Credit union backed by employers in 25th year

SUPPORT: From left, HEY Credit Union’s Lauren Foley, Sewell Group’s David Preston and Brandon Long, and HEY Credit Union’s Matthew Stevens

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Employers from across the region are backing HEY Credit Union in its 25th year as the organisation works to support financial wellbeing in the workplace by making it easy for their people to save regularly and borrow responsibly.

HEY Credit Union’s salary deduction scheme makes it easy for employees to build their savings direct from wages, creating financial resilience, and to borrow responsibly at low rates reflecting the organisation’s not-for-profit status as a financial co-operative, owned by its 18,000 member users.  

The payroll scheme currently has more than 40 partner organisations, with nine having signed up during the last year. Between them they employ nearly 4,000 people who save and borrow with HEY Credit Union via payroll deductions.

Matthew Stevens, HEY Credit Union’s CEO, said: “Offering a Credit Union Payroll Savings scheme as part of your staff benefits package is a tried and tested way to support your employees’ financial well-being, build resilience, foster loyalty and retain your best people. It’s proven that it’s much easier to keep on saving if the money comes out at source and doesn’t hit your main bank account.”

Jo Barnes, managing director of Sewell Group, which is listed in The Sunday Times Best Places to Work 2024, said: “The wellbeing of our people has always been a key focus for Sewell Group, and partnering with HEY Credit Union was one of a number of ways in which we’ve supported our people with the rising cost of living over the last year. 

“We launched the savings scheme in January 2024, with our company making an initial contribution to savings accounts to encourage people to take part. We’ve already had more than 100 of our staff sign up, so it’s clear that our people really value the service.

“HEY Credit Union are member-owned and run, and provide an ethical and fair way of saving, so as a co-owned company ourselves we felt they shared our values and would help our employees make the most of their money.”

Sewell Group is one of the more recent additions to the partnership. The first employer to join in 1999 was Hull City Council, whose chief executive Matt Jukes highlighted the benefits which HEY Credit Union provides for employees.

He said: “It offers advice and support, and banking services, and helps people to build financial resilience, providing financial services to its members with a personal touch going well beyond those offered by the standard ‘corporate’ high street banks. It also invests back into our local area, bringing with it the big advantages of a co-operative model of business, and we are delighted to continue our support.”

To enquire about becoming a HEY Credit Union payroll partner, email Sarah Hanson on info@hullandeycu.co.uk or call 01482 778753.