Simple Saving Through Payroll Deduction
Here at First Scottish, we encourage our members to save whatever and whenever they can. When dealing with life’s twists and turns, we believe its vital to be financially prepared. But finding the time to save can be tricky and feel like a low priority when you’re busy, that’s why we set up Payroll Deduction – to make saving simple, straightforward and free from hassle.
Through Payroll Deduction, your savings (whether its £1 or £1,000) are deducted from your salary each month and go straight into your savings account with us, where we’ll keep it safe and sound until you need it. Like a bank, your money is protected by The Financial Conduct Authority up to £85,000, meaning you can sleep soundly at night knowing your hard-earned savings are secure with us.
Unfortunately, Payroll Deduction is only available to employees of Scottish-based universities and Higher Education Institutes. For graduates, family members and students (who wish to save) payments can be made monthly through Standing Order. Which, if you ask us, is still pretty easy.
What You Need To Know
- Your money’s protected up to £85,000 by The Financial Conduct Authority. You can find out more about this on their website.
- You can withdraw your savings at any time through the Members’ Area (exclusions apply).
- If you save through Payroll Deduction, you can contact us at any time to discuss changing the amount you save per month. If you save by Standing Order, you can change the amount you save through your bank (please note, the ability to decrease the amount you save is dependant on whether you currently have a loan with us).
- The maximum amount you can have deposited with the Credit Union is £27,500 across all accounts under present FCA regulations.
- For deposits over £5,000, or transactions totalling over £10,000 in a 12-month period, members will be required to demonstrate the source of funds in writing as required by Money Laundering regulations.