We’re proud to announce that employers can now offer a new way to improve the financial wellbeing of their employees thanks to a new relationship between Salary Finance, the UK’s leading financial wellbeing business, and Yorkshire Building Society. We understand it can be hard for people to save.
Our new product makes it easy for employees to build a savings habit by adding deposits to a savings account direct from salary. This combines Salary Finance’s well-established employee-benefit technology with the security and simplicity of a Yorkshire Building Society instant-access savings account. Our aim is to help the 16.8m working-age Brits identified by the Money Advice Service who have less than £100 in savings.
Our research and insights into behavioural science tell us that deducting savings directly from salary, before it hits a current account, hugely increases the likelihood of employees building up a rainy day fund and saving for future goals. This new savings product creates a great opportunity for employers to have a significant positive impact in the lives of their employees by increasing their financial confidence and resilience, helping them avoid high cost debts. We are excited to make this product available to employees that already have access to Salary Finance.