Payroll saving is where you choose an amount to be paid directly into your credit union savings account each payday, and your employer transfers the money automatically on your behalf.
Lots of our Members tell us that payroll saving is an easy way to save and that they now have decent savings for the first time as a result.
Many people plan to save money at the end of the month, but oftentimes they spend the money they have and there's nothing left to save at the end of the month. Payroll saving puts the money aside and so you don't get it given to you directly. What you don't have, you don't spend!
Remember, the money is still yours and still accessible, so if you need to access it during the month then you can - quickly and easily.
Also, if you need to access a low cost, affordable loan for a holiday, home improvements or something else because you don't quite have enough in savings, it's quick and easy for you to access our loans at reduced rates because of your savings with us.
Employers
Payroll savings are available to employees of certain employers in Fife. The employer needs to sign up as a payroll partner to allow their staff to save through payroll. There's no cost to an employer and this is a great benefit to offer their employees.
Payroll partners range from large employers (like Fife Council and Fife College) through to small, local charities with a handful of employees.
If you're an employee and want to find out if your employer is a payroll partner, you can contact your HR department or whoever does your payroll, or contact us here at KCB.
If you're an employer and interested in how you can offer a free, employee benefit that is community-owned here in Fife, just contact us.