Salary Savings Scheme

The easy way to save and repay a loan

At Essex Savers we offer local employers a Salary Savings Scheme – which their employees / our members can use to make their savings and / or loan payments to us straight from salary.

Photographs of professional workersWhat are some of the Employee benefits?

  • Easy and hassle-free way to save
  • Save for any reason: Christmas, vets’ and pets’ costs, wedding, car purchase, holiday, etc.
  • Salary Savers can access affordable loans at preferential rates*
  • Avoids having to borrow from a Rent-to-own company, a Doorstep/Payday lender
  • Improved personal and financial wellbeing
  • A potential dividend on your savings
  • Savings are 100% protected by the Financial Services Compensation Scheme

What are some of the potential Employer benefits?

  • Salary Saving is a valued staff benefit which can help with recruitment and retention
  • Research has shown that employees experiencing financial difficulties are more likely to suffer from stress, depression, absenteeism and underperformance
  • Providing an easy way to save helps employees develop a saving habit and manage their money better, thereby reducing stress & contributing to a happier and more productive workforce
  • Encouraging a responsible attitude towards credit and providing access to affordable loans assists with the welfare aspects of being a caring employer
  • Keeps local money in the local economy and so benefits the local community
  • Meets many companies’ community ethos and corporate social responsibilities
  • Easy to administer with no cost to you. Just a small administrative role when processing the Salary Savings request and transferring funds by BACS to Essex Savers

As well having positive benefits for employers and employees, the Salary Savings Scheme also saves us (Essex Savers) valuable administration time which helps to reduce our running costs. Which, in turn, gives us more time to help and support our members. So, everybody wins.

How does the Salary Savings Scheme work?

If your employer offers this service, all you have to do is complete a Salary Savings Deduction Authority Form, which you can download by clicking here, and pass it to your Payroll Department to process. Once done, they must send a copy to Essex Savers. We will then update your account with us to reflect your Salary Savings instructions. (If your employer hasn't signed up yet, just ask them to contact us on 01245 496314 and we will explain what needs to be done).

Every month, depending on how you are paid, your Payroll Department will send us details of the deduction made and your payment will reach our bank account a few days later.

Once we have received your payment, we will apply it directly to your account to cover your savings and/or loan commitments.

As you will see from the examples below, saving regularly can quickly produce a very attractive lump sum.

Monthly savingsSavings Balance
1 Year2 Years3 Years4 Years5 Years
£10£120£240£360£480£600
£20£240£480£720£960£1,200
£50£600£1,200£1,800£2,400£3,000
£100£1,200£2,400£3,600£4,800£6,000

How do I know if my employer offers this facility?

To see the current list of employers that offer this facility click here.

If your employer hasn't signed up yet, just ask them to contact us and we can talk them through all of the benefits of this service.

If your organisation is signed up but not listed please e-mail us at info@essexsavers.co.uk and we will add them to the list.

I’m interested in offering the Salary Savings Scheme as a staff benefit. What should I do?

Please telephone us on 01245 496314 or e-mail us at manager@essexsavers.co.uk and a member of the team will be happy to discuss with you how the facility works and how to set it up. It is very easy to do, just like any other staff deduction you may make for things like, charity donations, union subscriptions, etc.

We would also be happy to discuss the possibility of coming along to talk to you and your staff about the various benefits that membership with Essex Savers could bring.

For full details of the benefits of our Salary Savings Scheme for both employers and staff just click here our guide to the Mutual Benefits for Employers and Employees.

* Subject to the receipt of a fully completed application form, personal budget sheet, all required documentation and a satisfactory Credit Reference Agency check, a (Salary Savings) preferential rate of 1.5% per month (19.6% APR) is available. However, all loans are subject to Loan Officer / Credit Committee decision and the availability of funds.