Serve and Protect Credit Union is a not-for-profit organisation that offers a convenient way for our colleagues to save through salary deductions. They also offer a borrowing option, serving as an ethical alternative to other lenders.

Benefits of joining include a fixed saver account, which offers a guaranteed return of 5% AER. Savings are directly used to provide loans to help fellow members.

Take a look at the FAQs below and all the information is on the Workforce Benefits Service intranet pages. 

FAQs and how to join

What is a credit union?

Credit unions are financial organisations that operate on a not-for-profit basis, setting them apart from banks and other mainstream companies.

Is there a cost to join?

You can become a member of Serve and Protect Credit Union for free. If you are just saving, you can also cancel for free at any time.

How does salary deduction work?

Whether you are saving or borrowing, it will be deducted from your salary and will appear on your payslip. Please note, if you are on a part-time or voluntary contract, the credit union may ask you to set up a direct debit instead.

Do my savings get deducted before tax?

When you save monthly with deductions from your salary, these deductions are taken after taxes have been deducted.

How can I join the credit union?

Colleagues can find our more and join through the website: https://serveandprotectcu.co.uk/save/regular-saver-accounts/

Limited-time Fixed Saver account, offering a guaranteed return of 5% AER. You must join Serve and Protect and apply by Friday, 26th January.

• Serve and Protect Credit Union’s Fixed Saver account allows you to deposit from £1,000 up to £10,000, with a guaranteed return of 5% AER over a term of 12 months.
• Your savings with Serve and Protect Credit Union are also protected by the Financial Services Compensation Scheme, covering you up to £85,000.*

It’s available on a first-come-first-served basis. The product is available throughout January and just requires you to complete a simple application online.  

Please Note: If you are not already a member of Serve and Protect, you can still apply, but you will have to do so by the 26th of January 2024.

To apply or learn more about the Fixed Saver, visit: https://serveandprotectcu.co.uk/save/fixed-saver/