Payroll Savings Accounts

Payroll Savings Accounts

Payroll Savings

A number of companies in the West of Scotland now offer their staff a facility which allows them to make payments to Right Way Credit Union directly from their pay. This is a great way to save and a simple way to make loan repayments as the money is deducted from pay before it reaches the member’s bank account.

Benefits to employees:

  • People who save regularly are better able to cope with any financial distress or unexpected cost.
  • It’s a ‘painless’ way to save; it’s often easier for employees to put some money aside before receiving their pay.
  • If employees take out credit union loans, this is a convenient and simple method of repayment.
  • Employees will have special access to low cost credit union Loans and other offers and services from the credit union.
 

Benefits to the employer:

  • Becoming a Select Partner Employer is free.
  • Easy to administer payroll system, the set-up admin is minimal.
  • For no financial outlay the employer provides a valued staff benefit which can help employees to save can reduces stress and sickness levels caused by debt.
  • Strengthens Corporate Social Responsibility by reducing the negative impacts of financial exclusion, pay day lenders and other high cost credit providers.
  • Offering membership to a credit union is a commitment to your employee’s financial future.
  • We are committed to working with you to help raise employee awareness and participation.

 

If Right Way Credit Union’s Payroll Savings is something you are interested in as an employee or an employer please get in touch via email for more information – info@rwcu.co.uk 

Get In Touch

Employers already using our employer payroll deduction:

Frequently Asked Questions

You can pay in as little as £2 per week but you need to keep a minimum of £5 in your account to keep it active.

The maximum amount that a member can currently save is £10,000.

Members can withdraw from their savings account online, over the phone and in one of our branches. 

*Please note that from 1st of October 2020 Right Way Credit Union will be limiting the amount of share withdrawals from a member’s S1 account to thirteen per year. For more information, please contact the office by emailing info@rwcu.co.uk

Online/Telephone share withdrawals will be paid into members nominated bank account, this is the account that the credit union have on file for you. If you wish to check this information before requesting a share withdrawal you can call the office on 0141 889 7442.

Please note: Share withdrawals will not be processed If you do not have a nominated bank account. If you need to update or change your nominated bank details please call the office on 0141 889 7442.

Share withdrawals can only be actioned by the account holder, should you wish to register a Power of Attorney please see links below as guidance on what legal documentation we will accept.

When you have a loan running your savings are held as security against your loan, this means that no share withdrawals can be processed whilst your loan balance is higher than your savings balance, for more information please send us an email to info@rwcu.co.uk

Yes. Right Way Credit Union is authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and the Prudential Regulation Authority Firm Ref: 446350. As part of the Financial Services Compensation Scheme (FSCS) your savings up to £85,000 are safe”