Payroll Deduction Scheme

Payroll deduction scheme

We know that our members employed by partner organisations are responsible people who work hard for the local community. Our payroll members include teachers and teaching assistants, nurses, doctors, office staff, chefs, maintenance workers and everyone from midwives to gravediggers. Borrowing and saving direct from pay is an easy and convenient option for busy people. Having deductions taken automatically from your wages is the most convenient way to save. We have hundreds of members who borrow and save this way and we are always looking to extend this service to organisations who do not currently offer it.

It's simple, you sign an instruction to your company's payroll department to deduct the sum you choose from your weekly or monthly pay, and they forward it to your London Community Bank account. Then you tell us how you want us to allocate it, for instance, between your loan and savings accounts, to save for Christmas, or to pay some into your children's accounts.
You can change the amount you save, or cancel the arrangement, at any time. You can also make extra payments using any of our other payment methods, if you wish.   

The current list of organisations offering payroll deduction to staff is:

• London Borough of Hillingdon (including pensioners)
• London Borough of Harrow
• London Borough of Ealing
• London Borough of Brent
• Genesis Housing
• Salvation Army Housing Association
• Inquilab Housins Association
• Innisfree Housing Association
• All schools in Hillingdon using either Data Plan, Strictly Education or Capita
• Brunel University

If you are a member and work for any of the above organisations and would like to begin payroll deductions from your wages please complete this payroll deduction form. If you are not yet a member you will need to complete our online application form.
If you would like your employer to offer this service please contact us.

Borrowing. Staff of these organisations have a representative borrowing rate of just 1% per month (APR12.7%) for loans above £1,000 which is a very competitive rate in the market place. Rates are even lower for our Home Owner loan – these loans for between £7,500 and £15,000 have an APR from 5.9%. Please see our loan page for more details.

Benefits to employers

A number of local employers have chosen to encourage their staff to join London Community Bank and to save direct from their pay. As well as keeping money in the local economy, they recognise that membership has benefits for their employees. Quite simply, employees with fewer money worries at home are happier and more productive at work.

• London Community Bank members aged 69 and below benefit from FREE Life Insurance on their loans and credit union membership helps to foster a spirit of community amongst the workforce it serves. We also offer discounted loans to staff of partner organisations borrowing more than £3000 and repaying by payroll, our Partner Loan product.
• London Community Bank membership can be offered as an employee benefit that helps employers to recruit and retain staff.
• London Community Bank can help employees to save regularly and borrow sensibly within their means.
• Absenteeism through ill health or stress is reduced, when employees are on top of their finances. 
• Partnership with London Community Bank can improve the corporate image of your company, both politically and socially, as it indicates your commitment to the well-being of your employees and to the local community at large.

The Cost?

Minimal to the employer - all the administration of members accounts is done by the staff of London Community Bank. All the employer need do is collect the payroll deductions in the usual salary run and forward a consolidated payment direct to our bank account together with a spreadsheet providing a breakdown of which members of staff have saved. It would also help if we had access to internal distribution networks for promotion of the scheme.

If you are a local organisation interested in these benefits to you and your workforce and can offer a Payroll Deduction facility, or you would like further information please contact us.

Marketing material

This short video shows how we can help