BEESMART FAQs

With our BEESMART Payroll scheme you have a set amount taken from your salary and transferred directly into your account with the Credit Union. You decide how much you would like to save and you can make changes by clicking here.

It is not a salary sacrifice scheme (where you do not pay tax and national insurance on payments taken from your salary).

No. Your Payroll department will only ever know the total amount of your deduction. Any enquiries, payroll deduction changes or loan applications can be made directly to us.

All of the employees of any local organisation that has joined the scheme are eligible for payroll membership. Temporary and casual members of staff can join the credit union if they live or work within our common bond area at the time of joining. Find out more about the employers already signed up here.

No. Members need to keep a minimum of £3 savings in their account at all times in order to keep it open (£10 if you have a loan outstanding).

Credit unions are covered by the Financial Services Compensation Scheme (FSCS), so your money is covered up to a maximum of £85,000 in the same way as other regulated firms like building societies.

Credit unions also offer Free life savings and loan protection insurance - if you die, your family may receive as much as twice your savings (conditions apply).

Our standard interest rates range from 42.6% APR for very small loans to 8.5% APR for loans above £7,000. Get a quick quote from our loan calculator.

We will beat any personalised quote from other loan providers for loans of £5,000 or over.

Unlike other lenders, our rates are not ‘representative’ and therefore apply to everybody - regardless of your credit history. Interest is only charged on the decreasing balance of the loan and there are no charges for early repayment.

An annual dividend may be paid on savings, although the amount will depend on the type of savings account you hold.

Requests for withdrawals can be made via our App, or our secure online Members Area. Funds are transferred via faster payment and are usually available within 15 minutes.

Please note that if you have taken a loan with us, then some or all of your savings may be tied into the loan until it is repaid, however you can also open a secondary savings account for instant access. Please contact us for more details.

Apply now to become a BEESMART Payroll member and access our loan products, or email the team at BEESMART@manchestercreditunion.co.uk if your employer is not listed.

The Manchester Credit Union BEESMART Payroll scheme is a free service to offer to your employees.

We take responsibility for the lending risk.

Credit unions are covered by the Financial Services Compensation Scheme (FSCS), so money is covered up to a maximum of £85,000 in the same way as other regulated firms like building societies.

A member of our BEESMART Payroll team will contact you to make the process as quick as possible - there is minimal set up or ongoing administration involved.