Payroll Savings for Employees

Manageable & Affordable Savings

Payroll Savings for Employees                                                    

Join our Payroll Saving scheme – the smarter way to manage your money.

Payroll savings is a free service to employers and employees, allowing safe, manageable savings through your payslip. Your savings are deducted at source and so you know exactly what you have to spend at the beginning of each month.

Saving a little every payday will soon add up to a tidy sum to meet sudden expenses or for that unforgettable event. By being a member of the FAIRshare Credit Union, you will gain all the benefits of membership, including access to loans with flexible and affordable repayments.

FAIRshare works with a number of employers throughout Shropshire, to give staff easy access to simple secure savings and affordable loans. If you are not sure if your employer is part of the FAIRshare Payroll Savings Scheme, please contact us to find out. If your employer is not signed up to this service, you can pass on our details and ask if it is something they may consider.

What is Payroll Saving?

  • Payroll saving is making regular savings directly from your salary. 
  • Your employer deducts the amount you wish to save direct from your wages via payroll, and transfers this to your FAIRshare savings account.
  • Saving direct from your salary is easy and you can save as little or as much as you wish, from just £1 a week or £5 a month.
  • Your money is transferred to your FAIRshare account and can be withdrawn at any time*
  • Your employer has no access to your FAIRshare account, balances or details.
  • Payroll saving is a staff benefit which your employer offers to you. * You must keep £5 in your account to keep it open

Why Join Payroll Saving?

  • There is NO cost to you or your employer.
  • Saving directly from your salary means putting some money aside before receiving your pay.
  • 10% Payroll Bonus Scheme on FAIRshare loans.
  • Saving money regularly helps protect you from unexpected financial pressures and helps you manage your money more effectively.
  • You can save as much as you want.
  • If you need to borrow money, FAIRshare offers low-cost loans to members – you can apply for a loan, and the repayments can be deducted from your payroll savings.
  • Your money is safe and protected by the Financial Conduct Authority & the Prudential Regulation Authority, unlike staff ‘kitties’ or informal savings schemes.
  • Savings are covered by the Financial Services Compensation Scheme, currently to the value of £85,000.

If your employer offers the FAIRshare Payroll Savings Scheme, you can complete the Payroll Saving Deduction Order.

You do have to become a member to enjoy all the benefits of FAIRshare Credit Union including the Payroll Savings Scheme. Join us today and and become one of our valued members across Shropshire, Telford & Wrekin.

FAIRshare is a not-for-profit community bank which has served the county for over 27 years. Read the Frequently Asked Questions to find out more about the benefits of belonging to a Credit Union.

> What is FAIRshare Credit Union?

FAIRshare Credit Union is a membership based organisation, similar to co-operative. Members have a say in how their FAIRshare is run and may receive a share of the profits – a dividend.

FAIRshare offers a range of straightforward saving products and fair, manageable loans to members. There are around 500 Credit Unions in the UK and more than 1.8 million members UK wide, and this number is increasing. The Credit Union movement is global – there are credit unions in 109 countries, with over 231 million members worldwide!

> Why become a FAIRshare Credit Union Member?

FAIRshare Credit Union customers are its members. Members choose to join FAIRshare to save ethically, benefit their local community and access fair, manageable loans.

Credit Unions promote responsible lending and do not lend more than their members can afford to repay. They do this by :

  • promoting good money management – members are encouraged to save as well as borrow money
  • provide loans with fair and reasonable rates
  • encourage members to use money wisely and manage their finance

Regular savings from members create a “pool of money” which is used to offer fair, manageable loans to other members. At times when a member borrows from us, we allocate part of their weekly or monthly repayments to their savings account so they have a cash lump sum when they’ve repaid your loan. We call this ‘Save As You Borrow‘ and its one of the great benefits of borrowing from a credit union. Research shows that borrowers that save whilst paying pack a loan become habitual savers.

Credit Union interest rates are capped by their regulators which makes then considerably cheaper than many other lenders. They also offer flexible repayment terms without penalties and hidden costs.

> Who can become a FAIRshare Member?

To join a Credit Union you usually need to live or work in a certain area, or do a certain type of job. This is known as the credit union ‘common bond’, meaning members have something in common.

Everyone who lives or works in Shropshire or Telford & Wrekin can become a FAIRshare member.

> How much can I save?

By saving with your local FAIRshare Credit Union, you know your money is being used for the benefit of the local community.

We run on a not-for-profit basis, with any surplus being put into reserves or paid back to members as an annual dividend.  The interest earned on loans pays for the credit union’s administration.

With flexible saving from just £1/week or £5/month and easy access to your money, FAIRshare provides a safe and secure home for your savings.

> How much can I borrow?

Save money with low cost, affordable loans exclusive to FAIRshare members. FAIRshare provides flexible loans from £50 to £7500, with a fixed interest rate and affordable weekly or monthly repayments calculated for up to five years.

Some of our Partners already enjoying the benefits of Employee Payroll Savings…

telford wrekin council

We’d love to hear from you.

Do you have a question about FAIRshare services? Our team is ready to answer all your questions.