Save from your Salary
Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with the credit union. The financial stability established by the availability of savings or low-cost loans is seen as a real benefit by employees who use the service. This in turn can reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.
Save from your Salary
Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with the credit union. The financial stability established by the availability of savings or low-cost loans is seen as a real benefit by employees who use the service. This in turn can reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.
Employers Salary Savings Scheme
The Employee Benefit Scheme For Employers and Employees
The credit union is a not for profit co-operative that encourages saving as an alternative to borrowing, but also provides low cost loans at times of need. We run salary savings and loans schemes for dozens of employers, large and small who are interested in promoting the wellbeing of staff. Unlike others claiming to be ‘social businesses’, we are owned by our customers with profits returned to our members rather than external shareholders. Others encourage people to borrow, repeating the debt trap.
Evidence shows that people are much more likely to have a savings account where employers have a salary savings scheme with the credit union. The financial wellbeing & resilience provided by the availability of savings or low-cost loans is seen as a real benefit by employees and employers who use the service. This in turn can reduce stress caused by financial problems, reducing staff turnover, sickness levels, and absenteeism.
If you would like to offer your employees access to secure savings accounts, support with money management and low cost loans, please contact us.
If your employer is already working with us, simply complete the form below and we will take care of the rest.
SSS Partners
This list is not exhaustive as we have many smaller employer partners offering our services as an employee benefit. Employers are listed alphabetically.
- Advance
- ARHAG Housing
- BPP Education
- Barnet & Southgate College
- Barnet Council & Schools
- Barnet, Enfield & Haringey NHS Trust
- Barnet Homes
- Brent Council & Schools
- Bright Horizons Nurseries
- Camden Council & Schools
- Camden & Islington NHS Trust
- Capital City College Group (CONEL, KWC, CANDI)
- Catch 22
- Central North West London NHS Trust
- City of London Corporation
- Clarion Housing Group
- Citizens Advice
- Co-operative Group
- Dorchester Collection
- East London Foundation NHS Trust
- EMW Law
- Family Action
- Financial Service Compensation Scheme
- Foot Anstey / Enable Law
- Fremantle Trust
- Great Ormond Street Hospital
- Greenwich Leisure Limited
- Guardian Media Group
- Guarding UK
- Hackney Council & Schools
- Haringey Council & Schools
- Homerton Healthcare NHS Trust
- Hyde Housing Group
- Islington Council & Schools
- Islington & Shoreditch Housing Association
- Jewish Care
- Legal & General
- Lineage Logistics
- Linklaters LLP
- London Metropolitan University
- Mind in Havering, Barking and Dagenham
- Moorfields Hospital NHS Trust
- Newlon Housing Association
- Nico Manufacturing
- North Middlesex Hospital Trust
- Origin Housing Association
- Outward Housing
- Picturehouse Cinemas
- Refuge
- Renaisi
- Royal Academy of Dramatic Art (RADA)
- Royal Free Charity
- Royal Free NHS Trust
- Royal Hospital for Neuro Disability
- Royal National Orthopaedic Hospital
- Rydon Construction
- Southern Housing Group
- St Pauls Cathedral
- University College London NHS Trust
- Unison
- University College London
- Veolia Environmental Services
- Workers Educational Association
- Whittington Health NHS Trust
Good employers offer credit union services as part of their employee benefits/wellbeing package. It’s good for business.
If you would like information on the benefits to your business as an employer and to your staff then please get in touch [email protected]
Why Choose the Credit Union to Provide Financial Wellbeing For Your Employees?
The credit union is a not-for-profit co-operative with any profits being returned to our customer members. Our objective is to encourage saving as a way of avoiding problem debt, but we also offer affordable credit at times of need. With no external investors we can offer smaller loans at lower rates than most of our competitors to meet the needs of all of your employees with a salary deduction savings & loans scheme.
In recent years there have been many start-up companies providing salary deduction services to employers. These companies describe themselves as ‘social businesses’ but the model involves huge capital investment, salaries and marketing budgets that limit the degree that they can benefit your employees. The need to repay the capital investment and pay a return to external investors means that their focus is on high value lending rather than encouraging saving, and taking fewer risks when offering loans. Such firms are unlikely to be in a position to help many lower paid or heavily indebted staff because of the ownership structure and levels of investment to be repaid.
Our not for profit ethos means that our services are likely to be available to a much broader range of your staff, particularly those most in need if financial help. Choosing a credit union to provide salary deduction savings & loans service with money management tools means all of your staff can be supported.
To find out more see our BROCHURE.
Contact us on [email protected] for a no obligation discussion on how we can help you keep an effective and motivated workforce by helping all your employees manage their money and reduce the cost of borrowing.
Our Employers
This list is not exhaustive as we have many smaller employer partners offering our services as an employee benefit. Employers are listed alphabetically.
If you work for one of the employers listed below you can CLICK HERE to submit the Online Salary Savings Scheme form. You will need your employee number as printed on your payslip.
Frequently Asked Questions
Here are answers to many of the questions you may have. If you have any other questions about this service please do not hesitate to get in touch
Making deposits into your Credit Union account.
Standing Order & Bank Transfer
These payment methods are suitable for one-off deposits and/or recurring payments into savings from your bank account.
The easiest way to set up a Standing Order is to use online banking or to contact your bank.
You must use your membership number (or NI Number) as the reference for every payment.
Bank Name:
Co-operative Bank
Sort Code:
08-92-50
Account Name:
London Capital Credit Union
NB Some banks may say account does not match the name because our full name, London Capital Credit Union Ltd., is too long. You can ignore the error message and use these details.
Account Number:
67003299
Reference:
Your credit union membership number or your NI number in order that we can credit the payment to the correct account.
Salary Savings Schemes
Many people can make regular savings deposits or loan repayments directly from salary. CLICK HERE to access the Online Salary Savings Schemes Form.
Child Benefit Payment
Did you know that you can save with your Child Benefit paid directly to your credit union account?
Cash
We only accept cash for initial deposits. If you make your first deposit by cash the maximum we can accept is £50.
Cheques
Cheques should be made payable to ‘London Capital Credit Union’ or payable to yourself. We can also accept cheques payable to yourself. You should note that it will take at least 12 working days before you are able to draw on funds paid in by cheque.