Salary deduction
Borrow and save straight from your pay—here’s how.
Juggling your finances isn’t always easy, especially when you’ve got a job that keeps you on your toes.
That’s why we work with local employers to make it a bit easier. Through our payroll schemes, you can arrange to have a portion of your salary deducted each month and put straight into your savings or towards the cost of your loan. No standing orders, direct debits or forgetting to pay, just peace of mind for you.
Who we work with
We’re proud to have relationships with over 30 local employers, across sectors including health, education and local government. If your employer is listed below, we’ll take you through all the steps necessary to arrange a payroll deduction when you become a member or apply for a loan.
If your employer isn’t yet listed, no problem—as long as you qualify, you’ll still be able to access all the benefits of membership including our current accounts, savings and loans products. We’re always looking to expand and work with new employers to offer this service to their staff, so why not ask them to get in touch?
Armed Forces & MOD
NHS, Health & Emergency Services
Local government
Government
House of Lords
Education
Other organisations
Ready to make the most of payroll deduction making it easy to borrow or save?
Good to know
What are the benefits of payroll deduction?
Saving or repaying your loan via payroll deduction means you don’t even have to think about it—the money is deducted and passed to us before it even hits your bank account. This helps to keep our costs down, and provides us with the security and reliability to be able to offer you greater loan amounts at lower rates than would otherwise be possible.
What happens if I change employer?
If you move jobs while being a member of LMCU, you can continue to maintain your account with us. If your new employer does not offer payroll deduction (and it’s worth asking them to consider it), then you’ll still be able to save regularly or make your loan repayments in branch, via direct debit or by standing order.
How do I take advantage of payroll deduction?
If your employer is one of those listed above, then you’ll have the opportunity to let us know when you apply to join London Mutual as a member.
Simply complete the application form online and select your employer’s name from the list provided. 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 do the rest.
I'm an employer and interested in partnering with you
Great! We’re always looking to expand the number of employers we work with. Credit union membership is a great way to promote saving and other good financial habits among your staff. There are no charges from our end, and we’d be happy to take you through the steps needed to set it up with your current payroll provider. Get in touch to get started.