Savings accounts
Savings accounts from PayCaptain give employees peace of mind they’ve got money set aside for times of need. Building savings without manual intervention, our interest-bearing savings accounts, powered by ClearBank, offer instant access with no charges. They help employees feel less stressed, more financially secure and confident about their financial future.
Savings accounts – a simple and effective way of payroll saving - can be earmarked for specific goals like holidays, emergency funds or home deposits. Motivating employees to save, PayCaptain's FSCS-protected, interest-bearing savings accounts help budgeting by setting aside money for monthly expenses.
Access to savings accounts is quick and easy with PayCaptain debit cards, which can be branded for increased recognition and loyalty. With 28% of UK households having less than £1500 in savings, and an additional 20% having no savings at all, PayCaptain savings accounts are an easy way to set aside money every payday.
Without savings, individuals are completely vulnerable to unforeseen expenditures, often leading to reliance on debt and a spiralling negative financial situation. This can lead to mental illness, poverty, homelessness, productivity losses and immense suffering.
Benefits of PayCaptain’s savings accounts
Improves budgeting
By separating money into savings accounts, employees can manage their monthly spending and savings better.
Reduces temptation to spend
Keeping savings accounts separate from everyday banking reduces the risk of impulse-buying as funds are kept separate.
Instant access
Savings accounts are accessible through PayCaptain’s payroll app, without charges or penalties. Money can also be accessed using PayCaptain debit cards, which can be set up for employees through the mobile app.
Increases motivation to save
Personalised savings accounts help employees track their goals for higher success rates.
Automated transfers to savings accounts build healthier financial futures
Available through our HMRC-recognised payroll software, PayCaptain offers a frictionless start to saving with automatic transfer from net pay to savings accounts. Employees can allocate money to savings accounts for specific purposes, making it easier to track progress toward each goal and stay motivated.
Seeing the growth of each savings account is visually rewarding and encouraging for employees. With savings being a key aspect of financial resilience, PayCaptain savings accounts can lead to long-term positive financial behaviour, helping employees avoid hardship in the future.
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We'd love to talk about how PayCaptain can add value to your company and your employees. Click the button below to arrange a demo and see PayCaptain in action!
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