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 a few days later, and be used to either repay your loan (if you have one) or deposited into your savings account.