Salary Deduction Scheme
Necessary and Important Perks for Your Employees
Give your employees attractive and beneficial rewards and benefits. An employee savings and loan scheme through payroll deduction is an attractive and convenient method to provide your employee the chance to build financial stability.
If your business operates within our common bond areas, we are your local credit union.
FREE service
Partnership with CLEVR Money has no costs to employers and no membership cost to employees.
Contact us to learn more about how the scheme benefits everyone;
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Members' savings are protected by the FSCS
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The scheme can improve employees' financial resilience
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Promote responsible saving and affordable credit
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Increase your organisation's social responsibility.
How much admin work is involved?
Your payroll team will receive a worksheet listing any new deductions, or changes to existing deductions, to be processed.
The payroll team process the deductions, pay the balance to CLEVR Moneys bank account and email a remittance to us. We process the distribution to the staff members individual accounts internally.
The payroll team will process the deduction on the pay slip, same as they process the payments for taxes. It is easy processing since it can be automated with the company's internal payroll software.
How it works
CLEVR Money manages the payroll scheme internally, with full liability. Our team manages the process of payroll changes, withdrawal requests and loan applications.
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Payment deducted directly from salary
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Online banking account management
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Saver accounts options available
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Priority access to our lending team
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Access to affordable loans with no set up fees or early repayment penalty.
Money worries impact staff focus, which affects their performance at work.
Our payroll scheme helps reduce the number of requests for salary advances and employees using loans with high interest rates.
Staff Membership
Employees that enroll onto the Payroll Deduction Scheme will automatically become members of CLEVR Money, and their savings can be withdrawn upon demand.
Our primary objective is to promote sound financial management by encouraging responsible savings and giving access to affordable credit.
Over time, members savings can build up and end the cycle of borrowing. It becomes a lifestyle.
Partner services
Promotional Materials
We'll provide promotional materials in a format suitable for your business and can provide additional material promoting financial healthy habits, budgeting, tackling the cost of living and more.
Visits
We offer visits to our partners to introduce the service and answer questions.
All visits are pre-planned. Regular visits can be arranged.
Online Communication
We are happy to offer online sessions to employees upon request.
Partnership request form
Important Findings Support Payroll Deduction Schemes
Deduction Lending:
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97% satisfied or very satisfied
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7 of 10 agrees this type of lending helped them save more regularly
Victims of illegal money lending:
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62% income under £20,000pa
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48% living in social housing
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66% have other legal debts
"People who enjoy good financial wellbeing are more productive at work. If they are not, employers suffer too. "
“We are proud that many of Preston City Council’s workforce have signed up to save regularly with CLEVR Money credit union, a not-for-profit savings and loans co-operative. Not only do we want credit union membership to grow internally we actively promote CLEVR with many of our partners and to the wider community.
“CLEVR Money promotes sound financial management by encouraging responsible savings and giving access to affordable low-cost credit.
“This form of banking is particularly important as we go forward through the cost of living crisis and so we are very glad our staff are able to support the co-operative in this way.”
Councillor Matthew Brown, Leader of Preston City Council
Our Payroll Scheme Partners
