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Payroll+ for employees

Payroll + is a payroll deduction scheme that we offer in partnership with local employers that allows their employees to ‘save as they earn’. It’s an easy and hassle free-free way to save and we know that saving directly from salary into a separate savings account is the best way to build a little nest egg.  

As well as encouraging regular savings, Payroll+ membership offers employees the support of their local Community Bank including an Engage Visa Debit Card, Budgeting accounts and the opportunity to access affordable credit, at discounted loan rates. There are no fees with this scheme and all savings are 100% secure, guaranteed by the Government’s FSCS.

How does it work?  

First, check with us that your employer is a Payroll+ Partner.  

Employers sign up to the scheme via their payroll department. Information about the scheme is then publicised to employees, who join the Credit Union by completing a Membership Application form on-line by clicking on the Joining Us tab, or by downloading and completing the Payroll+ Application Form.

When a member joins Payroll+  they also complete a Deduction Form to advise the Credit Union how much they wish to save from their wages and authorise their employer to make the deductions. We send the completed Authorisation form to the employer which allows them to make regular deductions from salary and send the funds direct to the employee’s Credit Union Account.

Rather like a pension payment, the money is deducted ‘at source’ which means that employees get into a regular savings habit. The amount being saved by Payroll+ members can be varied by contacting the Credit Union and access to savings is instantly available on-line or by phone.

Payroll+ members are also entitled to apply for a low interest loan at a preferential rates with repayments again deducted directly from their net pay. In order to protect confidentiality, employee payments to their credit union account are not specified as either savings or loan payments.

Who are we ?

Rugby Credit Union is a not-for-profit Community Bank, available to anyone who lives or works within the County of Warwickshire. We offer flexible savings accounts, on-line banking and affordable loans. We can also help those in our community who struggle to access High Street bank services and our Loans are an ethical alternative to payday lenders, doorstep credit and hire purchase. Our focus is people not profit.

We welcome new Members and it's easy to join using our online webforms or scan and email our Application forms. If you prefer to talk to our friendly staff then phone us or pop into the office on Albert Street in Rugby town centre.

Payroll+ Loans

 Once your Payroll + membership has been set up, loans from £500 to £5000 can be applied for with discounted interest rates, no set up fee, no application fee and no charge for early repayment. Loan repayments are taken direct from salary and we encourage all borrowers to continue to save however modestly.

Once we have accepted your application you will need to agree a repayment plan and provide the necessary authorisation to make repayments direct from salary by completing a new Payroll+ Deduction Form.

All loans are subject to approval and to our normal terms and conditions.

And remember, with a Credit Union all your savings and repayments are recycled into the local community helping others just like you.

Already a member? Want to apply for a loan?


Payroll+ for employers

Your employees’ money worries are affecting your business.

Research shows that 1 in 4 employees are losing sleep over money worries. 59% of employees with money worries say they are not working at their best and this often leads to anxiety and depression.

A large number of working age adults in the UK are vulnerable to financial problems because they have either no savings (26%) or less than £1000 in savings (29%). This means that when an unexpected bill arrives or a family crisis occurs some households are forced to borrow from high cost lenders.

 Credit Unions can take the worry out of money. We encourage regular saving and yet we will also provide affordable loans, even to people with a poor credit history. We turn borrowers into savers. Over 70% continue saving after repaying a Credit Union loan.

 Hundreds of employers and hundreds of thousands of employees in Britain use payroll deduction to save and borrow with a Credit Union. It’s easy to administer, there’s no fees involved and it could be a great benefit to offer your workforce.

 But what’s the catch ?       There is no catch !        

 It’s a win/win/win/win.

The employee benefits from having the strength and support of their local community bank.  

The employer benefits by helping employees manage their money better which reduces absenteeism and increases productivity.

The Credit Union benefits from increased membership and increased funding for loans.

The local Community benefits because all our savings, loans and dividends are recycled locally.

 It’s a fact. Employees who get into a savings habit are less likely to get into problem debt and more likely to perform well at work. Helping your employees manage their money breeds loyalty and helps you retain your best people.   So let’s get started.  

Call our office on 01788 577900 and ask for a Payroll+ pack.

Rugby Credit Union Loans


Looking for an affordable loan?
With competitive interest rates and repayments tailored to suit your circumstances – look no further than a RCU loan.

Rugby Credit Union Savings


Saving with RCU is easy and convenient.
Every member is given a savings account, which you can use to save for whatever you want!

Rugby Credit Union Banking


Check your balance online, in exactly the same way you would with a high street bank. Plus use your Engage Visa Card to make purchases.