We’re excited to be teaming up with a globally-recognised London brand, and couldn’t be happier to welcome TfL as our newest employer partner.
Under the new scheme, all Transport for London employee, including Tube drivers, station staff and support staff are now eligible to join London Mutual and to have savings and loan repayments automatically deducted directly from their pay. The scheme is offered to staff as an employee benefit, and participation is entirely optional.
Amid the cost of living squeeze, many organisations are partnering with local credit unions as a way of encouraging their staff to get into the savings habit and to borrow responsibly. Independent analysis by the Financial Inclusion Centre found that if households build up £1,000 in accessible savings, this could reduce their chances of being in debt by 44 percent. The same report found that salary-deducted savings schemes were an effective way for employers to foster a culture of saving among their staff.
Staff Benefits
Any TfL employee who becomes a member with us will have access to a current account and savings account. The staff perks of joining us include:
- The ability to have money from your salary transferred directly into your savings account each month
- The ability to re-pay loans and overdrafts via salary deduction
“In our 40th year, we are delighted to be able to welcome TfL employees as members of our credit union. As a member-owned financial institution, we already serve thousands of people working in healthcare, education, local government and the armed forces. Supporting those who keep our city on the move is an exciting next step in our ambition to be a community bank for all Londoners.”
Lakshman Chandrasekera, CEO, London Mutual Credit Union
