Allied Healthcare and Saga to offer savings product to staff

Jonathan Stapleton
clock • 3 min read

Allied Healthcare and Saga are set to offer a savings product to employees following a tie-up between Salary Finance and Yorkshire Building Society.

Salary Finance, a financial wellbeing platform, has partnered with Yorkshire Building Society to include an instant-access savings account as part of its offering - allowing employees to save money directly from their salary.

The variable Salary Finance internet saver account currently pays gross interest of 0.75% per annum.

Allied Healthcare, one of the UK's biggest home care providers, will be among the first companies to offer the product.

Reward manager James Drewry said: "Having already implemented a highly successful loans product with Salary Finance, we are hugely excited about this new addition to their offering. Colleagues have made it clear through survey feedback and written requests that they wanted more support with saving for long or short term financial goals.

"Combining an effortless depositing process with the flexibility to access funds at any time gives our employees the option to save money without removing their control of it. It's the perfect solution."

Saga, another Salary Finance client, will also be launching the savings product.

Group HR director Karen Caddick explained: "We care passionately about the wellbeing of our colleagues and recognise the impact that financial stress can have at home and work - and have been very pleased with the way Salary Finance has helped our colleagues to get out of debt faster and at lower cost, and are now delighted to be launching their savings product.

She added: "We will also be introducing a matched savings scheme, where we will add to employee savings, to encourage a savings habit and increase financial resilience."

Commenting on the launch of the Salary Finance and Yorkshire Building Society initiative, former pensions minister and consumer champion Baroness Ros Altmann said: "The UK is facing a savings crisis. In 2017 the ONS announced the UK savings ratio was at its lowest since 1963. The erosion of a savings habit is creating financial fragility across the UK workforce. This increases the risks of unexpected costs putting people in financial difficulty.

"Salary Finance and Yorkshire Building Society are launching an exciting new initiative that can enable employers to play a role in addressing these issues. In doing so employers can improve the financial confidence and resilience of workers across the UK."

Yorkshire Building Society chief executive Mike Regnier said: "Starting, and keeping up, a regular savings habit is a big driver of financial wellbeing, especially for those that don't have any form of meaningful savings already.

"Saving a small amount directly out of salary on a regular basis is a simple way to achieve this, as money is moved into savings before it reaches a bank account and could get caught up in everyday spending. As a modern mutual organisation, we're really proud to be working with Salary Finance to offer this innovative way to save and to help employers provide support for their employees' financial wellbeing.  And because we're a mutual, these employees will also become members of our society."

Salary Finance chief executive Asesh Sarkar said: "At Salary Finance, we understand the crucial role finances play in our health and happiness. Since launching we have proved that finance can be delivered in a socially progressive way.

"Our relationship with Yorkshire Building Society expands our ability to help UK employees work towards a more financially secure future. This new savings product creates a great opportunity for employers to have a significant positive impact in the lives of their employees by increasing their financial confidence."

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