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.
Frequently asked questions about savings accounts
How do PayCaptain savings accounts work through payroll?
PayCaptain savings accounts work through payroll by moving a chosen amount from an employee’s net pay into savings each payday. Employees can set this up in the PayCaptain app they use to view payslips. There are no extra logins or manual bank transfers to manage.
Once it’s set up, saving becomes part of the normal pay process. Employees can choose how much to put aside each month. They can see their savings alongside their payslip details and access their money when they need it. This helps people build a steady saving habit with less effort, while keeping the process easy for employers too.
What is ClearBank?
ClearBank is the UK-authorised bank behind PayCaptain savings accounts. It provides the regulated account and payment services that let PayCaptain offer payroll savings accounts. ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
For PayCaptain customers, that means the savings accounts are powered by a licensed UK bank.
Is my money protected in a PayCaptain savings account?
Yes. Eligible money in a PayCaptain savings account is protected by the Financial Services Compensation Scheme, known as the FSCS. PayCaptain savings accounts are provided through ClearBank, a UK-authorised bank. From 1 December 2025, the FSCS protects eligible deposits up to £120,000 per person, per authorised bank.
In practice, that means if ClearBank failed, the FSCS says it would usually repay eligible deposits within seven working days. The protection limit covers the total eligible money you hold with the same bank, so it includes any other eligible ClearBank deposits that may be held.
Can employees save money automatically each payday with PayCaptain?
Yes. Employees can choose an amount to save and have it moved automatically from their net pay into a savings account each payday. A savings account can be set up quickly and easily through the PayCaptain mobile app, then monthly deposits can be made when payroll is run.
Once it’s in place, saving becomes part of the normal payroll process. It makes it easier for employees to build a regular habit and grow savings over time with less effort.
Will I earn interest on money in my PayCaptain savings account?
PayCaptain savings accounts are interest-bearing, so employees can earn interest on the money they save. The rate is 1% below the Bank of England base rate, which gives employees a simple way to put money aside and still earn a return.
How can payroll-linked savings accounts help employee financial wellbeing?
Payroll-linked savings accounts support financial wellbeing by helping employees build savings automatically from their pay. Because the money is set aside straight away, it can be easier to save consistently and less tempting to spend it.
Having savings to fall back on can ease financial pressure when an unexpected cost comes up. It can also help employees rely less on overdrafts or credit, which supports better money habits over time.
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