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Fair loans and flexible savings

Banking run for local people, by local people.

Payroll Saving - The easy way to grow your savings

  • Save directly from your pay through payroll deduction.
  • You could qualify for discounted loans.
  • Your money is FSCS protected up to £85,000.

If you work for one of Gloucestershire Credit Union’s Payroll Saving partners, you can save directly from your salary.

Payroll Saving is an easy way to make saving a habit. It is easy to set up, and once you have chosen an amount to save this comes straight out of your pay each month and goes into your Gloucestershire Credit Union Savings account. You decide how much you want to save, and the rest is done for you.

This healthy money habit isn’t just good for you. Saving with us helps other local people have better finances too.

Becoming a member is simple! Open a savings account which costs £5 admin fee and a minimum of £5 deposit into your new account and you’re in!

Affordable loans from your salary

  • Special discount on interest rates
  • Interest is fixed
  • Repayment direct from your salary

Borrowing is simple and affordable if you work for one of our Payroll Saving partners. Repayments are made directly from your salary, so you can relax knowing that as you earn, your loan is automatically being paid off.

Borrowing with us is also good news for your community too. Unlike other lenders, we don’t send profits to faraway shareholders. The interest you pay is used for the benefit of our members who also live in our local neighbourhoods.

FAQs

What is the Salary Saving Scheme?

Payroll Saving is an employee benefit scheme that can help support your financial wellbeing.  We work with employers across Gloucestershire to benefit their employees with a safe way to save and an affordable way to borrow with payments taken directly from their salary.

You can join Gloucestershire Credit Union using our online application. Once you have joined we will contact you

You can join Gloucestershire Credit Union using our online application. Once you have joined we will contact you to arrange your payroll savings.

How can I withdraw money?

You can access to your money by logging in to your account online or phoning our office to request a free transfers to your bank account, .

What is the Savings Interest Rate?

Rather than interest, we pay an annual dividend approved by our members at the annual general meeting. A 'dividend' is a share of the surplus that we make, which is shared with our members each year. Over the last five years members have received a dividend between 0.25% - 0.5% on their savings each year.

Are my savings protected?

Yes. Your eligible deposits with Gloucestershire Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Can I apply for a savings account if I don’t work for a Payroll Saving employer?

Yes, although you will need to apply for one of our other savings products. Take a look at our savings page for details.

What happens if I leave my job?

If you leave your employer you can continue to save with payments directly from your bank. If you have a loan we'll help you set up a payment plan for any remaining loan repayments with a Standing Order.

How much can I borrow?

You can apply to borrow any amount between £100 and £7,500 through the Payroll Saving scheme. Our application process will check that you will be able to afford the repayments and we will not lend you more than you can afford to repay.

What are the interest rates?

Loan Amount

£100 to £1,999 - 26.8% Representative APR

£2,000 to £3,999 - 19.6% Representative APR

£4,000 to £7,500 - 10.0% Representative APR

How do I apply for a loan?

You can apply using our online loan application form. Once you have completed the form you will be asked to provide three months bank statements and your most recent payslip to support the application.

How can my employer sign up?

If you would like your employer to offer our payroll savings and loan scheme in your workplace, then get in touch with us and we'll contact your employer with information about the scheme.

"Best thing I've ever done"

“Second to giving up smoking, joining the credit union is the best thing that I have ever done. I am now more in control of my money.”

Sean, Gloucester

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