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Save and Borrow Through Your Pay Scheme

Our Save and Borrow through your pay scheme allows your employees to borrow and save money quickly and easily, direct from their wages. There is no cost to you and your business to operate the service for your employees, and once it is set up, there is no additional administration to do - we take care of it all!

Already used by Local Authorities such as Barnsley Metropolitan Borough Council, Doncaster Metropolitan Borough Council, Selby District Council and City of York Council and private companies such as Premdor, Flexseal, Beyond Housing and SWY Partnership Trust and many others.

How it works

Save and Borrow Through Your Pay Scheme is simple to operate, working just like any other payroll deductions you may currently run.

  • Your employee joins the credit union, completing a Save and Borrow Through Your Pay Scheme form which gives you authority to deduct from their pay. This will be sent to your Payroll Department.
  • Your Payroll Department would prepare a weekly / monthly schedule of deductions and send it to us.
  • Your Payroll Department would remit funds relating to the schedule of deductions to us on or before the usual pay day by BACS or cheque.
Contact us for more information

“The Save and Borrow Through Your Pay Scheme offered by Community First has been greatly received by us and our employees. Quite simply employees with less money worries equals a more productive workforce...”
Rebecca Osborn - Premdor

If your company would like to offer staff this extra benefit, we can be contacted on 03030300010 or outreach@communityfirstcu.co.uk

Why should your business set up a SAVE AND BORROW THROUGH YOUR PAY SCHEME for its employees?

  • Staff have access to loans at special discounted rates
  • Promotes better money management
  • Stops employees going to high-cost lenders
  • A great employee benefit that can help recruit and retain staff
  • Safe and secure savings
  • Employer/employee relationships improved and can be part of a company’s well-being programme

How does my company join the Save and Borrow Through Your Pay Scheme?

  • Your business signs up to the Save and Borrow Through Your Pay Sheme, you then inform your staff about the benefits.
  • Employees enrol and fill out a simple payroll form mandate to start saving.
  • Your staff can access loans at special discounted rates which they can apply for confidentially online, in a local branch or during a company site visit.
  • Cash can be accessed via a Community First Branch, cash card or making use of the provided online banking or app service - alternatively it can be transferred into the employees regular current account.

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