Employee Benefit
Scheme
We support businesses by helping their employees to save, borrow and plan for tomorrow.
The financial well-being of your employees is vital.
Financial worries affect both mental and physical health, impacting directly upon employee performance. Citysave offers a solution that benefits employee and employer alike.
Research shows that staff, with significant concerns surrounding their own finances, perform less well than those that are financially stable. This is due to the impact of debt upon the individual’s health, which interferes with their ability to focus and work effectively. ... Read more
What can I do as an employer?
Payday loans have become a default for those with financial difficulties, but they do not offer a long-term, healthy solution.
As their employer, you can help.
Establish the issue
One of the foremost difficulties in addressing an employee’s financial concerns, is that they are unlikely to make them known to you. It’s, therefore, important to offer an environment and mechanism through which staff feel able to raise these issues, and in a private and confidential manner.
Assess employee needs
To make a full assessment of their situation and how to address it, you need a specialist provider that can assess salary, outstanding debts and financial commitments, to establish and recommend a manageable savings or loan solution.
Build support
Finding a responsible savings and loans provider is crucial to your decision process. Citysave manages payments from payroll deductions and has been doing so for over 30 years. As an employer, you can provide your team with a free benefit – to access, direct from payroll, FSCS protected savings and fair-priced consumer loans. Through your corporate responsibility, you provide staff with direct access to savings and loans to enable them to be better prepared for both planned and unexpected expenses in the future.
How can Citysave help me?
The Citysave employee benefit scheme supports businesses in helping their employees to save, borrow and plan for tomorrow.
Empower your employees to build a savings habit!
Savings plans
Our savings plans protect against financial emergencies and longer-term requirements such as saving for next year’s holiday or home improvements.
Affordable loans*
Every year, we provide thousands of loans to members who use them to start a new life of responsible, manageable borrowing and improve their ongoing financial situation. With a responsible APR of 12.7% to 19.6%, our loans pose an alternative to dangerous forms of easy lending, such as payday loans. Our interest rates are a fraction of that of a payday loan, and they’re also monitored to ensure that they are competitive with high street banks. High street Bank loan rates can appear lower but advertised rates are typically for larger loans, longer periods and for blue chip credit score borrowers. We aim to provide fair loans to the many rather than the few.
How do I get the scheme up and running?
Our simple 6 point process outlines all the steps you need to get a scheme up and running.
We can help with agreement templates and co-branded promotional materials.
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I’m pleased to learn of the Citysave scheme - making it easier for employees to save, borrow and build up financial resilience.
This initiative chimes with the WMCA’s Thrive At Work programme - nurturing the wider employee wellbeing agenda. I expect other employers will be keen to follow suit in the months and years ahead. I wish Citysave all the best in their endeavours.
Andy Street
Mayor of the West Midlands
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WCC has been working in partnership with Citysave for some time to establish a staff payroll deduction saving scheme, which has been adopted as part of the Council's wider benefits offer to their employees. Alongside this the Council has been working with the five districts and borough councils in Warwickshire to encourage them to set up similar staff schemes. WCC has established a good working relationship with Citysave, who have proved to be a professional, innovative and responsive partner.
Louise Richards
Partnerships Projects Co-ordinator, Warwickshire County Council
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Citysave Credit Union are a key, active member of the Northern Warwickshire Financial Inclusion Partnership, supporting activity, residents and businesses across the North Warwickshire BC area. We have worked together successfully over several years on projects, not only for residents, but for our own employees. We have built into our internal processes, promotion, and awareness of Citysave CU accounts and the importance of saving alongside highlighting the affordable lending opportunities. We have a very strong working relationship with Citysave. They are a partner of choice, due to their hard work and continued commitment, to promote and offer all residents and businesses an ‘ethical banking choice.
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Birmingham City Council has always seen the wellbeing of its employees as a priority and strongly supports the principle of regular savings as part of a wider financial wellbeing agenda. We have offered our employees access to simple payroll savings with our partner, Citysave, for over 30 years. We value this long-term partnership and know our employees recognise the value of this simple form of employee benefit.
Blaine Steede
Total Reward Lead
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Citysave has been working with St Basils for a number of years to promote savings and small loan agreements for our employees through salary deductions.
St Basils has a full range of prevention, accommodation, support and engagement services as well as services which aim to ensure young people develop the skills and have the support needed to move on successfully. Our young people are supported by more than 250 staff who are dedicated employees who also at times face their own challenges. As an organisation we believe it is essential to support the financial wellbeing of our staff, and we value the benefit that a good credit union can offer.
We have very good links with Citysave, and a representative attends our induction day for all new staff. They also participated in a recent St Basils reward and benefit day to promote their services, which was welcomed by employees.
We have a good working relationship with Sean and Bethan who are very flexible in supporting our requests. I would recommend Citysave for all the reasons above, and for the continued account management service that we receive.
Judy Large
Head of HR, St Basils
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The Binding Site Group Ltd consider employee wellbeing a high priority. This includes financial wellbeing and avoidance of high cost personal borrowing which can be a major distraction, impacting on mental health and wellbeing. Citysave offered us a very simple and free to employer solution under which our staff can access, direct from payroll payments, everyday savings and unsecured loans at fair prices”
Victoria Morbey
Global Head of HR, Binding Site
FAQs for employers
Would our Employees money be safe ?
Savers at Citysave are protected by the national Financial services compensation scheme (FSCS). Click here to find out more
Does Citysave have a track record in providing service to other large Employers ?
We have been providing this service for some thirty years – please see here some of the testimonials we have received
What would the service agreement look like ?
Specimen agreement wording can be provided on request – please note there is specific clause making clear the Employers have no liability at all for any Employee liabilities that may arise as a result of using services provided by Citysave.
*For eligible members (subject to application). Loans available from 12.7% to 19.6% APR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority FRN: 213258. Members’ deposits are protected by the Financial Services Compensation Scheme.