Our Payroll Saver scheme for local employers
Help boost your employees financial resilience and support your local community – Bedfordshire Credit Union is a not-for-profit member owned community bank.
- 71% of members say saving with us reduces stress and money worries.
- 81% report that BCU helps them achieve financial goals and save regularly.
How it works
- Register your company details using our online form.
- Once your company is active on our system, you can promote Payroll Saver to your staff using our assets and leaflets provided.
- Employees can join BCU using the online application form where they can select their employer name and provide their payroll and savings details.
- BCU will send you any new applicants with their member number, payroll number and savings amount.
- Your payroll department will then deduct the chosen amount from each employees’ net pay. The amount should appear on their payslip.
- You send us a remittance report and a bulk payment which we will deposit into Payroll Saver’s accounts.
For more details, check out our leaflet and FAQs, or contact our friendly team:
01234 346352
info@bedscu.org.uk
Ready to register? Complete our quick online form.
“Setting up the savings scheme in our organisation was incredibly straightforward thanks to the great support from BCU’s team and the ease of integration with our payroll department. It’s fantastic to offer a benefit that not only encourages regular saving but also contributes to our colleagues’ financial wellbeing. Knowing they can access their savings anytime and enjoy additional perks makes this a truly valuable and appreciated part of our benefits offering”.
Our Payroll Saver Account
If your workplace is signed up to Payroll Saver, you can save and repay loans via your salary. Visit our website to check if your Employer is signed up, if they’re not, download our leaflet to pass on to your HR or Payroll department.
How it works
- Select I am joining a Payroll Deduction Scheme under Common Bond when you apply online.
- Provide your employer name and payroll number, and how much you’d like to save each month.
- Provide ID (we’ll need photo ID and proof of your current address, or 2-3 other forms of ID including proof of your current address).
- Once you’re account is approved, we’ll let your payroll department know your member number and the amount you’d like deducted from your payslip. Use our payroll deduction form to amend the amount you save at any time.
- Savers’ deposits are fully protected by the Financial Services Compensation Scheme.
Ways to save
- Set up a standing order from your bank.
- Pay via online banking.
- Arrange payroll savings with your employer.
- Have your salary, wages, or benefits paid directly into your account.
- Deposit at our Bedford office.
Ways to withdraw
- On our website via the member area.
- On our BCU app.
- Over the phone.
- In our office (limited cash withdrawals).
Payments and withdrawals are processed manually by staff and volunteers during office hours only.
FAQs
Savings
How can I access my BCU account?
- On our website via the member area
- On our BCU app
- In our office (although there is a limit to cash withdrawals)
Keep track of your money online in our member area or via the BCU app, where you can:
- Check your balances and view statements (download online)
- Request a transfer to an account in your name held elsewhere or your OnePay card
- Apply for loans
- Update your contact details and payee information (online only)
- Send us secure messages and upload documents
How do I pay in?
- Set up a standing order from your bank
- Pay via online banking
- Arrange payroll savings with your employer
- Have your salary, wages, or benefits paid directly into your account
- Deposit at our Bedford office
To pay money into your credit union account, either as a one-off payment or as a standing order, use the following details:
- Account Name: Bedford Credit Union (nb this is a business account)
- Sort Code: 30-90-66
- Account number: 01479698
- Reference: Member Number / Surname (this is important as we will not be able to match your payment to your account without it)
You will need to provide these to anywhere paying money into your account, such as your workplace, DWP or HMRC (child benefit).
Deposits made outside of office hours will be processed on the next working day.
We accept cash or cheque payments at our office when we are open to callers. Please note, as we are not a clearing bank cheque payments take longer to clear through us.
How do I make a withdrawal?
You can request a transfer to your OnePay card or directly into your bank account:
- On our website via the member area
- On our BCU app
- Over the phone
- In our office (although there is a limit to cash withdrawals)
Transfers are usually completed by bank transfer within two hours or next working day, at no extra cost. For smaller amounts, you may be able to withdraw cash at our Bedford office.
Do I receive interest or a dividend on my savings?
As a cooperative, we do not pay interest, but we may pay a dividend on your savings as a form of profit share. Whether or not we can pay a dividend each year and if so, how much it should be, is voted on by members at the Annual General Meeting. As a member, you will receive an invite to our AGM.
Every £1 of savings is a £1 co-operative share in BCU, which is why you’ll see your main savings account is called “Share 1”. Any surplus profits we make are reinvested in the business and distributed back to members. We never promise a return on savings as it is dependent on profit levels at the end of the year and members need to approve the payment at the AGM.
We do pay a dividend on Junior accounts.
Are my savings secure?
We are regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, and the Prudential Regulatory Authority FRN 213900.
Financial Services Compensation Scheme (FSCS)
The Financial Services Compensation Scheme, (FSCS), is the UK’s statutory fund of last resort for customers of authorised financial services firms. The Financial Ombudsman Services, (FOS), is the independent service for settling disputes between businesses providing financial services and their customers.
Your savings are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Eligible depositor is entitled to claim up to £120,000.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call 0800 678 1100
How do I get statements?
You can log into your online member area to download your BCU statements. You can also view them on the app. If you need to, you can call the office and arrange to get a printed copy.
Payroll Saver
Who can sign up to Payroll Saver?
You can sign up to Payroll Saver if your employer is listed on our Payroll Saver scheme. If your employer is not part of the scheme, you can pass on the information to your HR or Payroll department.
How do I sign up?
Join online and select “I am joining a Payroll Saver Scheme” under the Common Bond section of the application form. This will open up an extra section of the application form where you can provide your payroll details. We will send these, along with your member number to your payroll department.
How do I change or cancel Payroll Saver?
You can contact us, or your payroll department directly to increase, decrease or cancel your Payroll Saver at any time.
Are there tax implications?
Your savings or loan repayments are deducted from your net income, after tax has been calculated and deducted.
