Why it makes sense to payroll

At London Mutual, you can have loan repayments or savings taken directly from your salary. Here’s how it works, and why it's a great reason to join us.

At London Mutual, you can have loan repayments or savings taken directly from your salary. Here’s how it works, and why it’s a great reason to join us.

Let’s face it – few of us have loads of time to spend thinking about money. Our average member is a high-pressured job in the forces, for their local council or in the NHS. On top of serving the public, you can usually factor in childcare and caring commitments too.

With time and money often in short supply, our members aren’t exactly the kind of people who ‘do it for the money’. But as a credit union, we’re in the business of making it easy for them to look after theirs.

We were set up by council staff in 1982 as the Southwark Council Employees Credit Union. And from the start, payroll deduction has been a key thing that makes us different.

How payroll deduction works

From the start, council employees have been able to arrange to have savings or loan payments deducted from their wages. When they get paid each month, the money goes straight into their credit union account and appears on their payslip.

The result? No stress for our members, because they know their loan repayments or savings are taken care of (and that there’s no risk of spending it first!). For us, it means greater security, which is one reason why our loan rates are so low. And for employers, it means happy employees without money worries or problem debt.

We were the first credit union to offer this service, working with Southwark Council. We’re now proud to work with over 25 local employers, including Camden and Lambeth Councils and the NHS.


Check out our list of our 25+ local employer partnerships

As a result, thousands of their employees now regularly save with us. They’re able to borrow ethically from us too – often at better rates than a credit card or overdraft. Either way, our members can relax after a busy day, knowing that they’ve taken care of their savings or loan repayments, straight from their wages.

So if you work for one of the 25+ local employers who we already work with, then it’s time to discover an easier way to do money by becoming a member.

And if you’re an employer and want to know more about working together, get in touch – we’d love to have a chat.

Ben West

As Head of Business Development, Ben is responsible for promoting our membership and services, improving customer experience, and developing our links with employers and community organisations

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