At Smart Money Cymru Community Bank, part of our mission is to empower our members financially and to encourage them to make smart money decisions! Our payroll savings service means saving is made even easier for you as an employer to help your employees save on a monthly basis.

It’s a fantastic benefit for your employees, and a great way to champion financial wellbeing in your workplace!

What is Payroll Saving?

Payroll saving involves automatically setting aside regular savings directly from your paycheck. Your employer deducts the desired savings amount from your wages through payroll.

Much like pension contributions, this automated approach simplifies saving by making it a routine, effortless part of your financial life. Payroll savings schemes are designed to help employees create a financial cushion or achieve specific savings goals by allocating a portion of their pay into a savings account each month!

Why consider a Payroll Savings Scheme?

Attract and Retain Employees

Emerging evidence highlights the appeal of payroll savings. A 2015 study by the Chartered Institute of Payroll Professionals found that 55% of employees aged 16–65 want their employer to offer a payroll saving scheme. Additionally, two 2020 surveys by Cushon revealed that 72% of employees are interested in a workplace savings program, while 92% of employers are willing to implement one.

Improve Productivity

Research shows that 80% of UK employees carry their financial worries into the workplace, which negatively impacts their performance. By providing an automatic savings service, you can help reduce financial stress and enhance overall productivity.

The Benefits of Payroll Savings Schemes!

A payroll savings scheme offers numerous benefits for both employers and employees.

Benefits for Employers:

• Builds connections with a local credit union or community bank – such as Smart Money Cymru Community Bank!
• Can be promoted as an attractive employee benefit.
• Supports employees in saving, potentially reducing stress and absenteeism related to financial issues.
• Credit unions and community banks operate as mutual and ethical financial organisations, offering peace of mind.
• Helps strengthen the local economy by keeping funds circulating locally.
• No additional costs are incurred by the employer for offering this service.
• Employees gain access to low-cost loans through the credit union, reducing reliance on expensive payday loans, credit cards and avoiding potential debt risks.

Benefits for Employees:

• Provides a convenient and straightforward way to save.
• Allows employees to set aside money before they receive their pay, making saving easier.
• Offers flexibility, enabling employees to save any amount they choose.
• Savings are accessible at any time unless tied to a loan agreement.
• Employees have exclusive access to affordable credit union loans!

We have a number of businesses across Wales who have payroll deduction set up with us, enabling their employees to save by having monies deducted straight from their salary and sent direct to us.

Why not take advantage and sign up today? And, what’s more, if you work for:

• Caerphilly County Borough Council
• Blaenau Gwent CBC
• Newport City Council

You are eligible for a £5 signup bonus if you open a savings account with us today through your employer! Pledge to save £10 per month via your salary and get your first deposit of £5 paid into your account!

Sign up today and become a smart payroll saver with Smart Money Cymru!