Employee Benefit Scheme

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, it can be in the employer’s best interests to assist with a manageable plan. Citysave can provide such a plan.

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 you can 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 Citysave can help you take action

The Citysave employee benefit scheme supports businesses in helping their employees to save, borrow and plan for tomorrow.

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.

Pre-paid Visa Debit

The Engage Card is exclusive to credit unions. When used with the card’s Virtual Envelopes, it is a handy and mobile device friendly way of budgeting and keeping spending in check.

*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.