An employee benefit designed to help your employees feel happier about their finances
Your employees can be part of the Credit Union movement that is over 1.5 million strong and counting in the UK. 26% of working age adults in the UK have no savings, Credit Union membership can turn borrowers into savers. Over 70% of our members continue saving regularly after repaying a loan. This helps employees manage their money and reduces absenteeism and stress, increasing productivity. Credit Union membership gives everyone access to the tools and products they need to improve their financial life.
We understand each employer is unique and we will create a engagement plan bespoke to your organisation.
We can attend a range of events and benefit days throughout the year, and help turn financial goals into realities.
We deliver a range of practical seminars, workshops and 1-1 sessions. Helping your employees plan a more secure financial future.
Financial Wellbeing Portal. All members can access our portal wherever they are.
Find answers to commonly raised questions
We are the biggest Credit Union in the East of England. We work directly with employers to offer affordable borrowing to employees directly from their salaries. Our service is free of charge for employers.
We are a regulated financial cooperative. Our profits are shared with our customers. Credit Unions have been operating in the UK since 1964. There are Credit Union based on profession like BAE systems, Royal Mail, Police or NHS, or based on geography like ours. You can compare other Credit Unions at Find Your Credit Union website.
Organisations like Money Expert and government bodies like The Money Advice Service all have information of their website about Credit Unions. We also have a trade body called ABCUL, more information about Credit Unions in the UK can be found here.
There is no risk for employers. We are regulated by the FCA and PRA and are fully responsible for all of the loan process. All of our deposits are protected by the FSCS, and our processes our approved by the Charted Institute of Payroll.
Our loan interest rates have been designed to offer an ethical alternative to Banks, Credit Cards and Payday or Doorstep lenders. Part of the way we give back our profit to our members is by offering reduced interest rates on loan. As a Credit Union, the maximum interest rate we can charge is set at 3% per month by the Credit Union Act 2012. Giving your employees security that we will not hike up the rates in the future, it is enshrined in law.
We are able to offer Credit Union savings accounts to ALL your employees and volunteers. To offer one of our loans, we’ll need your employees to meet the following criteria.
• Aged 18 or over
• They have not been discharged bankrupt or completed a Debt Relief Order in the last 3 years.
• They have not completed an Individual Voluntary Agreement (IVA) / or a debt management plan within the last 2 years.
• Are borrowing for their personal needs and not for business or towards buying property.
No, as a Credit Union, we are ethical and more human-centric than other financial institutions. We’re focused on achieving more to together. As your employees are able to save while repaying their loan, we actively support breaking the cycle of debt. For debt consolidation loans we are able to reducing the monthly debt repayments, which increases our members disposable income. All our loans have to pass an affordability check, which ensure any loan we offer is in the best interest of our member.
As an ethical financial institution, we will never use debt chasing company, and do NOT charge late repayment fees. Our whole process, is about supporting our members. We do this by adapting repayment amounts and frequency to suit the member and freezing interest.
Our process slots in seamlessly with your payroll to coordinate deductions. Our processes are approved by the Chartered Institute of Payroll. Each month we will ask you to send over a short spreadsheet breaking down the deductions per person. This changes very infrequently, normally when we just sign up more of your employees.
We love you tell you more about the fantastic benefits we can offer.