Payroll savings
Improve your employees’ financial wellbeing by making it easy for them to save. Payroll savings, powered by ClearBank, builds stability for the future by helping your team reach their saving goals. Payroll savings leaves happier, healthier, more financially-secure employees.
Become an employer of choice by showing your employees the value you place on their wellbeing, with simple and 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. A pre-planned amount is automatically transferred from net pay to a savings account via payroll software. Habitual and effortless, building savings or rainy-day fund helps improve employees' financial security. Powered by ClearBank, payroll saving from PayCaptain reduces stress and reliance on salary advances or expensive short-term credit.
Offered by many employers and outsourced payroll software providers, payroll savings is a voluntary benefit. It gives employees a convenient way to build their savings over time.
Benefits of a payroll deduction savings plan
Improves employee wellbeing
Creates a happier healthier workforce.
Increases productivity
Reduces absenteeism and presenteeism caused by financial stress.
Peace of mind
Provides peace of mind that expenses can be covered in the event of an emergency.
Increases confidence
Helps your employees feel secure and in control of their pay.
Improves financial futures
Puts employees on track for a healthier financial future.
Demonstrates importance of wellbeing
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. It promotes financial wellbeing and long-term stability.
See morale and job satisfaction improve as employees see their savings grow. Payroll saving boosts mental, physical and financial wellbeing. It 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 saving 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 an FSCS-protected, interest-bearing 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 AI powered payroll tools to help employees budget and work out disposable income.
The amount can be set up to automatically transfer directly from payroll to an FSCS_protect savings account within the PayCaptain app. Savings are clearly detailed 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 we protect your money, visit our savings account FAQs.
Who is ClearBank?
ClearBank Limited is a UK-authorised bank. It provides banking and payments services to other firms, so they can offer accounts and payment features to service users. ClearBank is authorised by the Prudential Regulation Authority. It is 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.
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.
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