We support businesses by helping their employees to save, borrow and plan for tomorrow.
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To learn how our scheme benefits employee and employer alike.
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.
If an employee is struggling to get their debt under control, and has no access to savings, it can be in the employer’s best interests to assist with a manageable plan. Citysave can help you with solutions for your employees.
Free to your organisation, the administration work involved is minimal. Furthermore, for the employee, offering payroll deduction makes it easier for them to manage their finances and to get into the habit of saving on a regular basis. This means you achieve a more stable workforce and help reduce stress in the workplace.
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.
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!
Our savings plans protect against financial emergencies and longer-term requirements such as saving for next year’s holiday or home improvements.
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.
Pre-paid Mastercard Debit card
The Change Account when used with the card’s Virtual Envelopes, it is a handy and mobile device friendly way of budgeting and keeping spending in check.
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.
Enter into written payroll deduction/data sharing agreement with Citysave – we will provide the necessary documents.
Issue employee benefit launch communication. Citysave will provide assistance where required, drawing on our experience with other employers.
Receive promotional material to help promote the benefit. Citysave will provide co-branded materials across a range of media.
Agree/exchange contact point within employer payroll team and agree appropriate secure mechanism for data exchange.
Receive Citysave bank details to transmit monthly aggregate payment.
Send monthly summary of payroll deductions, using secure email protocols, to enable Citysave to reconcile and apply credits to employee accounts.
Birmingham City council strongly supports the principle of regular savings as part of financial wellbeing. We have offered our employees access to simple payroll savings with our partner, Citysave, for some 30 years and hope other City employees will recognise the value of this most simple form of employee benefit.
Rewards and Benefits, Human Resources
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.
Head of HR, St Basils
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”
Global Head of HR, Binding Site
We believe financial wellbeing starts with simple basic cash savings and L&G offer simple direct access to such savings, for our Birmingham employees, through our partnership with Citysave. We see the promotion of such a simple Employee benefit, administered without cost via payroll deduction, as an important contribution to improving the savings culture in the UK. In the long term, a positive change to savings attitudes will benefit financial wellbeing, which is something we believe all Employers should support.
Community Investment Manager, Legal & General
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% 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.