Jeff’s Story

I find it difficult to save up money even though I know it’s important…

Alan, an employee of Avon and Somerset Police, discovered Serve and Protect in 2016. Like many, Alan struggled to establish a healthy saving habit and often fell into the trap of dipping into his savings whenever he needed to.

I find it difficult to save up money even though I know it‘s important for later life. It’s very easy moving funds from your current to savings account, but just as easy to move it back again!

“Then I discovered the Police Credit Union (now Serve and Protect) and that it was possible to have money saved at source – automatic deduction from my salary into a ‘regular saver’ account.” Through our payroll deduction arrangement with Avon and Somerset Police, Alan now saves a regular amount each month into his Regular Saver account, which is building up nicely.

“I started off with the minimum of £10 which as it’s taken directly, to me it’s just like other deductions such as Tax or NI so I didn’t really miss it. After a couple of years, it has built up to a reasonable amount.”

In January 2021, we announced a 1.2% dividend for our Regular Saver and Junior Saver accounts, which Alan has seen a benefit from. So much so, he has started to save a greater amount each month!

The annual dividend is far better than other savings products with interest rates around the 0.05% mark, so I have decided to increase the monthly amount.

By saving more money each month through payroll deduction, Alan’s savings will grow over time without him having to even think about them. Combine this with a 1.2% annual dividend as a reward for saving and Alan has an emergency fund for when unexpected costs arise, or perhaps money to fund a holiday or improvements to his home.

Saving through payroll deduction has improved Alan’s financial situation and helped him to maintain a healthy saving habit. “I would certainly recommend this product to others in my situation.”

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