30th November 2020
I wanted to let you know about a new employee benefit that we’re launching today which makes it easier for anyone who would like to, put some money aside in savings each month.
We know that many people are uncomfortable talking about money, but it’s a topic that has led to 1 in 4 of us losing sleep in the past year because of worries about our personal finances.
And that’s not the only surprising statistic:
- 26% of working-age adults have NO savings
- 4 million people in Britain are likely to be using credit as a safety net for everyday living costs
- 40% of UK employees say that money worries have caused them stress over the past twelve months
- People with money worries are 3 times more likely to have mental health problems
- Boost your Financial Wellbeing by saving every month with TransaveUK Credit Union, a not-for-profit credit union which offers employees salary-deducted savings accounts and affordable loans.
Introducing Transave
We know that financial wellbeing is really important, which is why we’ve teamed up with Transave to offer a brand new employee benefit designed to make it easier for our people to save.
Having some money put aside for a rainy day can often help ease some of those pressures, but starting to save can sometimes feel daunting when added to the other financial commitments we all have. However, while it might seem like a slow uphill battle at first, even small savings can really add up when done regularly.
It’s easy to get started – it only takes a few minutes to do. If you choose to, you can simply sign up online, decide how much you want to save (minimum £5 per month), and the money will be deducted straight from your net pay and transferred to your personal Transave account.
As well as saving directly from payroll each month, you are also able to boost your savings by adding a lump sum at any time, and providing your savings are not acting as security on a Transave loan, you can withdraw them at any time without penalty.
Because Transave is a not-for-profit organisation, any profit they do make is returned to its members in the form of a yearly ‘dividend’ on their savings, recently averaging 2%.
Savings with Transave are protected for up to £85,000 by the UK government’s Financial Services Compensation Scheme (FSCS).
Once you have joined Transave you will also have the option of applying for an affordable loan. ‘Instant loans’ up to £1,000 are immediately available on joining Transave. Personal loans up to £20,000 are also available once you have been saving regularly.
It’s obviously entirely your choice as to whether you wish to save through Transave, and please consider your personal circumstances and consult an Independent Financial adviser if necessary.
What do I need to do?
- To join TransaveUK and begin saving from payroll, go to the Transave website home page and click ‘Join us’.
- Once your application has been completed, Transave will provide you with the member pack to finalise the member set up process, and then liaise directly with SYFR payroll to commence the deductions once the set-up is complete.
Once you’ve joined you can refer your colleagues and earn up to £250 per year
Further information
To access some frequently asked questions check out the Transave Help Centre
If you’d like to hear more from Transave and take part in a Q&A then please join a webinar* with Roger Shelton, Marketing and Business Development Manager, Transave
*: click on the above links to access the Zoom webinar session. Right click and copy the link to your calendar
Financial Wellbeing
We know how much of an impact personal finances can have on our wellbeing – please check-out some of the below links for advice around financial wellbeing, money, debt and mental health:
- Money Health Check
- Money Advice Service: debt advice
- Step Change debt charity
- Mental Health and Money Advice
- Mind: money and mental health
- Citizens Advice
You can also get free and confidential support about financial worries through our Employee Assistance Programme (EAP). Access the FREE & CONFIDENTIAL HELPLINE on 0800 030 5182.
