One of the largest, and most successful credit unions in the UK is right here in Northampton.
Commsave, the not-for-profit credit union, has more than 35,000 members UK-wide and is now expanding its reach in Northamptonshire to work with and support more local companies and organisations than ever before.
Nearly everyone these days is experiencing upheaval with their finances, so helping employees afford life is also a great way of helping them be productive in the workplace.
Figures suggest that 77% of all employees in the UK say that they have spent time at work worrying about their finances. Credit unions are not-for-profit organisations and so offer working people competitive interest rates on savings, as well as providing lending options that can steer borrowers away from spiralling payday loans.
As well as reducing stress and, therefore, potential stress-related absenteeism, credit unions encourage good saving habits, gradually changing people’s behaviour and helping them build better financial resilience. Commsave is one of the largest, and most successful credit unions in the UK.
For an employer, becoming a Commsave Payroll Partner shows staff that the company cares and that there are ways to improve their financial wellbeing – simply and practically.
So, what are the benefits?
Payroll Partners: as part of an employee benefits package, firms can partner with Commsave to set up a payroll deduction scheme, empowering employees to save straight from their pay packet. This ensures that saving becomes the first thing they do each month, not the last.
Savings: once an organisation partners with Commsave, all employees who sign up for the payroll scheme automatically become a Commsave Member. This means they can access all products and services, including a Regular Savings Account.
Loans: most people will need to borrow at some point in their lives and Commsave are all about doing this safely and affordably. Contributions come straight from pay – another way businesses can support their staff.
Business Development Manager, James Richards, said:
“Look after your employees and they will look after your customers. Nearly everyone these days is experiencing upheaval with their finances, so helping them afford life is also a great way of helping them be productive in the workplace. Partnering with Commsave demonstrates to your staff that you care and that you can improve their financial wellbeing – simply and practically.”
Financial inclusivity is at the heart of everything Commsave does, meaning that savers can always expect to be treated fairly and get access to the best value products available to suit their own individual needs.
As a credit union, Commsave is owned exclusively by its members – not private shareholders, unlike many high street banks. This means profits are retained within the business, enabling members to benefit from a competitive return on their savings.
Worries about money can start to affect performance at work and, with things the way they are, it can quickly become a big problem. For employers, enrolling their staff onto a Commsave savings plan could help to put them on the path to financial wellbeing and enable them to develop positive habits for the future.
In addition, Commsave’s online portal CURight, is dedicated to supporting people with their finances. This portal includes budget planning tools, calculators for mortgages and loans, and a bank of free resources on everything from the cost-of-living crisis and costs of home working to insurance options, savings tips, debt management, stamp duty, and much more.
Visit www.commsave.co.uk/partners to find out more about the employee benefits package, download Commsave’s Employee Benefits brochure, sign up to the newsletter to keep abreast of business news, and complete a Payroll Partner Enquiry form.
The Commsave CURight portal is available at curight.co.uk