Transave UK Credit Union

Looking for a loan? Have you tried Transave UK Credit Union?

The Sheffield College partners with Transave UK giving staff access to the best savings and loan accounts.

Transave UK helps local employers bring the best offers and incentives to employees, beating what is available through High Street Banks. At The Sheffield College this includes exceptional payroll deduction options for savings and loans.

Stop worrying & start saving!

The Sheffield College can bring to you some amazing payroll deduction options for savings and loans with numerous benefits from signing up:

• Avoid getting into debt from high cost lenders

• Access preferential rates on loans

• Reduce financial stress and improve general well-being for A Better You

• Consolidate debts into one affordable payment

• Improve your financial health and allow you to plan ahead

You can make savings contributions taken directly from your salary. By making savings straight from your salary you could regularly save as little as £1 a month. These savings also pay an annual dividend of around 2%.

Making savings straight from your salary is also an easy way to save due to the minimal effort of having the payments taken without even thinking about it.

Any profits made by Transave UK are returned to members through a yearly dividend. Over recent years, the dividend has averaged out a return on savings of around 2-3% and is expected to remain at this level for the foreseeable future.

Key Questions!

For further answers please contact Transave UK or the HR Payroll Team

What is a Credit Union?

A credit union is a group of people who save and borrow from each other and who are joined by a "common bond"

What happens when or if I leave my employment?

You can remain a member of Transave UK if you transfer to another Transave UK partner company OR you set up a Direct Debit/Standing Order to continue payments to Transave UK.

How safe is my money?

Any savings up to £85,000 are covered by the UK Government's Financial Services Compensation Scheme

Am I eligible for a loan?

In order to be eligible for a loan, you must meet the following criteria (this is subject to change):

• You must have been saving for at least 4 weeks

• You can borrow 2.5 times your savings

• E.g. £400 of savings will allow you to borrow a £1,000 loan.

Can members of my family join Transave UK?

They can but they must live at the same address as you. Proof of I.D will be required in all applications. E.g.:

• Birth Certificate

• Utility Bill

• Passport

• Driving License