Halton Borough Council Salary Saving Scheme
What is it?
The Salary Savings Scheme is a way for you to save via your Halton Borough Council salary. Read below to see why you should sign up to become a Salary Saver.
Habit Forming
The Salary Saving Scheme offers an automatic, simple way for you to save regularly, directly from your payroll. Building Financial Resilience is a habit well worth forming.
Around 34% of people have less than £1,000 in savings, you can boost your savings pot by opening an account with Beacon Savings & Loans.
Set and Forget
Using Payroll deductions enables you to use a set and forget method of saving, which can help you build up your financial safety net and savings pot, without the need to set-up external transfers.
Full of Benefits
Being a member of your local credit union gives you access to other products and services, such as:
- Christmas Savings Club.
- Junior Savers for Children.
- Affordable Loans, up to £15,000.
- Life Cover at no cost to you or your employer.
The Benefits of Saving
Having a savings pot can help reduce stress caused by money worries. Doing this directly from your salary means that you can set and forget. This helps form a positive saving habit.
Did you know?
By joining Beacons Salary Saving Scheme in partnership with Halton Borough Council, you can start saving straight away. Having savings increases your ability to plan for future events and can help reduce a reliance on credit cards and potential high cost debt.
Having a savings pot will reduce your vulnerability to economic shock.
A Mental Health Boost
Having savings can reduce financial stress, as money worries are a major cause of stress, anxiety as well as depression. Just knowing that you have a your savings safety net with Beacon Savings & Loans can bring a warm fuzzy feeling. Knowing that you have the funds available to plan your next purchase.
Financial stress can weaken the immune system and lead to poor health behaviours, worry can have a major impact on your health.
Social Benefits
You might not think it, but having savings can even improve your social life, less arguments over money, knowing that you can take part in an activity with your friends. It also increases your ability to take advantage of opportunities that suddenly appear. Who would have thought, all that can start from starting a savings account.
Access to better credit when you want it
For many, even when saving there may be a time when you may want to borrow some funds. By having a savings pot and reducing a reliance on credit will help improve your credit worthiness, giving you access to better rates. It really is a win-win-win-win.
Why choose Beacon Savings & Loans?
There is a reason that Halton Borough Council have partnered with us for this scheme, it’s because we are an organisation owned by our members for the benefit of our members. When we make a surplus, after any regulatory transfers or strategic investments, we give the money back to our members in the way of a dividend or interest rebate. As a saver you are also an owner, credit unions operate on a one member one vote basis. It doesn’t matter if you have £1.00 or £100,000 in your savings, you have an equal voice in the credit union.
That’s not all, we care about our communities, whether that is donations to worthy causes or volunteering at a local organisation, we are a part of our communities.
At Beacon, we plant a tree for every new member we get, when you join you will be directly responsible for a new tree, somewhere in the world, I think we can all breath a little easier because of that.
Don’t you do loans, too?
We do, we have a pilot scheme specifically for Halton Borough Council. with rates from 10.5%APR, for loans up-to £15,000, we are able to provide ethical loans for lots of people. You can see more at the bottom of this page
Ready to begin your savings journey?
If you wish to join and save, just complete the form below and we will be in touch.
If you are interested in a loan, please scroll towards the bottom of the back and chose check my eligibility, make sure you read all about them first and make sure that it is the right product for you.
How much can I save?
You can save as little at £10 per month or as much as you like. You will be surprised at how quickly your savings build up.
Ready to start your savings journey? Complete the form below and see how fast your savings grow. If you’re looking for a loan, please use the application form further down this page.
HBC Payroll Signup
Complete this form to get your salary saving scheme started
This loan product is for employees of Halton Borough Council Only. To see our other payroll partners, click here.
Check your eligibility
Are you eligible to apply?
For loans up to £15,000, you can apply to have your loan repaid from your Halton Borough Council salary. Employees of Halton Borough Council will be able to take advantage of this loan scheme. Loans up to £15,000 with rates from 10.5%APR to 21.5%APR
With this being a pilot, the loan calculator does not show all rates available. A full explanation is given in the terms and conditions. We show you the highest rate so you know what it will cost, at the most expensive.
Halton Borough Council employees must also agree to save £2.50 per week (£10 per month) whilst repaying their loan.
You are likely to be accepted for a Halton Borough Council Salary Saver Loan, if you….
- are over 18 years old.
- have enough income to cover your loan and minimum £10 per month saving. (An affordability assessment is required via open banking).
- are not currently in an IVA.
- are not currently bankrupt or in a Debt Relief Order.
Key Features.
- You can apply straight away, there is no need to save first.
- Affordable payments over a term of up to 5 years (60 months).
- Simple repayments, deducted straight from your salary.
- Save as you repay your loan* – you’ll be amazed how quickly your savings can grow!!
- No hidden charges, set up fees or penalty fees for repaying your loan early.
*Your minimum savings must remain in your credit union account, with Beacon Savings & Loans. Any saving value over this amount may be withdrawn.
Of course, the more you save, the better it is for you! Plus in the unfortunate event of your death, the amount in your savings could be doubled and passed on to your nominated beneficiary. (terms and conditions apply).
Before you apply
We will need to perform some checks before we can allocate your loan.
As an ethical lender, we take responsibility for ensuring that you can afford the repayments, including the minimum savings amount of £10 per month. It is equally important that by providing your credit union Salary Saver Loan, we do not contribute to over-indebtedness or we are not helping to fund harmful gambling.
To achieve this, we’ll review your credit file and use open banking (you will need to grant us access as a part of the application process). We’re not necessarily looking for perfect credit files, we understand life happens. If you have any concerns, please get in touch.
Ready to start? Click the ‘Check my Eligibility’ button on the calculator below to begin.
Salary saver Loan Calculator
Halton Borough Council Saving Scheme Terms and Conditions
Members are required to make regular payments to their credit union savings account. When a member has a loan outstanding they must save at least £2.50 per week or £10 per month.
When you begin deductions
Once your payroll is set up, it should not be stopped without first discussing this with Beacon Savings & Loans.
Amendments to your payroll, should go via Beacon Savings & Loans and must not fall below the minimum amount agreed with Beacon Savings & Loans at any point.
Payroll Deductions
You are able to have your loan and savings paid directly from your Halton Borough Council salary.
Loan Value
Halton Borough Council employees may apply for up to £15,000.
Interest Rate
The interest rate charged on this product will vary based upon the amount borrowed. Interest is calculated on a daily basis using the reducing balance method and charged each time a member makes a payment. The rates will be:
- For loans up to £2,500, the interest rate will be 21.5%APR (19.6% Annualised, 1.63% monthly)
- For loans from £2,501 to £5,000, the interest rate will be 16.1%APR (15% Annualised 1.25% Monthly)
- For loans from £5,001 to £10,000, the interest rate will be 12.7%APR (12% Annualised 1% Monthly)
- For loans from £10,001 to £15,000, the interest rate will be 10.5%APR (10% Annualised 0.83% Monthly)
Loan Term
The maximum term for any loan will be five years, however some loans will have a shorter maximum term, these are:
- For loans before £1,000 the maximum term is 12 months (one year).
- For loans £1,000 to £2,500 the maximum term is 24 months (two years).
- For loans £2,501 to £5,000 the maximum term is 36 months (three years).
- For loans £5,001 to £15,000 the maximum term is 60 months (five years).
Method of Repayment
This loan must be repaid via deductions from your Halton Borough Council Payroll.
Repayment Frequencies
This loan will be paid in line with your payroll schedule.
Savings Requirements
You must save a minimum of £10 per month with your repayments, which must be retained in your share (saving) account for the duration of the outstanding loan.
Affordability Assessments
All loans are subject to an affordability assessment, this is done via open banking. You will be expected to connect all accounts that you have as a part of your application.
IMPORTANT NOTICE: If you leave your employer, please contact Beacon Savings & Loans. We will help you make alternative arrangements to manage your savings or loans directly with the credit union.
Can I apply for a top up on my loan?
Yes! Members are able to top up these loans. When you take a top up, your previous loan is repaid and a new loan is created. The amount you receive will be less than the total loan allocated.
There are time limits on applying for a top up, there must me a minimum of:
- 13 weeks between applications for loans up to £2,500 and all expected payments must have been made.
- 26 weeks between applications for loans of £2501 and above.
These are the minimum times between loans, we suggest you only top up if you need to and leave as much time between loans as possible.