Our Payroll Partners
Employer payroll savings benefits
As a North East employer, as soon as you sign up to our payroll savings scheme, all eligible employees will be given the opportunity to get involved.
When you choose Moneywise payroll savings, you and your business will enjoy varied benefits:
- Creation of an important link with our local Credit Union, helping to support your staff and the wider community.
- Opportunity to offer payroll savings as an additional employee benefit.
- Likely reduction of employee stress, requests for pay advances and sick days linked to money worries or debt.
- Knowledge that Moneywise is a mutual and ethical financial services organisation.
- Knowledge that you’re helping to retain and circulate money throughout the local economy.
- No admin charges or hidden fees.
Employee payroll savings benefits
As an eligible employee, you select your monthly savings contribution. The agreed amount will be automatically deducted from your pay cheque and paid directly into your savings account.
When you start saving, you will enjoy multiple benefits:
- Easy, automated savings!
- Choice to save as much as you like per month.*
- Access to our low-cost, trusted loans when needed.
- Option to withdraw your payroll savings at any time.**
- Knowledge that Moneywise will never charge hidden fees.
- Chance to save for future plans, a big purchase or simply for a rainy day.
- Knowledge that you’re part of a local Credit Union, committed to helping your community and building money confidence
Things to consider before signing up
- To be eligible for Moneywise’s payroll savings scheme you must be a North East employer OR your Head Office must be located within the North East. We are committed to giving back to our local communities and supporting local businesses.
- Consider your employees’ perspective first – there’s no point signing up if there’s no employee uptake.
- Payroll savings should NOT be considered as an alternative to a workplace pension(s).
*Minimum £5 monthly saving. **As long as they are not secured as part of a loan agreement.
Apply online
Payroll savings FAQs
No, signing up as an employee partner with Moneywise is completely free!
There is a minimum monthly savings amount of £5. Beyond this, you can save as much as you like per month!
Yes – Moneywise will need to know your company cut-off dates for submitting any payroll changes for employees. This is usually sent to us from the payroll department, once our partnership is confirmed.
Yes, they can still access their savings and withdraw their money from their Moneywise account. However, they will no longer be able to save via the company’s payroll savings scheme.
If you would like to continue saving with Moneywise, check out our Adult Savers accounts and deposit as little as £1 a week.
You can keep up your monthly saving habit using different methods, such as standing orders, direct debits or depositing your cash in-branch.
Of course – just give us a call on 0330 165 5337 and a member of our friendly team will sort out the change for you.
Alternatively, you can access our payroll amendments form on our website.
Feeling positive about money can help you feel more in control at work, relaxed at home and even help improve your sleep.
If you’re an employer, you should help your staff build money confidence with savings schemes, like our payroll savings scheme, and other financial saving opportunities, such as pensions.
Payroll savings can be a great way to help build long-term savings. The security provided by these savings can help your team relax and do their job to the best of their ability.
Payroll savings can be great for staff recruitment and retention, too – surveys show that new hires are more likely to stay at a company if they are signed up to payroll savings schemes.
Nobody likes to be in financial trouble. With inflation and the cost-of-living crisis, an increasing number of people are living pay-cheque-to-pay-cheque.
By participating in a payroll savings scheme, employees can gradually increase their financial security month-by-month, without worrying about depositing lump sums into their bank account.
89% of employees in the UK and Ireland report that financial stress has a direct impact on their work – by alleviating this worry, you can expect a happier workplace and increased productivity.