Salary Savings Scheme

Delivering on our mission to promote sound financial management and savings

As a community bank, our purpose is based on our belief that everyone should have access to affordable financial products and services. Our primary objective is to promote sound financial management, by encouraging people to save rather than borrow, in order to help our members avoid debt if and when possible.

HOW IT WORKS

To make it easier for your employees to increase their savings, we offer a salary savings scheme. Under this scheme, monthly savings payments are automatically deducted from an employee’s salary and deposited into a Money Matters Savings account. These savings accounts can be set up for general savings or for a variety of specific purposes, such as a holiday or Christmas spending.

PrizeSaver

Your employees can also save up to £200 in a PrizeSaver savings account, where every £1 held in their account at the end of the month gives them one automatic entry into the following month’s PrizeSaver prize drawing, which offers a top prize of £5,000.

Made Easy

We make this simple and easy for both employers and their employees, as we manage all aspects of this service and we accept full liability for the operation of this scheme.

Why Choose Us?

Not only does the Money Matters payroll savings scheme help to improve the financial wellbeing of your employees, by making saving through payroll simple, but also by making it possible for your staff to save money on the cost of borrowing, as loans repaid through payroll benefit from cheaper interest rates. The payroll savings scheme can also be part of an employee’s plans to take out a loan from Money Matters Community Bank. Under this scenario, an employee’s monthly loan repayment amount, as well as their pre-determined savings amount, would be withheld at source and paid to Money Matters toward their loan and into their savings account. By automatically withholding both the loan payment and savings contribution at source, we are able to give your employee the best possible interest rate on their loan.

Benefits For The Employer

Reduce Turnover

Money Matters payroll savings scheme can help reduce your staff turnover and absenteeism costs associated with financial stress of employees as well as meeting your corporate social responsibility objectives. Being a good employer is good for business and encourages employee loyalty.

Focus

When staff are pre-occupied by money worries, they are not focusing on their work and performance will suffer. According to an article by J. Garman Kim in Financial Counseling and Planning, Volume 14 (2003), requests for salary advances and loans from employees under financial strain create difficulties for organisations as well as more work for payroll officers if the requests are granted.

Health & Wellbeing

The financial wellbeing, health and happiness of your staff are important. According to the Chartered Institute of Personnel and Development, stress poses a risk to most businesses and compensation payments for stress are increasing. It is important to meet the challenge by dealing with excessive and long-term causes of stress.


Benefits to your Employees

Money Matters payroll savings scheme can help your employees by encouraging saving as a way of preventing over indebtedness. A study from the Royal College of Psychiatrists found that half of UK adults in problem debt are also living with mental ill-health. According to an April 2019 article on mentalhealth.org, much of debt-related anxiety can be due to a lack of support from creditors and from the individual’s surrounding family, friends and employers.

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