Payroll Deduction Scheme

Payroll Savings and Loans For all permanent employees of companies on our scheme

A convenient way to save and borrow – Make life easier by joining the Payroll Deduction Scheme offered through Northumberland Community Bank - it couldn’t be simpler. Currently schemes are available for the companies listed below. If you would like your company to join our scheme call us on 01670 522 779 or email enquiries@northumberlandcommunitybank.co.uk:

  • Northumberland County Council
  • Bernicia

Savings

An easy way to save - You decide the amount you want to save each month (min. £1) and your payroll department deducts the amount from your salary and sends it direct to us.

Borrowing

Join your Community Bank and you are entitled to apply for a loan with preferential terms. Amounts between £300 and £15,000 are available, repayable between 6 and 60 months.

Interested in a loan? Contact us to discuss your options – we would love to help.

Payroll Scheme Loan Offer

Benefits

  • Simple - We make it easy for you to join as a member
  • Straightforward Application process – there are simple application and credit agreement forms to complete
  • Helps you to budget - Repayments are calculated to keep them affordable
  • Value for Money - No setting up fee or front loading of interest
  • Preferential Low Interest - you will receive a discounted rate
  • No early settlement fees - You can repay the loan early at any time without penalty
  • Convenient - The repayment is deducted from your monthly salary before you receive it so you don’t have to remember to pay us!
  • Savings - at the same time as repaying your loan, you can save a little (or a lot) to put some money aside for a rainy day (or whatever purpose you want), you decide what you can afford (min. £1)

Instant£500 Loan Offer

Northumberland Community Bank (NCB) are offering all staff of companies on our payroll scheme with a permanent contract the opportunity to apply for a £500 loan ahead of Christmas 2018.

To take up this special offer, you need to join NCB as a member and agree to make repayment through the payroll scheme which will also include a small amount of savings e.g. The repayment will be a minimum of £50 per month which will be made up of £44.43 for your loan and £5.57 for your savings.

If you would like to take advantage of the Instant£500 Loan, please send an email confirming you would like to do so, together with the amount you wish to save into your share account and a copy of your latest payslip to enquiries@northumberlandcommunitybank.co.uk.

Benefits

  • Simple membership application with no further loan application required
  • The loan offer is guaranteed
  • Repayments are calculated so that you repay the loan in full after 12 months
  • No setting up fee or front loading of interest
  • You can repay the loan early at any time without penalty
  • The repayment is deducted from your monthly salary before you receive it
  • Preferential Low Interest of 1% per month on the outstanding balance
  • You decide how much you would like to save (there is a minimum of £5.57 as quoted above)

Repayment Example

£50 per month for 12 m = £44.43 towards your loan and £5.57 for savings

Funds will be sent to your nominated bank account after receipt of your completed agreement form.

Typical APR 12.7%

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