Credit Union savings and loans for Transport for London Staff
London Mutual works in partnership with Transport for London to make it simple for TfL staff to build savings and to borrow, with salary-deducted savings and affordable loans.
Example: £5,500 borrowed over 36 months. 12.68% APR. Total repayable: £6,576.43
A New Staff Benefit That Supports Financial Well‑being
Transport for London has partnered with London Mutual Credit Union to make salary-deducted savings and loans available to all its employees as an optional employee benefit.
By choosing to join the credit union, you’ll get a savings account and be able to set aside a portion of your salary each month. And for the times when you need to borrow, the credit union offers low rates and fair terms.
As a TfL employee, your savings or loan repayments will be deducted directly from your payslip each month, making it easy to manage.
Each month before you receive pay in the bank it’s gone, so you don’t even miss it. Would highly recommend to anyone.
What is a Credit Union?
Credit Unions are not-for-profit financial co-operatives, owned by, and run for, their members, based on the ideal of ‘people helping people’.
All UK credit unions are regulated by the Prudential Regulation Authority and the Financial Conduct Authority, and as members of the Financial Services Compensation Scheme, your money is protected.
A Credit Union
London Mutual is based in South London. Founded in 1982, it has over 35,000 members across local government, health, education and the armed forces.
Working for You
The credit union exists to help everyone in our community get into financial shape—not to make a profit. So you can trust us to act in your best interests.
As a credit union member, you can arrange to deduct a regular amount from your pay, making it easy to build savings or make repayments without hassle.
Every penny the credit union makes is paid back to members as a dividend, used to support community work, or reinvested in our services.
Fully Licensed and Protected
Eligible customer deposits with London Mutual Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits that customers hold above the £85,000 limit are not covered.
How it works
Any Transport for London employee can join online and begin saving or apply for a loan at any time.
Become a member online
You can join online at any time. As part of the joining process, we’ll ask for your payroll number, which will be used to identify you.
Save or apply for a loan
When you sign up, you’ll be able to choose how much to save each month. Need a loan now? You can apply at the same time as you join.
After some standard ID checks, you’ll get a membership pack in 7-10 days. You’ll also receive your membership number, which you can use to access your money via our mobile and online apps.
We'll Do the Rest
We’ll pass your name and payroll number to Transport for London’s payroll team, letting them know how much you’d like to have deducted each month. No details are shared with anyone else.
On Pay Day
Your savings or loan repayment will be deducted at the same time as tax and NI. The money will appear in your credit union account a few days later. You’ll receive the rest of your salary as normal.
Accessing your Money
You can check your savings balance and withdraw it at any time using our mobile or web app. If you have a loan with us, anything saved in your Membership Account will be held until your loan is fully repaid.
Credit Union Member Benefits
As a member of the credit union, you’ll be able to apply for any of our salary-deducted savings and loans.
Start putting away some of your salary each month for a rainy day, or towards your long-term financial goals. Save as much as you can afford, and watch it grow. Salary deduction makes it effortless.
Borrow anything from £100 to £25,000, at rates from 4.5% APR. Our personalised decision process means you’ve got the best possible chance of us saying ‘yes’, with convenient repayments from your salary.
Commodo gives you the benefits of a credit limit (up to £2,000, 19.6% APR) and a contactless MasterCard, but without the hassle or pitfalls of a credit card. There’s one fixed monthly salary-deducted repayment.
With Salaryflex, you get access to an overdraft of up to £2,000 (19.6% APR), in return for agreeing to set up a monthly salary deduction into your credit union account.
Good to know
How do I get started?
If you work for TfL, you can become a member and begin saving or borrowing immediately.
Apply online and select Transport for London from the list of employers when asked. Don’t forget to complete the payroll deduction part of the application and the amount you want to be deducted & saved every month. We will arrange the rest with TfL.
Who is eligible to join?
Credit union membership is now open to all Transport for London staff, regardless of their live and work location.
If you receive a regular salary from TfL, you can join and take advantage of salary deduction to save or borrow. If you are employed by TfL but only work occasionally or receive a TfL pension, you are also eligible to join but will need to set up a direct debit with us.
What are the advantages of salary deduction?
Saving or repaying your loan via salary deduction means you don’t even have to think about it—the money is deducted and put into your credit union account on payday. This keeps things easy for you, as it means there’s no risk of overspending before you’ve had the chance to put some money aside to save or of missing a loan repayment.
This also helps keep costs down, allowing us to pass savings onto you in the form of better rates and more generous lending criteria than would otherwise be possible.
What happens if I change employers?
If you move jobs while being a London Mutual Credit Union member, you can keep your account with us. If your new employer does not offer payroll deduction, you’ll still be able to save regularly or make your loan repayments via direct debit- just let us know.