Salary savings & loans are offered to employees of partner organisations as a staff benefit. This enables employees to save and access affordable loans.
We understand that is can be really hard to save. Pay day can be save-day with the Derbyshire Community Bank Salary Savings Scheme. This is a free employee benefit that makes it easy to build regular savings straight from your wages, helping to support your financial wellbeing & give you peace of mind.
If you’re an employee with one of our Salary Saver Partner employers, then it couldn’t be easier to start saving.
Step one, firstly, join DCBank as a member,
Step two, contact your payroll department to arrange for your savings to be deducted from your salary. You will see an extra line on your payslip ‘credit union’ with the amount you have agreed to save.
Not sure how much to save? We recommend to start small to be sure it is affordable and allow your savings to grow. £40 is a good place to start, that’s £480 over 12months. Or £12 monthly if that feels too much, that’s still £144, a great start to your emergency fund, or save for something special.
All you need to do is join DCBank as a member, then let your payroll department know how much you’d like to save each month. The money is deducted straight from your wages and paid directly into your Derbyshire Community Bank account on pay day.
Is your employer not listed above? Contact your Employee Wellbeing Team and send them this link to our Salary Saver for Employers webpage or complete our Enquiry Form and we’ll get in touch to get things started.
Plus, we save our best loan rates for our Salary Savers. Help spread the cost of home improvements, vehicle purchase, a special holiday, consolidate more expensive debts or something else. Loan repayments are easy; they are added to your Salary Saver on your payslip. You’ll see a single amount on your payslip for your loan repayment including your savings. Your information is confidential, we don’t disclose details about your loan to your employer.
| Loan amount | up to £1,000 | £1,000 – £4,999 | £5,000 – £7,500 |
| interest rate | 24% (26.8% APR) | 18% (19.6%APR) | 12% (12.68%APR) |
| Loan period | 6-12 months | 6months – 5 years | up to 5 years |
All our borrowers save at least £12/ month as part of the loan agreement in a Holding Saver account; the simple way to grow your savings. Loans are secured against Holding Saver until the Holding Saver balance exceeds the loan balance.
First loan is repaid in full. Subsequent loans may be topped-up when one third of the loan balance has been paid, subject to affordability and credit checks. Maximum 3 top-ups in a rolling 12 month period.
There are no loan application fees and no early repayment fees.
