Saving couldn’t be simpler with money coming straight from your employees’ salaries. Working with Yorkshire Building Society in the UK, we can help people save and achieve their financial goals.
SMART, SIMPLE BORROWING
With competitive, responsible lending via simple salary deductions, we can help your employees pay off debt at a lower cost. On an average £3100 loan for example, we save employees £600 on their interest payments.
Learn Better Money Habits
Financial education is fundamental to building long term financial confidence. That’s why we offer free tools and the information your employees need to become better with money.
On average, we save employees £600 on a £3,100 loan. Such a significant amount of money combined with better financial understanding and newfound saving habits can have a hugely positive impact on an employee’s wellbeing.
We make life easier for both employees and employers. We work with existing payroll processes, so no complicated integration. We also handle all queries and calls to deliver the support employees need, whenever they need it.
We take security seriously. We're fully FCA authorised and ISO 27001 compliant, and deposits in the savings accounts provided by Yorkshire Building Society are protected by the FSCS. Your employees, and their savings, are safe with us.
DON’T JUST TAKE OUR WORD FOR IT
Hear from the employers and employees already benefiting from Salary Finance.
"It’s like a weight off of my shoulders"
Diabetic Retinal Senior Grader
"I paid off my overdraft and it was such a relief"
Safeguarding and Learning Assistant
"Salary Finance helped improve my credit rating"
"It's been a great help as I want to apply for a mortgage"
On an average £3100 loan, we save employees around £600. That’s the equivalent of a 3-5% effective pay rise. And whereas prior to joining us they could pay anything from 30% - 1,000% APR, we offer loans from 3.9% to 19.9%. Sound good? That’s because it is. Try the loan calculator and see just how competitive we are.
What is the loan interest rate and how much can my employees borrow?
We offer rate from 3.9% - 19.9% with loans from £500 to £25,000. We recommend that employer cap the maximum loan size at 20% of gross salary.
Who is eligible to take out a loan?
Your employees are eligible if they have worked with their employer for over 6 months, are at least 18 years old, have a salary of over £6,000 and over three years UK address history.
What happens if one of our employees borrowing from Salary Finance experiences financial distress?
We encourage employees experiencing financial distress to contact us directly to allow us to understand the problem and identify an appropriate solution. This could include a payment holiday, an extension of term, or a reduction in repayment amount.
Please note, if an employee misses or is late with payments their ability to access credit in future may be affected.
Who is eligible for the savings product?
It can be made available to all of your employees, however, we can customise eligibility to align with an employer’s needs.
Is the savings interest rate competitive?
Yes, for an instant access account. For those with limited to no savings, creating the habit of saving is more important than the return received. This savings product is designed to make it simple for your employees to keep saving once they start.
Is there any tax relief on the savings product?
No. This is an after tax scheme which offers a simple way to save. It removes the barriers many people face when it comes to saving by taking their contributions direct from their salaries.