Payroll savings
Improve your employees’ financial wellbeing by making it easy for them to save. Payroll savings from PayCaptain builds resilience for the future by helping your team reach their saving goals – resulting in happier, healthier, more financially-secure employees.
Become an employer of choice by showing your employees you care with simple, secure payroll deduction savings from PayCaptain, the most helpful payroll solution on the planet.
What is payroll saving?
Payroll saving is an employee savings scheme through payroll, where a pre-planned amount is automatically transferred from net pay to a savings account via payroll software. Habitual and effortless, building a savings pot or rainy-day fund with payday savings helps improve an employee’s financial security, while reducing stress and reliance on salary advances and expensive short-term credit.
Offered by many employers and outsourced payroll software providers, payroll savings is a voluntary benefit, giving employees a convenient way to build their savings over time.
Benefits of a payroll deduction savings plan
Employee wellbeing
Creates a happier healthier workforce and increases productivity
Finance support
Reduces absenteeism and presenteeism caused by financial stress
Emergency expense coverage
Improves peace of mind that emergency expenses can be covered
Secure pay control
Helps your employees feel secure and in control of their pay
Financial wellness path
Puts employees on track for a healthier financial future
Workplace financial champion
Champions financial wellbeing in the workplace
Improve employee wellbeing with payroll savings
Build financial security among your employees by providing ways to save and invest for the future. Payroll savings in PayCaptain’s HMRC-recognised payroll software encourages healthy savings habits and promotes financial wellbeing and longer-term stability.
Boost morale and job satisfaction by helping employees feel accomplished and more financially empowered as they see their savings grow. Payroll savings improves mental, physical and financial wellbeing, creates a positive work environment and results in a more motivated, productive and collaborative team.
What are the types of payroll saving schemes?
Payroll savings
Payroll savings helps employees build financial security and achieve their long-term financial objectives. An easy way to save, employees set a portion of their net pay for automatic deduction and deposit into a savings account before they receive their salary.
Removing barriers to saving, this ‘set and forget’ approach means regular contributions towards savings goals are made without needing ongoing involvement from employees. Increasing savings month-by-month, this gradual process helps employees improve their relationship with money, build resilience and reduce their reliance on credit or salary advances.
SmartPay
Optimising income with highly personalised suggestions, SmartPay builds an employee’s financial resilience by ‘nudging’ them into better savings and investment habits based on their own circumstances and personal savings goals.
Using expertise in behavioural insights combined with ground-breaking technology, SmartPay’s impactful, time-appropriate messaging transforms the savings and investment experience for employees. Driving better decision-making, SmartPay helps employees build a more secure financial future by recommending positive actions they can take to make the most of their hard-earned income.
What do our customers think about our payroll savings feature?
I love the savings tool… always a nice surprise when I log in.
Eleanor
The thing I found most beneficial to me is how easy it is to move money from my wages straight into my DF Capital savings account.
Paul
This has helped me plan ahead with my spending.
Hannah
Frequently Asked Questions
How much can I save through a payroll deduction savings plan?
Employees can save as much or as little as they can afford to their payroll savings account. Every pound counts. PayCaptain has tools to help employees budget and work out disposable income, then set up the amount that suits them for automatic transfer directly from payroll to a savings account. Savings are clearly detailed on online payslips as a deduction from net pay.
How can payroll savings help me build financial security?
By having some money set aside in a payroll savings account, when unexpected expenses or emergencies occur employees have some money to fall back on. This helps reduce the risk of having to take out expensive credit or rely on payday loans which can cause employees to spiral into debt. Not only does having savings help deal with financial emergencies, but it also reduces stress which is better for overall health and wellbeing.
How easy is it to access my payroll savings?
The money deducted from an employee's net pay as part of the payroll savings program is paid into a savings account of their choice, either an existing account or one that can be set up for them through PayCaptain’s mobile payroll app. There are no restrictions on access to savings from PayCaptain, but users should consider access to their funds if investing in an ISA, for example, as restrictions may be placed by the savings company or bank. If the employee doesn't have an existing savings account, a savings pot can be set up directly through the PayCaptain mobile payroll app.
Does PayCaptain pay interest on savings?
PayCaptain savings pots help employees save into an account of their choice. The savings pots don’t pay interest, but employees are ‘nudged’ by the payroll app to move their money to an interest-bearing account when they reach a meaningful amount.
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