Asda launched workplace savings for its 150,000 colleagues.
With Wagestream, they now offer colleagues a 4.54% AER* workplace savings account, which is fully protected under the FSCS.
Unlike high street accounts offering similar rates, Asda colleagues aren’t required to deposit a fixed amount and can withdraw at any time with no fees attached.
Colleagues can start saving in two ways. By either setting a fixed amount to be taken out of their regular pay-packet and deposited straight into their workplace savings account. Or by ‘rounding up’ which will see their shift payments rounded to the nearest whole pound and the difference deposited into their accounts automatically.
Bank of England data shows more than £1tn of UK savings is being wasted in accounts generating below 2.02% interest - the average easy access savings rate available to consumers. Half of UK consumers have never switched savings accounts at all - with a quarter having under £100 in savings.
Asda’s own Income Tracker, an established barometer of household disposable income, revealed that UK households are now prioritising saving over spending.
Despite a 14% increase in disposable income for the average household during Q2 compared to a year earlier, figures show that consumption was down by 0.3% during the same timeframe.
Around 36,000 Asda colleagues have already downloaded the Wagestream app, and they expect the workplace savings account to be the most popular benefits on offer.
Asda already offers a wide range of other financial benefits including retail discounts, money coaching, workplace loans and choice over when to get paid.
Asda Chief People and Corporate Affairs Officer, Hayley Tatum, said: “Financial wellbeing of colleagues is a top priority for us and offering workplace savings benefit is just one of the many ways we’re continuing to support our colleagues. This new benefit is alongside other financial benefits and support we already offer our colleagues at Asda, which includes financial education, budgeting tools, discounts and flexible pay.
“We’ve already had some really positive feedback from colleagues about these benefits and we’re looking forward to this latest roll-out, which we hope will have a positive impact for so many of our colleagues.”
Emily Trant, Chief Impact Officer at Wagestream, added: “Asda’s new workplace savings scheme is an incredible work perk for its team, offering better interest and flexibility than what’s typically available on the high street. It will make a real difference to financial lives and futures, and marks Asda out as a progressive, caring employer.”
About Asda
Asda is a diversified retail group serving circa 16m customers each week from over 1,200 UK locations and online.
With roots dating back to a Yorkshire family business in the 1920’s, the first Asda officially opened on 3rd May 1965. Today, Asda today employs more than 150k colleagues across its stores, depots, home offices in Leeds and Lutterworth and wholly owned subsidiaries including IPL, Forza, Kober and Leon.
Asda’s primary operations include the sale of groceries, general merchandise, fuel, as well as clothing and homeware through George at Asda. It also offers a host of other services including Asda Mobile, Asda Money, pharmacy, and optical services.
As well as 610 superstores, supermarkets and Asda Living Stores across England, Scotland, Wales and Northern Ireland, Asda has a significant footprint in the fast-growing convenience and food service markets with 479 Express stores and 384 food service restaurants, including 53 Leon sites.
The supermarket’s online service also delivers to 99.5% of the UK population.
The Asda group is owned by TDR Capital (75%) and Mohsin Issa (25%).
About Wagestream
More than 1,000 employers - like Asda, Burger King, New Balance, Pizza Express and the NHS - make work more rewarding, by offering financial benefits through the Wagestream platform.
They improve their team’s financial wellbeing through the Wagestream app - which more than 3 million people use to manage their budgeting, choose their own pay frequency, build a rainy-day pot, chat to a money coach, save money on their bills, and more - all in one place.
Wagestream is a B Corporation, built with the Fair By Design financial inclusion campaign.
*4.54% representative AER, subject to variability. Interest-bearing savings are available to all Wagestream members aged 18+ excluding US citizens and those with tax residency outside the UK.
**Comparison against Lloyds Easy Saver, Barclays Everyday Saver, HSBC Flexible Saver and Natwest Flexible Saver as of 16 August 2024. Workplace Savings and Workplace loans are provided through Wagestream Finance Ltd, a Wagestream company.
