and enjoy good financial support.

 

It’s an effortless way to save

- You can decide how much or how little to save.

- Having savings deducted from your pay at source makes it painless - you don’t miss it.

- It is always much easier to save money regularly if it doesn’t hit your main bank account.

 

Save for any reason

- You can save up for all kinds of reasons – your home, your retirement, a family wedding, or just to put something by for a rainy day. You’ll be amazed how quickly your savings can grow.

- Separate savings accounts can be set up too - we offer 'Holiday' and 'Christmas' accounts among others.

- It’s ideal for “secret saving”, to plan for that special treat or family celebration.

 

Your savings are safe

- Money saved with HEY Credit Union is 100% protected by the Financial Services Compensation Scheme.

 

You can earn a Dividend

- We aim to pay our saver-members an annual return called Dividend in December.

 

Access to other services 

- You can access your savings when you need them, using our Web App internet banking or by phone.

- As a Credit Union Member you can apply for our range of sensible affordable loans, repaid via payroll deduction alongside your savings (Note: Your employer will not be informed that you have a loan).

- HEY Credit Union’s loans have received a 5* Fairbanking Mark accreditation and include Members’ Death Benefit

 

Reduced financial stress 

- We aim to help protect you from financial pressures and offer a simple way to manage your money most effectively.

 

Be part of a community 

- Credit Unions are 'not for profit' organisations, so money saved in a credit union benefits the local community.

- There are no external shareholders to cream off any surplus earned.

 

You can be a Member for life

- Even if you leave your present employer, you can remain a Credit Union Member but may need to pay funds in by an alternative method such as bank standing order.

 

How can I arrange it?

Step 1:  Check with your employer that they offer Payroll Save & Borrow (if they don't - send them to this page!).

Step 2:  Complete an Application Form and send it to us.

It really is as simple as that! 

 

We're recruiting!  To suggest another employer that we can approach, please contact John on 01482 778753 or email info@hullandeycu.co.uk 

If they sign up, you could receive £100 reward!

 

Our existing Payroll Partners

Over 200,000 employees in Britain use payroll deduction to save and/or borrow with a Credit Union.  HEY Credit Union currently has Payroll Save & Borrow in place at:

 


To join this list, or to find out more, please contact John on 01482 778753 or email info@hullandeycu.co.uk

 

(Hull City Council and associated organisations, East Riding of Yorkshire Council, North Lincolnshire Council, North East Lincolnshire Council, Department for Work & Pensions, Hull College, St. Mary's College, Bishop Burton College, North Lindsey College, East Riding College, ongo/ North Lincolnshire Homes, Hica Group, Goodwin Trust, Humber Bridge Board, Neville Tucker Services Ltd, Lebus Upholstery, NHS Ambulance Services (East Yorkshire), ResQ.)

 

Testimonials

Member, Hull City Council:

 

Councillor Matthew Patrick, Portfolio Holder, North East Lincolnshire Council:

“The credit union offers an ethical, not for profit service that helps you take control of your money, budget for your bills and plan for the future. It’s owned by its members and was recently awarded the FairBanking Mark in recognition of its approach to lending. We’re pleased to be working with them in offering our staff this extra benefit through the payroll partnership scheme.”

 

Department for Work & Pensions colleague, Seaham Pensions Centre:

“The fact that if you save with them it comes straight off your pay makes it very easy to use. The loans they offer are comparable to a lot of High Street offerings.”

 

Councillor Daren Hale, Deputy Leader, Hull City Council:

"Hull City Council values its partnership with the Credit Union which over the years has helped thousands of Council colleagues in the City to make the most of their money by being able to access safe ways to save and responsible, affordable credit direct from their wages. It's a much loved friendly local service that helps our workforce to steer clear of high cost credit while supporting the regional economy."

 

 
 

© Hull & East Yorkshire Credit Union | Registered under the Credit Union Act 1979 and the Co-operative and Community Benefit Societies Act 2014. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our FRN is 213620.