Derbyshire Community Bank payroll scheme is a free employee benefit that can help support your employees’ financial wellbeing by offering them affordable loans and savings directly from their salary. Financial worries are one of the biggest causes of stress in the workplace today. The effects are all too clear. 

3.6 HOURS lost per week 

1.5 SICK DAYS per year 

6 TIMES more likely to affect employees’ work quality 

Employees 6 TIMES more likely to fail to complete daily tasks 

 How we can help 

Payroll Deduction with Derbyshire Community Bank means helping your employees save regularly, building up savings for when they need it. Regular saving is one of the first steps towards good financial health. Saving through payroll deduction is easy and lets employees build up savings with little effort; just set and forget. We recommend £12 or £40 monthly as an affordable starting point. 

 A better way to borrow 

Our loans offer your employees:

• affordable and competitive alternative to high street and high interest lenders
• Convenient way to pay. 
• Boost credit history
• Save-as-you-pay – all our borrowers save £12/month alongside their loan repayment

 Benefits for Employers 

• Reduce employees’ financial stress, absenteeism 

• Encourages staff loyalty and retention 

• Reduce salary advance and loan requests 

• Free – no set up costs or monthly fee 

• Reassurance that employees have access to affordable finance 

• Employees taking responsibility for managing their own money 

• Improve employee financial wellbeing 

• Corporate Social Responsibility 

• Support local social enterprise 

 Benefits for your Employees 

• Saving straight from their pay packet – they won’t miss it 

• Putting some money away for a ‘rainy day’ 

• Planning for a big event; Christmas, holidays, weddings 

• Earn dividend on savings (2% in 2024) 

• Apply for a loan at affordable rates 

• Avoid high-cost credit, bank fees  

• Simple loan repayments straight from their pay packet 

• Internet banking and mobile App

• Loan protection included (terms and conditions apply) 

• Confidential; individual’s savings or loans are not disclosed to the employer 

 How it works 

Once you’ve signed up with Derbyshire Community Bank just follow these simple steps: 

1. Agree a date for your payroll scheme to run 
2. With our help set up a regular secure file transfer system to pass across the payroll deduction information 
3. Leave the rest to us – we’ll always be on hand to ensure your scheme is running smoothly  

Contact us

Not Convinced yet?

Saving with a credit union via Payroll Deduction is widely adopted as an employee wellbeing benefit by many local authorities, large employers in the UK and around the world including Derby City and Derbyshire county councils, British Aerospace, Royal Mail, BT, police, MOD.

Research into Payroll Deduction and saving by deduction at source is compelling; high satisfaction rates, positive financial and wellbeing impact. We are grateful to the following organisations for their research into this field:

Fair4All Finance report Deduction Lending: Does it Add Up for Low-Income Borrowers?

Financial Inclusion Centre report into Getting Workforces Saving: Payroll Schemes with Credit Unions