Automated savings put all staff on the road to financial resilience
Over a third (35%) of people in the UK have less than £100 in savings. Wagestream makes it easy for 100% of staff to save for a rainy day or for a specific life goal.
As used by
Automated contributions take the hard work out of saving for your staff
Employees set a savings goal and a deadline: Wagestream calculates the monthly contribution and automatically moves it to their savings pot on payday.
Micro-savings means 100% of people can build a buffer
Available to hourly-paid employees, our micro-savings feature automatically rounds down shift payments to the nearest pound and moves the extra into a savings pot.
Monthly incentives mean more of your staff save
With our monthly prize draw, Wagestream will double whatever has been successfully saved over the previous month for a randomly selected group of employees.
Your questions, answered
Can employees withdraw money from their savings pot?
Yes. The money in their savings post is available to withdraw partially or fully at any point and should reach their bank account within two hours.
Is there a minimum and maximum to how much can be saved?
Users can choose to contribute as little as £5 per month via a variety of different savings methods. The maximum that can be held in a savings pot is £500.
How does the monthly prize draw work?
Any employee that has a savings pot and has put funds away over the previous month is eligible for a prize draw that Wagestream facilitates and funds. Wagestream will double whatever has been successfully saved over the previous month for a randomly selected group of employees.
How does the Save the Pennies feature work?
Available to Wagestream users on an hourly salary, our micro-savings feature automatically streams ‘extra’ pennies down to the nearest pound into a savings pot. This is very effective for employees who have previously struggled to save.
How are funds kept in savings pots protected?
Funds in savings pots are kept in a protected safeguarding account; funds in these accounts must be held separately from the institution’s working capital/other funds and cannot be lent out or used for other purposes. As the funds are safeguarded by the FCA authorised EMI, they are not subject to FSCS protection requirements (which is only required where banks reinvest and take risks with the money).
Get a live demo of automated savings with Wagestream
There’s no better way of understanding how Wagestream’s automated savings product can put 100% of your team on the road to better financial health than by seeing it in action. Book your 30 minute, no-obligation slot today.
Request a demoI really like the app, it allows you to save and you can really see the progress your saving is having.
Bethany
Wagestream user
