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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Wed 16-Aug-2017
NewsCould you benefit from payroll deduction?
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27 April 2016
Could you benefit from payroll deduction?

London Capital Credit Union now works with 47 different employers, large and small, helping their staff manage their money by providing a payroll deduction savings and loans scheme with the credit union.

If you work for one of these employers, you could benefit from having a small amount deducted from your pay packet each month to build up a savings nest egg or to pay off a loan with the credit union.

Many of us have good intentions to save each month, but once you get the money in your hands, it is often tempting to spend it. By arranging to put away a little bit every month, paid directly to the credit union from your wages before you even see it, you are much more likely to save.

Saving by payroll deduction with London Capital Credit Union doesn’t cost you anything – apart from interest on any loans, there are no other fees or charges for an active credit union savings or loans account. And if you save with us through payroll deduction, you can soon build up a lump sum which is yours to withdraw whenever you need it.

Anyone who saves with the credit union automatically becomes a member, and once we have set up payroll deduction for you, you can check your balance, request withdrawals and apply for loans online. We also provide telephone and email access to your account.

Key features of our payroll savings scheme include:

  • Savings payments deducted directly from your salary
  • Separate budget accounts available to savers 
  • Young Savers accounts for children
  • Christmas Club and holiday accounts
  • 'Salary Subsidy' loans for new starters 
  • Low cost loans, no set up fee, no early repayment penalty, no minimum loan sum and repayment periods to suit the employee.


“Our payroll deduction scheme has proved extremely popular with employees at a growing number of local and national employers, and many people have already signed up,” says Chief Executive Martin Groombridge. “Evidence shows that people are much more likely to save when they are in a scheme like this and we would encourage anyone who works for one of the participating employers to join up today.”

To find out more about saving by payroll deduction, please contact us. A full list of the employers we have partnered with to offer payroll deduction to their staff is available here.

If you are an employer and would like to offer your employees access to secure savings accounts and low cost loans, why not take a look at the payroll deduction scheme information on our website or get in touch to find out more?


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  • London Capital Credit Union
  • Tel: 020 7561 1786 (Multilingual advisors available)  • 
  • Fax: 020 7272 8192  • 
  • Email: info@credit-union.coop
  • Web: http://www.credit-union.coop
Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Firm Ref. No. 214094