If you work for an employer that offers it, salary deduction allows you to have savings and/or loan repayments deducted straight from your salary each month.
Here's how it works:
- Join the credit union online as a member and start saving— or apply for a loan at the same time as you join.
- As part of the application process, we'll ask for details of your employer, and for a payroll number which we can use to identify you.
- Once your membership is set up, we'll pass on your details to your employer telling them how much to deduct each month. They won't receive any details about your loan.
- Each month, on payday, your employer will automatically deduct your savings and/or loan repayments. This deduction will usually be listed on your payslip along with tax and any other deductions.
- The money will arrive in your credit union account when your employer sends the funds to us and it will be used to either repay your loan (if you have one) or deposited into your savings account. The speed of sending money depends on Employer and sometimes it takes from a few days to a few weeks.