Moneyworks Wales

How does it work?

Moneyworks schemes allow staff to save and/ or make loan repayments via a payroll deduction made by the employer from salary and transferred directly to the credit union each month. These schemes are easy to set up and cost the employer nothing, while providing a great employee benefit. It doesn’t matter how large or small the employer is.

Employee Benefits

• Competitive savings rates
• Savings protected by the Financial Services Compensation Scheme
• Access to affordable credit if needed
• Making saving regularly an easy habit with deductions made directly from salary
• Free life insurance (terms and conditions apply)
• Supporting our local economy and communities by saving and borrowing with us

Employer Benefits

• No fee charged to employer partners for our service
• Straightforward to set up and administer
• Improves employee financial resilience and alleviates financial stress by encouraging a savings culture
• Reduces sickness absence and increases staff productivity through alleviated financial pressures
• Demonstrates corporate social responsibility by supporting the local economy and community projects
• A free employee perk to support recruitment and retention!

What our Employer Partners say:

Robin Jones, Head of Pay and Reward, Welsh Government:

“The promotion of credit union membership through payroll deduction for public sector employees is a key objective of the Welsh Government. As such, the Welsh Government offers employees an opportunity to pay into their credit union account through payroll deduction. Payroll deduction is simple and straight forward to set up, requiring no more than the setting up of a new deduction pay code and a new third party payment. The whole process takes minimal time and effort and it allows our employees to benefit from having a safe place to put their savings and apply for a loan at a reasonable, affordable and competitive rate of interest.

Manager, Cardiff Bus:

“Cardiff Bus has been working with Cardiff & Vale Credit Union for almost ten years, and around a third of our workforce uses their services. The administration of their schemes is very straightforward and through visits to our site they make it even easier for our employees to access their services.”