Clockwise Credit Union is a financial cooperative owned and controlled by its members. Much like a High Street bank, Credit Unions can provide savings, loans and a range of services to their members. Unlike a bank, Credit Unions do not have to answer to shareholders or investors. So the emphasis is always on providing the best service to members – not maximising profits.
Payroll membership is a hassle free means of regular saving and borrowing, with payments being deducted directly from your salary. The money is transferred directly into your Clockwise savings account or repaid to your loan account and because the money is taken directly from payroll it is a much easier way to save and borrow. This is a confidential service and your payroll department is not provided any details of loans you take out.
Clockwise Savings Accounts
Instant Access
Easy access to your money-
0.8% AER
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Instant Access to your money
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Interest Paid Yearly
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No Yearly Limit*
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Cash ISA
Tax free interest-
4.5% AER
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Instant Access to your money
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Interest Paid Yearly
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£20,000 Yearly Limit*
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Tax Free Savings
Gold Saver
90 Day Notice Account-
3.03% AER
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90 Notice to Access Money
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Interest Paid Quarterly
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No Yearly Limit*
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Benefits include:
- Online account access
- Mobile app with savings feature
- Preferential loan rates
- Rewards for saving while borrowing
- Current Account & Debit Card
How to apply for payroll membership
Clockwise membership is free. If your employer is an existing partner (see list below).
- Apply for Clockwise Membership and complete your details,
- Add a payroll deduction to your application when prompted.
- We will contact your employer to make the necessary arrangements with Clockwise so that payments are taken via payroll deduction
If your employer is not an existing partner please point them to the employers page.
How to change or cancel your payroll savings / loan deduction
Contact Clockwise directly to make any changes to your payroll deduction. We will arrange the new amount with your employer’s HR.
Just like your high street banks and building societies, the money you deposit into your credit union account, up to £85,000, is protected under the Financial Services Compensation Scheme (FSCS). If you have a joint account you will be protected for £85,000 each.
FSCS protection is free to customers, so if anything happens to your bank, building society or credit union, and you cannot access your money, the FSCS will refund you up to the amount of £85,000.
