We very pleased to announce a new Employer Partner with Great Western Credit Union’s Money@Work scheme – Carbase!
Carbase are the largest independent car dealership in the South West, with over 200 staff and roughly 3,000 cars and vans in stock at any one time. Coming from humble beginnings as a family-run dealership in a small Somerset village, they grown significantly in scale, whilst maintaining high levels of service, including being awarded Highly Rated for Customer Service by Auto Trader for three years running. You may start to notice the Carbase logo on cars and vans in and around Bristol.
Money@Work is Great Western Credit Union’s employee benefit scheme, which offers affordable loans and accessible savings to employees via payroll deduction. The scheme has been running since 2018 and currently serves over 40 employers across the region. We’re delighted that Carbase have become a Money@Work partner, which will help to build the financial wellbeing of their colleagues with affordable loans or easy savings via payroll deduction.
With 12.9 million adults in the UK experiencing financial vulnerability, improving access to affordable credit and regular savings is vital to supporting the economy, and can significantly boost business’s efforts to support a healthy and happy workforce.
Research shows that 73% of deduction loan borrowers - including those borrowing through payroll deduction - saved more regularly, 6% more that those with standard loans, highlighting the improvement in employee financial resilience. So, we know that payroll deduction lending and saving can have a significant impact on employee financial wellbeing, and in turn, employee (and business) productivity.
David Lloyd, Head of People, Learning and Culture, Carbase, said:
“As a family-run business, we place a priority on caring for and supporting our colleagues, so they can deliver the best service possible to our valued customers. We chose to go with GWCU’s Money@Work scheme because we particularly liked GWCU’s local, community ethos and approach – and the scheme is straightforward to use.”
Mike Lloyd-Jones, Senior Partnerships Manager, Great Western Credit Union said:
“We’re delighted to welcome Carbase to the Money@Work scheme, it’s great to see an independent, family-run business doing more to support their employees’ financial wellbeing, keeping more money in the region by partnering with GWCU.”
If you’re an employer that’s interested in supporting the financial wellbeing of your people, get in touch with our team to find out more. Email us at or visit our website.
If your employer already offers Money@Work, you can apply now to borrow at our best rate of 6.9% APR (for loans of £5,000 and up) and start saving with GWCU via your payroll, here.
