Transave partners with employers to support the financial wellbeing of their workforce with
access to salary-deducted savings and loans.
Some of the organisations that are already working with Transave:
TransaveUK is a valuable employee benefit offered completely free of charge to employers. Furthermore, there are no joining fees for individuals.
All services are provided directly by Transave and we accept individual and corporate liability for the operation of the scheme.
Transave is fully regulated by the FCA and the PRA, who are also responsible for banks and building societies. These regulators require rigorous financial systems, fully trained staff and internal/external audit systems.
Individual members are also covered by the Financial Services Compensation Scheme (FSCS) for all savings up to £85,000
Our rates have been designed to be an attractive alternative to the rates offered by traditional lenders. All profits after costs are returned to members as a dividend on savings that has averaged 2% in recent years.
Also, because loan repayments are made via salary deductions, the risk of an employee defaulting is reduced, enabling lower interest rates for member’s loans.
If an employee leaves, we will work with them to set up a direct debit to replace the former payroll deduction payment. This enables them to remain a member of Transave.
Yes. Transave has been operating successfully for the last 22 years and have over 13,000 members. In the UK as a whole there are almost two million credit union members accessing affordable finance.
No. Transave’s primary aim is to promote financial resilience by encouraging members to save. Over time the member can build up sufficient savings to end the cycle of borrowing.
However, if members do require a loan we offer an affordable alternative to high street bank loans and other forms of consumer credit.
Minimal administration is involved. All the employer is required to do is to facilitate monthly deductions from salary.
To meet the requirement to be a responsible lender we may carry out credit reference checks when considering loan applications.
However, we also give a lot of weight to the member’s savings record and any other relevant facts. Savings act as security for loans and as a result we approve 96% of all loan applications received.
Transave Credit Union trading as TransaveUK Registered Office, G4 Business Centre, Carlisle Street East, S4 7QD.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Firm Ref No 21377.
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