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The HICA Group has renewed its partnership with HEY Credit Union to offer its staff peace of mind when it comes to savings.
The Group is always looking at ways to boost its staff benefits and a savings scheme was seen as a benefit to all employees. All HICA staff will be able to join the credit union and designate a portion of their salary to be deducted and transferred directly to their own savings account. Regular saving via payroll in this way is recognised as a positive way to encourage greater financial sustainability. This will allow staff to save money and importantly, in turn, support the credit union in its broader mission to provide more ethical forms of credit for those living or working in Hull.
HICA CEO Terry Peel said: “We wanted to offer staff the option of saving money direct from their salary, but we didn’t want to have to organise it, manage and hold deposits ourselves. HEY Credit Union are the perfect people to facilitate this.
“The attraction of payroll saving is you’re less likely to miss the money when it comes out of your wages automatically, and less likely to dip into the account during the year like you would with a regular bank account.”
This salary savings scheme offers HICA’s staff a chance to access and support an ethical form of saving provision which will also help make a difference to others via the credit union’s other services. The scheme will enable the credit union to expand its work helping low-income households escape from debt. In the same way as other financial institutions, members’ savings are protected (up to a £85,000) by the Financial Services Compensation Scheme.
The credit union is a not-for-profit savings and loans co-operative dedicated to promoting saving rather than borrowing. It also provides low-cost, responsible loans at times of need. By reinvesting any surplus within the organisation and its members, the credit union helps to build community wealth across Hull and East Yorkshire.
Terry continued: “We are delighted to partner with the credit union to provide this service to our staff and am very grateful for how easy and straightforward the Hey team has made the process for us and our staff.”
John Smith, Chief Executive from HEY Credit Union said: “Employers who sign up with the credit union demonstrate a clear commitment to their staff. The HICA Group is supporting their employee’s financial wellbeing via a partnership with a highly regulated yet deeply community-focused local organisation which is proud to put people before profit.” In addition to savings, we also provide responsible loans.”
HEY Credit Union has been providing this much-loved employee benefit for workforces across Humber Region for 20 years, with many colleagues using it to save up for Christmas, their holidays, a family celebration, or even towards their retirement.