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Offer a new kind of employee benefit

Provide CLEVR Money services for your employees, free of charge

Join the many UK employers already offering staff a payroll deduction savings and loans scheme.

Our primary objective is to promote sound financial management by encouraging
responsible savings and giving access to affordable, low cost credit. Our loans require that
members save (a minimum of £10 per month) alongside their loan repayment.

Over time, members savings can build up and end the cycle of borrowing.

Employees that enrol onto the Payroll Deduction Scheme will automatically become a member of CLEVR Money, and their savings can be withdrawn upon demand. Any member can then apply for low cost and flexible loans.

All services are managed directly by us and we accept full liability for the operation of the scheme.

All enquiries are dealt with by us, payroll changes, withdrawal requests and loan
applications are made through our office.

 

  • Promote responsible saving and affordable credit amongst staff
  • Reduce absenteeism, sickness and staff turnover
  • Increase your corporate social responsibility

We take all responsibility for the operation of the scheme, with the employer just facilitating monthly deductions from salary and promoting the scheme to employees.

All contacts and queries are dealt with by us, making it administratively simple for employers. So what is involved?

  1. Contact us to discuss your company and see if we are able to offer our services to your employees.
  2. You provide us with contact details for the department responsible for payroll
    deduction and payments.
  3. When an employee applies for membership with CLEVR Money they will be given the option to save via payroll deduction. Should they wish to do so, we will obtain authorisation from the employee for deductions from their salary.
  4. We will notify you of any changes to the deductions on the agreed cut-off date.
  5. You will provide CLEVR Money with a spreadsheet listing all deductions
    taken during the pay period within 5 days of deduction.
  6. You will transfer the full value of the deductions to CLEVR Moneys bank
    account within 5 days of deduction.
  7. The deduction is made after tax and should appear on the payslip as ‘Credit Union’ with no cumulative figure shown to avoid confusion over savings balances.
  8. We will allocate the deductions to the employees savings accounts within 1 working day of receiving your payment and remittance.

A clear distinction is made between the employer and the Payroll Partner savings scheme

All services are managed directly by CLEVR Money and we accept full responsibility for the operation of the scheme.

Changes to any payroll deduction should not be made directly from the employee to
the employer.

All enquiries from employees relating to their accounts should be referred directly to us.

What we can offer

  • Savings payments deducted directly from salary
  • Christmas Saver accounts
  • Access to manage your account online
  • Low cost loans, no set up fee, no early repayment penalty, and repayment periods to suit the employee.

Councils

  • Blackpool Council
  • Fylde Borough Council
  • Preston City Council
  • Wyre Borough Council

Education

  • Aspire Academy
  • Baines Endowed C Of E Primary School
  • Blackpool & Fylde College
  • Christ The King Catholic Academy
  • Devonshire Academy
  • Hawes Side Academy
  • Highfield Leadership Academy
  • Marton Primary Academy and Nursery
  • South Shore Academy
  • St Georges School
  • St Marys Catholic Academy
  • Thames Primary Academy
  • Training2000
  • UCLan
  • Unity Academy Blackpool

Food

  • Bidfresh Ltd
  • Campbell Brothers Meat
  • Direct Seafoods Colchester
  • Kingfisher Brixham
  • Neve
  • Taylor Foods

Healthcare

  • Atlas BFW Management
  • Bloomfield Medical Centre
  • FCMS
  • GP Led Health Care
  • Lancashire & South Cumbria NHS Foundation Trust
  • PDS Medical
  • Trinity
  • Victoria Hospital Trust

Housing

  • Blackpool Coastal Housing
  • Blackpool Housing Company
  • Great Places Housing Group
  • Preston Community Gateway
  • Progress Housing Association
  • Progress Housing Group
  • Regenda Group

Other

  • 1 HomeCare
  • BIU
  • Danbro
  • Empowerment
  • N Vision
  • One Fylde
  • Renaissance-UK
  • Slater Gordon Solutions
  • YMCA Fylde Coast

What is the process of becoming a partner?

If you would like to become a payroll partner with CLEVR Money, please contact us via phone or email to discuss your company and the application process in detail.

Does it cost the employer anything?

No. CLEVR Money provides this service to your business without charge.

Does it cost our employees anything?

Apart from interest on any loans, there are no other compulsory fees or charges for an active credit union savings/loans account.

Is it a lot of work for our payroll staff?

All enquiries of any kind at all are dealt with by CLEVR Money. The employer need not be involved in anything but a single monthly exchange of data and BACS funds transfer.

Can members access their account online?

Yes, members can register for online access at our website www.clevr.money

People can check balances, request withdrawals and apply for loans online. We also provide telephone, email access and have a well located accessible office for personal enquiries.

Is the money safe?

Savings are protected by the Financial Services Compensation Scheme, currently up to £85,000 per person.

What rate of interest do you charge on your ‘personal loans’?

Our interest rates are regularly reviewed to ensure we can offer rates competitive not only with payday and doorstep lenders, but rates that can beat the high street banks.

How much interest do you pay on savings?

The credit union is a members’ co-operative run on a not-for-profit basis. Once operating costs have been covered, any excess income can be paid back to saving members in the form of an annual dividend, approved by members at the Annual General Meeting.

WE PAY NO INTEREST ON YOUR SAVINGS AND PAST DIVIDENDS ARE NOT A GUARANTEE THAT THERE WILL BE *ANY* FUTURE DIVIDEND.

Do members have to give notice to withdraw money?

No. We can transfer savings to the member’s bank account by BACS. BACS to a member’s bank account takes 2-3 working days.

How do people pay into the  savings accounts?

Many employers allow staff to save directly from salary. Members can also pay by standing order, by direct debit or by benefit. The minimum savings amount is £10 per month, unless the member has a loan.

How much can a member borrow?

We currently offer loans of up to £15,000 but all loans are considered based on affordability. The loan sum may be greater if the applicant has already saved with us or has borrowed from us previously.

When can someone borrow?

Members can apply to borrow at any time but larger sums may only be available to those whose employers are in our payroll deduction scheme.

Do you use credit reference agencies?

We use a Credit Reference Agency to confirm ID and address. We carry out a credit check on all loan applications however we are often able to assist those who may be refused by, or offered a higher rate by the high street banks.

Is CLEVR Money regulated

We are authorised and regulated by the Financial Conduct Authority (FCA) and the
Prudential Regulatory Authority (PRA). The regulations are the same as other banks and
building societies, requiring robust financial systems, training of staff, and internal/external
audit systems. Insurance policies protect members savings from fraud, theft and dishonesty.
Ultimately, the members savings are protected from financial failure by the Financial Services Compensation Scheme.

Employers looking to provide CLEVR Money services to their staff as a free of charge benefit, should email CLEVR Money on hello@clevr.money to discuss becoming a payroll partner or call our Business Development Manager Anthony on 01253 478886 for an informal chat.

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