Tel: 0161 231 5222 Email:

21 August 2017

Frequently Asked Questions - Employees

What is Payroll Deduction?

Payroll deduction is having a set amount taken from your salary and transferred directly into your account with the Credit Union. You decide how much you would like to save, and you can make changes to the deduction amount by visiting this page.

It is NOT a salary sacrifice scheme (where you do not pay tax and national insurance on payments taken from your salary).

Will my employer/payroll department know I have applied for a loan?


You only need to involve your line manager when joining as a member. Any further enquiries, payroll deduction changes or loan applications can be made directly to us.

Who is eligible for Payroll Plus membership?

All of the employees of any local organisation that has joined the scheme are eligible for payroll membership. Temporary and casual members of staff can join the credit union if they live or work within our common bond area at the time of joining. Find out more about the area we cover here

How are you different from a bank?

Like banks, we provide online services for members to check their balance and request loans or withdrawals as well as mobile phone text service as a quick and easy way to check your balance.

Manchester Credit Union differs from banks as we are not for profit and owned by members, not shareholders. Our focus is on providing affordable and accessible savings and loans that will boost the Manchester economy and the financial health of our members.

Are there any membership fees?

Yes – members pay a £3 annual membership fee to cover the administration of the account. Members also need to keep a minimum of £5 savings in your account at all times in order to keep it open.

How safe is my money?

Credit unions are covered by the Financial Services Compensation Scheme (FSCS), so your money is covered up to a maximum of £75,000 in the same way as other regulated firms like building societies.

Credit unions also offer Free life savings and loan protection insurance - if you die, your family may receive as much as twice your savings.

How competitive are your loans?

We will beat any personalised quote from other loan providers for loans of £5,000 or over. Get a quick quote from our loan calculator. Our standard interest rates range from 42.6% APR for very small loans, to 8.5% APR for loans above £7,000.

Unlike other lenders, our rates are not ‘representative’ and therefore apply to everybody - regardless of your credit history. Interest is only charged on the decreasing balance of the loan and there are no charges for early repayment.

What interest will I get on my savings?

An annual dividend may be paid on savings, although the amount will depend on the type of savings account you hold.

How can I get my money out when I need it?

Requests for withdrawals can be made over the telephone or by secure email. Funds are transferred via faster payment into a nominated bank account. This is normally processed the same working day.

Please note that if you have taken a loan with us, then some or all of your savings may be tied into the loan until it is repaid, however you can also open a secondary savings account for instant access. Please contact us for more details.

Apply now to become a Payroll Plus member and access our loan products, or email the team at if your employer is not listed.


Frequently Asked Questions - Employers 

What will it cost?

The Manchester Credit Union Payroll Plus scheme is a free service to offer to your employees.

What is the risk to us as an employer?

We take responsibility for the lending risk.

Credit unions are covered by the Financial Services Compensation Scheme (FSCS), so money is covered up to a maximum of £75,000 in the same way as other regulated firms like building societies.

How much work is involved?

A member of our Payroll Plus team will meet with you to make the process as quick as possible- there is minimal set up or ongoing administration involved.

For any queries you may have or for further information please contact us: 

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Manchester Credit Union Tel: 0161 231 5222 Email:
Authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FRN: 213400