Payroll savings
PayCaptain makes payroll savings simple for employers and effortless for employees. With regular payroll deduction savings, PayCaptain supports employee wellbeing, boosts retention and reduces financial stress in the workplace.
Become an employer of choice by showing your employees the value you place on their wellbeing, with simple and secure UK payroll savings from PayCaptain, the most helpful payroll solution on the planet.
What is payroll saving?
Payday saving is a way for employees to save regularly through automatic savings from payroll. A chosen amount is transferred straight into an FSCS-protected savings account each payday, making saving consistent and effortless.
This effective workplace savings scheme in PayCaptain payroll software supports regular habits and helps improve financial resilience. It’s a voluntary benefit that gives employees an easy way to grow their savings over time.
Benefits of a payroll deduction savings plan
Improves employee wellbeing
Regular, automatic savings from payroll reduce everyday money worries and support healthier money habits. It strengthens overall financial wellbeing, helping employees feel more stable and less stressed. Over time, it leads to better mental health and reduced financial anxiety.
Increases productivity
When employees aren’t distracted by money problems, they’re more focused, engaged and productive. Payroll deduction savings give staff more financial confidence, which can lower absenteeism and presenteeism. Less stress means more energy to perform at their best.
Gives peace of mind
Payroll deduction savings build a financial cushion for unexpected expenses. This gives employees a sense of security, knowing they have something to fall back on. It helps reduce anxiety about emergencies and short-term financial shocks.
Increases confidence
Building savings through a workplace savings scheme helps employees feel more in control of their finances. They gain confidence in their ability to manage money and plan ahead. It creates a stronger sense of financial independence.
Improves financial futures
Effortless, consistent payroll savings help employees reach short-term goals like holidays or Christmas, while also building longer-term stability. Over time, it encourages positive behaviours that support lasting financial health. A workplace savings scheme sets employees on the path to a stronger financial future.
Shows the importance of wellbeing
Offering a payroll savings scheme shows the business takes employee wellbeing seriously. It’s a practical benefit that builds loyalty and improves employee retention. Staff feel valued when their financial health is clearly prioritised and offering payroll savings strengthens the employer brand.
Cut stress, reduce staff turnover and support long-term stability with employee payroll savings
Help your employees build financial security with a seamless, built-in savings feature inside PayCaptain’s HMRC-recognised payroll software. Employees can set up automatic payroll savings from their net pay in just a few clicks, with no extra logins, apps or paperwork.
Everything happens in the same place they view their online payslip, making it simple to start saving and stay on track.
- Makes saving simple
Eliminates the barriers to getting started and takes the hassle out of saving
- Employees stay motivated
Savings progress is visible alongside payslip details with real-time visibility
- Reduces financial stress
Savings can be withdrawn when needed with anytime access
- Encourages better habits
Regular, automatic deductions make saving consistent and sustainable
Automatic savings from payroll mean more employees take part. They feel less stressed and stay focused at work. It helps reduce sick days, keeps staff for longer and builds a stronger, more stable team.
What are the types of payroll saving schemes?
Payroll saving
PayCaptain’s payroll savings makes it easy for employees to put money aside without thinking about it. A set amount is automatically taken from their net pay and moved into an FSCS protected, interest-bearing savings account before their salary is paid.
This simple, automated approach removes the usual barriers to saving. It runs quietly in the background, helping employees build savings over time. They reduce reliance on expensive credit options and feel more in control of their money. There are no extra steps, no extra stress, just automatic employee payroll savings that work.
SmartPay
Encourage employees to save more by offering SmartPay. PayCaptain’s smart savings feature helps employees make better money decisions. Going beyond regular payroll savings, it offers personalised suggestions based on each employee’s pay, spending habits and savings goals.
Using behavioural insights, SmartPay sends helpful prompts at the right time, like when there's extra money in a payslip or a bonus has been paid. SmartPay makes it easier to build good financial habits, without needing to think too hard about it.
Is our payroll savings scheme right for your business?
With PayCaptain, payroll savings isn’t an add-on, it’s built into the core payroll platform. That means no extra systems, admin or cost. Employers don’t need to manage separate processes or providers. Everything runs automatically, making it easy to offer a high-impact financial wellbeing benefit with no extra effort.
Payroll deduction savings is a simple way to reduce stress and increase retention, without adding to the workload. And with built-in flexibility and expert support, it helps every business support employee wellbeing while meeting their strategic goals.
Payroll savings schemes for medium, large and enterprise businesses
PayCaptain’s workplace savings scheme is designed to work for businesses of every size - from SMEs to large corporations. Fully integrated into our payroll software, our UK payroll savings delivers a consistent, no-effort experience whether the business has 100 employees or 5,000.
For small businesses, payroll savings offers a cost-free way to support staff wellbeing without adding admin. For medium-sized businesses, salary savings brings a scalable, flexible benefit that grows with the team. And for large businesses and enterprise organisations, payday savings delivers a reliable, low-touch way to improve retention and financial resilience at scale.
How payroll savings supports employees across different sectors
Reduce financial stress, improve retention and support staff wellbeing – whatever the sector. PayCaptain’s payroll savings scheme is fully integrated and designed to meet the needs of different industries.
In the care sector, where staff face long hours and emotional demands, payday savings offer a simple way to build financial security and reduce reliance on credit. In distribution and logistics, where shift work and varied pay are common, automatic savings from payroll help employees plan ahead and feel more in control.
In hospitality, where turnover is high and hours are unpredictable, workplace savings schemes help reduce financial pressure and improve staff loyalty. In HR and recruitment, a payroll savings programme adds value to benefits packages and gives candidates a clear reason to choose one employer over another.
In retail and manufacturing, where teams are often large and spread across sites, employees can access and manage their savings digitally – anytime and anywhere - with no extra admin for the business.
What do our customers think about our payroll savings feature?
I love the savings tool… always a nice surprise when I log in.
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.
This has helped me plan ahead with my spending.
Frequently asked questions about payroll savings
How much can I save through a payroll deduction savings plan?
Employees can save as much or as little as they can afford through payroll savings. Every pound counts. PayCaptain has AI powered payroll tools to help employees budget and work out disposable income. They can then set up an automatic transfer to their payroll savings account. Savings are clearly shown on online payslips as a deduction from net pay.
How safe is money stored in PayCaptain savings accounts?
Money in PayCaptain savings accounts is held with ClearBank, a UK authorised bank.
Eligible savings are protected by the Financial Services Compensation Scheme up to £120,000 per saver.
If ClearBank were to fail, the FSCS usually repays eligible deposits within seven business days. For more information on how your money is protected, please visit our savings accounts FAQs.
Who is ClearBank?
ClearBank Limited is a UK-authorised bank. It provides banking and payment services to other firms, so they can offer accounts and payment features to service users. ClearBank is authorised by the Prudential Regulation Authority. It’s regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
For PayCaptain savings accounts, ClearBank is the bank named on the Financial Services Compensation Scheme information sheet. That means any eligible deposits held with ClearBank Limited are protected by the FSCS, up to the FSCS limit shown on your statement.
How can UK payroll savings help me build financial security?
By having some money set aside in a payroll savings account, employees have some money to fall back on when they need it. This stops employees having to take out expensive credit, which can cause them to spiral into debt. Whilst PayCaptain's flexible payments help employees, having savings helps them deal with financial emergencies and reduces stress. This is better for overall health and wellbeing.
Does PayCaptain pay interest on savings?
Yes, PayCaptain savings accounts are interest-bearing and pay interest at 1% below the Bank of England base rate.
How easy is it to access my payroll savings?
The money deducted from an employee's net pay as part of the payroll savings programme is paid into a payroll savings account of their choice. This can either be an existing account or one that’s set up through PayCaptain’s mobile payroll app. Access to savings is easy. If the employee doesn't have a savings account, a savings account can be set up directly through the PayCaptain mobile app.
Does PayCaptain pay interest on savings?
PayCaptain savings accounts help employees save into an account of their choice. The savings accounts pay interest of 1% below the Bank of England base rate and are FSCS protected. Employees can be ‘nudged’ by SmartPay in the payroll app to move money into savings or their pension, depending on their goals.
How do payroll savings benefit businesses?
Payroll savings schemes help employees build financial resilience by setting aside money directly from their wages. This reduces day-to-day money worries and helps staff prepare for unexpected costs without relying on high-interest credit or loans. With automatic savings from payroll, employees are more likely to feel secure and in control of their finances.
For businesses, this can lead to fewer days lost to stress-related sickness and improved focus at work. Reduced financial stress results in better mental wellbeing. In turn, this means lower absenteeism, less presenteeism and a happier, more productive workforce. A company savings plan for employees also shows the business cares. This helps with staff retention and enhances employer brand and reputation.
What kind of support can you expect for implementing a workplace savings scheme?
With PayCaptain, businesses get hands-on support to launch a workplace savings scheme quickly and easily. A dedicated onboarding team guides setup from start to finish. CIPP-qualified payroll experts ensure payroll deduction savings runs smoothly. Everything is handled in line with HMRC and UK payroll standards.
Support doesn’t stop after launch. PayCaptain provides multi-channel employee support – AI chatbot, WhatsApp email and phone - alongside employee comms to explain how employee payroll savings works. Businesses also get tools to promote payday savings and track engagement, helping make the company savings plan for employees a success from day one.
Start making payroll a breeze
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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