Credit Union Office
CR1, Civic Centre, High Street, Uxbridge, Middx, UB8 1UW
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:
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.
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.
This short video shows how we can help