If you’re an Employer want to build financial resilience within your team, then start your journey with Derbyshire Community Bank.
What do our Members say about Payroll Saving?
“ The great thing is that saving directly from your salary, the money can build up over time without you noticing. It costs nothing to set up & manage, you can access your savings whenever you need them.“
What if you could improve employee attendance, retention, engagement and happiness? Partner with Derbyshire Community Bank and we will work with you to support your people to save regularly, borrow affordably and learn how to manage their money well.
Payroll Deduction for Employers Payroll Deduction for Employees Business Saver
Derbyshire Community Bank is on a mission to enable everyone in Derbyshire and Derby city to manage their money well. As an employer, there are a few things you can do to improve the financial wellbeing of your people. Our services are free to the employer and employees.
26% of UK adults have little or no savings. This means that when an unexpected bill arrives or a family crisis occurs, some households have to borrow, sometimes from high cost lenders.
Personal debt can cause anxiety and depression, when staff are preoccupied by money worries they are not focusing on their work and performance can suffer.
Credit unions encourage regular savings and provide affordable, ethical loans. Working with your local credit union can help your employees build up savings giving them financial flexibility and the option to borrow affordably when they need it. We recommend our Members save £12 or £40 monthly; not too much, but sufficient to build savings.
Derbyshire Community Bank has been providing simple savings and affordable loans for more than 20 years.
Working in partnership with DCBank, employers can promote good financial health for employees. Here are three things you can do: Promote DCBank to your employees, set up a Payroll Deduction Scheme, open a Business Saver account.
What if you could help your employees with little effort and no cost to your business?
It is easy to promote credit union savings and loans. Three simple ways:
Boosting financial capability by encouraging regular saving and affordable borrowing is not only good for employee wellbeing, it is also good for your business.
The next step is Payroll Deduction; offering credit union savings and loans as part of your employee benefits package and a feature of your Corporate Social Responsibility (CSR).
Offering Payroll Deduction with Derbyshire Community Bank as an employee benefit works for you as the employer, and is a valuable service for your employees.
Employers offering payroll saving to their employees have the reassurance that their people are taking responsibility for their money; they are putting some money aside for when they need it, and they have access to the affordable loans from Derbyshire Community Bank when they need it.
We do not charge employers for this service and many payroll outsourcers do not charge their customers for the processing of credit union loan repayments, so the cost to employers of offering Payroll Deduction is no more than a small amount of admin each month.
Want to do more? Open a Business Saver account, deposit up to £20,000 and we will invest your savings back into our community enabling us to increase our social impact; part of your Corporate Social Responsibility (CSR).
Your money is safe. FSCS protection applies for most businesses. Find out more on the FSCS website.
We lend from £300 to £7,500, we are very careful to ensure loans are affordable and improve the borrower’s situation and not create a burden for them. Many of our borrowers have limited financial options and borrowing from us is affordable, improves their credit history and best of all, our borrowers also save at least £12/month alongside their loan repayment – a simple way to help them build financial resilience, learn good money habits and plan for a positive future.
We pay a dividend on savings, however this is not guaranteed. 2% paid in 2024.
Find out moreErewash Credit Union Ltd t/as Derbyshire Community Bank is for everyone who lives or works in Derbyshire or Derby city. We are a financial co-operative, owned and run by our Members. Our purpose is to enable people in our community to flourish. Erewash Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered number 432447. Registered Company No. IP00730C on the Mutuals Register.
