Payroll Deduction

Watch the video to find out more about Payroll Deduction.

Wouldn’t it be great if you could save some money every month without even realising it! Well now you can!

Your employer can offer you the opportunity to have monthly savings taken directly off your net salary. This new scheme is run in partnership with Solway Credit Union (if you live or work in Annandale & Eskdale, Nithsdale or the Stewartry).

Start saving now for next Christmas, or that special holiday, a weekend away or a treat for someone special (including yourself!)

Should you not have quite enough for that special something, then you could think about borrowing a bit extra against your savings if you needed to. Save from as little as £5 per month, without having to even think about it, as your allotted monthly amount is simply deducted from your net salary before you receive it. Your savings are fully protected (up to £75,000) by the Financial Services Compensation Scheme. The credit union is fully authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority.

Our Payroll Savings Scheme – how does it work?

The Savings Scheme is managed by Solway Credit Union in conjunction with your employer. All your payroll section needs to do, is facilitate monthly salary deductions – it couldn’t be easier! You just let them know how much you want to save.

So, what are the benefits of joining a Credit Union?

There are many reasons why joining a credit union makes good sense. Here are just a few:

• You can save regularly – it couldn’t be easier

• Any profits are for the members benefit….noone else’s!

• It creates a community spirit; it is run by the members…for the members

• Everyone is treated fairly

• Borrowing money at low interest rates 

Is it easy to join?

If you would like to join Solway Credit Union’s Payroll Savings scheme you will need to:

• Fill in a credit union Membership Application Form and a Payroll Deduction Mandate then submit these to your Payroll section along with suitable proof of identity and address (ask for details) ……..and we’ll do the rest. Alternatively, you can join online here .

How much do I need to save?

You can save as little as £5 per month, but whatever sum you choose to save should be a consistent, affordable amount. Should you wish to make a ‘one-off’ payment at any time, then you can do this in a number of ways; by visiting our offices; speaking to a member of our staff; by using a Paypoint card; by bank transfer or even by cheque.  

Want to increase, decrease or cancel payments?

Should you wish to change or cancel your monthly payment, you will need to let your Payroll section know. We will then process your amendments once we receive them from your employer.

Withdrawals & loans

If you would like to withdraw money just fill in a Share Withdrawal form, and let us have your instruction. If you would like to apply for a loan just fill in a Loan Application form. Both these form are available in the Members Area to complete online, or to download from our Useful Info Section.

Alternatively, you can phone us on 01387-267200 or visit our office in the centre of Dumfries.

So if you would like to benefit from additional savings and have access to affordable, low interest loans, then join us and start saving towards a more stable financial future. All you need to do is ‘Join the money revolution’; join Solway Credit Union!