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Salary savings scheme

Derbyshire credit unions are a great way to save. Many of them are now called community banks and they offer dividends on savings – as well as loans at lower rates than many high street lenders.

Sign up today and start your savings journey

Regular saving is one of the first steps towards financial good health.

Everyone who lives or works in Derbyshire can sign up and save and we've set up a scheme to make it easy for you to join with deductions from as little as £1 a month coming straight from your pay – you choose the amount.

There are 5 credit unions or community banks covering Derbyshire offering local people saving and borrowing options. You can check which one relates to the borough or district council area where you live or work and find out how to join.

When you've joined a credit union and got a membership number you can sign up for our payroll deduction scheme by completing the form. If you're already in a credit union, you can still sign up for payroll deduction but don't need to set up a new account – just fill in your details.

The great thing is that by saving directly from your salary, the money can build up over time without you noticing. You'll also get an annual return on your savings (known as a dividend). It costs nothing to set up and manage and as deposits with a credit union are protected by the Financial Services Compensation Scheme you can be sure your money is in a safe place. You can access your savings whenever you need them.

Salary deductions can be used to save or pay towards a loan, or both. The payment comes out as one monthly payment and your employer will not know whether this is savings, loan repayments or a combination. This information will be confidential to you.

The money you invest will not only work for you but will also allow credit unions to offer safe, affordable loans to people who may turn to high-risk borrowing like payday lenders.

All you need to do to sign up is join the credit union that covers the area where you live or work.

When you've got a membership number you can sign up to our staff payroll deduction scheme and start saving by filling in the form.

So, whether it's for that new car, that fabulous summer holiday or to cover an unexpected breakdown, start your savings journey today.

Payroll deduction order form