Expected to find Sheffield Credit Union or LASER? You've come to the right place. We're now called South Yorkshire Community Bank. Read more about our name change

Payroll Savings

With payroll deductions before you receive your salary or wages, it couldn't be easier to get into good savings habits!

Join now
Woman in yellow sweater putting coins into a white piggy bank.

What is it?

  • When you join using your payroll information, we automatically set up an Easy Saver account for you.
  • If you’d like to open another of our savings accounts, whether that’s a Christmas Saver, Junior Saver, or 30-Day Notice just let us know.
  • Simply tell us how much you want to save in which account, and we’ll allocate your payroll deduction accordingly.
  • Depending on which accounts you open and the savings you hold in them, you may receive a dividend (subject to approval).
  • You can hold more than one savings account with us, up to a total of £25,000.
  • You can always talk to us about which accounts work best for you.

What our happy members say

“Saving without knowing. I opted in through work, the set up process was easy and fast. Just like Tax and NI, I don’t even notice it’s gone. Unlike Tax and NI, it’s mine and I can withdraw it fast and easily.”

Gemma A

How does it work?

Here’s what you need to do:

  1. Check if your employer offers a payroll scheme with us.
  2. Join as a member, letting us know who you work for. Then email us on payroll@sycb.co.uk to tell us how much you’d like to save.
  3. We’ll set up your deductions with your employer and you’ll see them on your payslip. Your employer may ask you to confirm your agreement to this.
  4. If you have more than one savings account, or a loan as well, we’ll split the amounts for you when we receive it.
Person at a desk with two clipped documents next to two box files, one of which is marked 'Payroll'

Become a member today

What’s different about saving with us?

We’re a not-for-profit organisation. Which means we run our services focused on helping members and our community, not making the biggest profits.

  1. Why do you pay dividend rather than interest?

    Each year, we have costs to run our community bank. Our surplus is what’s left after this.

    We use this surplus to invest in improving services and reward savers with a dividend. So when we do well, you do too.

  2. How much dividend will I get?

    In most years we do make a small surplus.

    We aim to pay dividends equal to the interest rates on building society instant access savings accounts.

    Your dividend is calculated based on your average savings balance over the year. It is paid in the following March.

     

  3. Is my dividend guaranteed?

    Dividends are approved at our Annual General Meeting (AGM), and paid shortly afterwards.

    We can’t guaranteed that a dividend will be approved, and past performance is not a reliable indicator of future results. Read more about the dividends we have paid over the last five years.