UCL launches staff saving scheme via credit union partnership

All UCL staff will be able to join the credit union and designate a portion of their salary to be deducted and transferred directly to their own savings account. Regular saving via payroll in this way is recognised as a positive way to encourage greater financial sustainability. This will allow staff to save money and importantly, in turn, support the credit union in its broader mission to provide more ethical forms of credit for those living or working in London.

The credit union is a not-for-profit savings and loans co-operative dedicated to promoting saving rather than borrowing. It also provides low-cost loans at times of need. By reinvesting any surplus within the organisation and its members, the credit union helps to build community wealth across London.

This salary savings scheme offers UCL's staff a chance to access and support an ethical form of saving provision which will also make a difference to others. The scheme will enable the credit union to expand its work helping low income households escape from debt. UCL employees can join the scheme here. In the same way as other financial institutions, members’ savings are protected (up to a £85,000) by the Financial Services Compensation Scheme. All enquiries about the scheme should be directed to London Capital who will be able to assist.