Save money though work
From your salary, straight to your savings.
Saving matters
For many of us, once bills are paid and expenses are covered, there’s not much money left. People can easily fall into a cycle of borrowing money to repay previous debts or borrowing money for the things they need.
Having an emergency fund or savings in the bank breaks that debt cycle.
While starting to save can be very difficult, it’s much easier with salary deduction. Save hundreds of pounds each month, or as little as £1. The amount you choose to save is automatically put into your savings account from your salary. Your savings are safely set aside before you get paid.
Month after month, your savings will grow. You’ll feel so much calmer and in control of your money.
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want to build their savings regularly through their salary
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prefer easy access to their savings
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want a competitive return
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like the convenience of managing their account online
- want to save with a values-driven financial organisation
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are not an employee of a participating employer
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are looking for a fixed interest rate
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wanting to maximise returns on their savings
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want to manage their finances day-to-day
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are not UK residents
Key details
Important information before you apply.
3.04% AER / 3.00% gross
This account is here when you need it most. Withdrawals are allowed with unlimited access.
Local credit union savings accounts
Saving for your future and making you better off
Opening a savings account with GWCU
Are you eligible?
To begin saving with GWCU, you must meet the following criteria:
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You must be aged 18 or over
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You must live or work in Bristol, Bath, Gloucestershire, Wiltshire, Somerset, and Dorset
Ready to start saving with GWCU?
Applying is easy. Here is what you'll need.
We need this so we can contact you easily. It also helps you verify your account when you log into the member portal.
This is important so we can send your savings account documents to you.
This to prove your identity.
Helpful information
What would the estimated balance be after 12 months with regular monthly deposits of £100?
- If £100 is paid every month for 12 months, the total deposited would be £1,200,
- The total interest on the total deposited would be £16.63 at the rate of 3.04% AER
- This means that the balance after 12 months would be £1,216.63
Who can apply for a salary deduction savings account?
You can apply for a Salary deduction savings account only if your employer is one of our listed employer partners. If they are not listed, you can apply for one of our other savings products. Take a look at our other savings accounts.
Can I make extra deposits to my salary deduction savings account?
No, we can only take payments from your payroll, if you want to increase your regular payment, just send us a secure message through the member portal.
How long does it take to open a salary deductions savings account?
Once you apply, your account will usually be opened within 30 minutes. If there is a delay, we will get in touch with you for further information within 24 hours.
Can I withdraw from my salary deduction savings account?
Your savings are there for you to withdraw and use at any time. You can transfer your savings whenever you need them through the Member Portal.
Keep in mind, transfers made before 2pm will arrive in your bank account the same day. Any transfers made after 2pm will arrive in your bank account the next working day.
If you need help making a withdrawal from your salary deduction savings account, you can read our step-by-step guide here
How do I start saving through salary deduction?
If your employer is one of our listed employer partners, you can simply apply for a savings account and let us know how much you’d like to save. We will sort the rest with your employer. You can check your balance and manage your account online anytime through the member portal.
Keeping your money safe
When you save or borrow with GWCU, your money is:
Save with your local credit union
Working for our members
Our friendly Member Engagement Team live and work in our communities. They're specially trained and ready to help you.