We believe in financial well-being and removing barriers to saving is a great way to achieve this. Our Workplace Savings scheme lets employees put money from their salary away before it's paid to their bank account, helping them to reach their saving goals more easily.
Our Workplace Savings scheme gives employees the chance to make regular savings directly from their salary, post-tax and other deductions. This money is transferred to their account with us so they can easily save towards any financial goals they have. Whether it's a house, a holiday or a rainy-day fund, we have options available to help them save for what's important.
Small changes can make a big difference
According to the Money and Pensions Service (MAPS), 17% of UK adults have no savings at all, and more than a quarter have less than £100 saved^. Starting small is a great way to get into the habit of saving, so the minimum opening balance for our accounts is £1, the minimum monthly payment is just £5.
A boost to employee well-being
A cost-of-living survey conducted by YouGov for the Resolution Foundation found that those with less than £1,000 in savings were nearly three times more likely to describe their mental health as 'poor' (32%) compared to those with more than £1,000 saved (11%)^^. Building positive habits not only helps to build financial resilience - it can boost overall well-being too which is important for a happy and healthy workforce.
^ MAPS (2022) (External) ^^ M Broome, I Mulheirn & S Pittaway, Precautionary tales: Tackling the problem of low saving among UK households, Resolution Foundation, February 2024 (External)
If you're an employer looking to provide a Workplace Savings scheme for your employees, register your interest with us. Our team will be in touch to arrange a time to talk.
If you're an employee who's company is enrolled in the scheme, you can read our employee guide to find out how it works and why it might be a good fit for your financial goals.
You can view the rates available and open an account online. You'll need to provide your employer's name during registration and let your HR department know how much you'd like to save each month.
No, our Workplace Savings scheme is free of charge.
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