Payroll Savers – Thistle Credit Union

Thistle Credit Union

Employer Partners

Make saving simple with our Payroll Savers programme

How it Works

Get in touch with our friendly and experienced team who will set you up on our system so we know your staff are part of Payroll Savers.

Promote

We recommend company-wide emails, hanging posters around the office and including information in any employee literature. Our payroll manager can attend your office to speak to your staff in a structured talk or with an information stand.

Uptake

Your staff contact us directly when they have any enquiries; meaning you don’t worry about a thing.

Wellbeing

Regular saving and automatic loan repayments are proven to improve emotional wellbeing, reduce absenteeism and promote a better working environment.

Benefits for Your Business

Improved Productivity

Employees who feel happier, more supported and secure within their jobs are more productive than those who are stressed and feel unsupported. This difference can help level up your business and set you apart from the competition.

Reduced Absenteeism

1 in 5 people in the UK take time off work due to financial stress, the savings safety net provided by payroll savers helps reduce absenteeism.

Attract and Retain New Talent

Due to the ongoing cost of living crisis and competitive job market, job seekers are prioritising workplace culture and benefits when applying for prospective roles. By offering payroll savings scheme you can differentiate your business from the competition.

We Take Care of Everything

Managed by our experienced in house team and direct communication with your staff ensures frictionless operations. Meaning you don’t need to worry about a thing.

Benefits for Your Employees

Set and Forget

Our payroll saving scheme makes saving automatic and effortless and with payroll savers reporting higher levels of financial satisfaction, lower anxiety and financially vulnerability than non-users; payroll savings can be particularly beneficial for those who have struggled to save in the past.

Access Affordable Loans

Your staff will be able to access affordable fixed rate loans that are built for them. At Thistle Credit Union, we pride ourselves on being a fair and ethical lender and ensure the financial wellbeing of our members at all times.

Save as You Borrow

With regular contributions included in each repayment plan, you can get a head start on your savings pot.

Improved Wellbeing

Improved financial wellbeing leads to reduced stress; contributing to better mental and physical health and therefore reduced staff absenteeism, improved productivity and less workplace conflicts.

Exclusive Borrowing Rates

As members of the payroll savers programme, your employees will receive access to exclusive borrowing rates.

Range

You can apply for a loan between the value of £500 and £15,000.

Rates

Contact our friendly and experienced team for more information about our exclusive borrowing rates.

Repayments

You can choose repayment terms between 3 months and 60 months.

Why Choose Thistle Credit Union?

Part Owner with Full Control

Your voice matters and as a part owner, have a say in how we operate.

Simplified Savings Solutions

Easy deposits with standing order, card payment and direct debit.

Borrowing Built for You

Our member focused, affordable loans are designed with you in mind.

Life Protection Included

Enjoy peace of mind with an extra level of financial security for your loved ones.

Banking at Your Fingertips

Manage your Thistle Credit Union account on our free mobile banking app.

Safe and Secure Savings

Your hard earned savings are protected under The FSCS.

Exceptional Member Service

Customer service that goes above and beyond, tailored to your needs.

Share in Our Success

Earn dividends on your savings whenever Thistle Credit Union turns a profit.

Community of Support

Join a community that values providing mutual aid and support to local people.

Financial Regulation

The Financial Conduct Authority

Thistle Credit Union is authorised and regulated by The Financial Conduct Authority (FCA) which is the official regulatory body for the financial services industry. They enable a fair and thriving financial services market for the good of consumers and the economy by setting the standard for firms to meet and holding them to account if they don’t. Firm reference number 213669.

The Financial Services Compensation Scheme

Thistle Credit Union are members of The Financial Services Compensation Scheme (FSCS), providing savings protection up to £120,000. The FSCS is free to consumers, meaning if Thistle Credit Union was to go out of business, your staff will receive their money back (T&Cs apply).

What Our Partners Have to Say...

My transactions with Thistle since my account inception have been very seamless. Interactions with staff in-person and on phone have been very warm, welcoming and helpful. I would definitely recommend Thistle Credit Union.

Flawless process for loan application and staff were amazing. Took a huge worry of my mind. Highly recommend.

Polite, helpful and knowledgeable staff. Queries are answered in a professional manner. Easy enough to contact staff and the mobile app is very good. I use this a lot of the time to keep track of savings and any loan repayments.

Let's Get Started

Frequently Asked Questions

Do members have to give notice to withdraw money?

No, we only require five days’ notice if a members wants to withdraw more than £1,000 in cash. Most BACS transfers can be completed same day.

How do members pay into their savings accounts?

Our payroll savers programme ensures that savings contributions are deducted from a member’s pay check before they receive it. Members can also save through standing order, direct debit, cash or cheque by accessing their account online, on our mobile app or in one of our six branches across the West of Scotland.

Is there a minimum savings contribution?

No, at Thistle Credit Union we empower our members to save, no matter how little, to help build an emergency fund. However, we require members to have a minimum of £10 in their savings account to keep it open.

How much can a member borrow?

Members can borrow up to £15,000 depending on savings but the Board of Directors can sanction larger loans in an extreme circumstance.

Does it cost the employer anything?

No, Thistle Credit Union provides this service to your business without charge.

Is it a lot of work for our staff?

All enquiries are managed by the Thistle Credit Union team. You’re responsible for a single monthly data exchange and BACS transfer.

Can members access their account online?

Yes, members of Thistle Credit Union can either manage their account on our free and secure mobile banking app or on our secure member section on our website.

Is the money safe?

Savings held with Thistle Credit Union are protected under The Financial Services Compensation Scheme up to the value of £120,000.

How much interest is paid on savings?

Instead of paying interest, we pay a dividend. This can vary from year to year depending on our turnover.

Do you use credit reference agencies?

Yes, but past difficulty repaying loans will not prevent applicants from borrowing from us. We may use a credit reference agency to verify ID and address.