Payroll Savings helps your employees to save money directly from their salary, so they can get peace of mind and build financial resilience. Here you will find answers to some frequently asked questions about Payroll Savings, so you can understand how it works and how you can offer it to your people.
Payroll Savings FAQs for Employers
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Your employees will be able to open their Payroll Savings powered Easy Access Savings Accounts via your dedicated Sync Savings Portal.
Employees choose how much they want to save in-app, in a couple of taps. They can adjust their deposits flexibly, and withdraw funds at any point.
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Your employees need to be UK tax residents and be over 18 to open a Payroll Savings account.
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Payroll Savings is not a pension or salary sacrifice scheme, so there’s no impact on employer costs or payroll calculations - just a simple, transparent splitting of an employee's take-home (net) pay into two separate bank accounts.
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Yes – the Payroll Savings Summary you download from the Portal gives you a clear view of all active savers and their contribution levels.
You will not be able to see their total balance.
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Payroll Savings is different (we’re savings-first), we don’t do lending, or debt!
Many HR teams are weighing up benefits like Early Wage Access, but we take a different approach. Sync is savings-first: no lending and therefore no risk of employees ending up in more debt. Early wage access might look helpful, but it often leaves employees more stressed in the long run.
Consistency is the strongest predictor of financial resilience. People who save regularly, even small amounts, are over 70% less likely to fall into problem debt. (Source: University of Bristol)
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On payday, employers make a single bulk payment directly to Sync’s FSCS-protected savings account - the bank details will be shared with you when onboarding. Sync then splits the bulk payment among employees based on your Payroll Savings Summary.
It is important you use the correct payment reference you included in your submission via the portal. If your payment reference or payment amount aren’t correct, the payment will be automatically returned.
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Each month, the portal provides a ready-made file (the “Payroll Savings Summary”) that shows every employee’s elected savings amount. You simply download it, verify it against your payroll, and upload/submit it back through the portal. That confirms the amounts for the month and ensures the right deductions are made.
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Updates are automatically reflected in the Payroll Savings Summary report you generate via the Sync portal - every time you generate the report you’ll get a snapshot of the current savings amounts for each employee, no need for extra admin.
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Payroll Savings is reported as a voluntary net pay deduction in payroll records, meaning it doesn’t interfere with Income Tax, National Insurance, National Minimum Wage or pension contributions.
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Employees’ savings are held in FSCS-protected savings accounts with our partner banks. That means each saver’s money is protected up to £120,000, just like a personal savings account at any UK bank.
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At Sync, we take data security seriously. All employee information is encrypted and we follow strict GDPR standards. Data is only ever shared with our regulated banking partners when necessary to open and manage savings accounts. We never sell data with third parties.
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No - withdrawals are managed by employees directly through the app. You just run payroll as usual.
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If an employee loses access to their benefits platform when they leave, their savings account will be automatically closed and their full balance (including any interest) securely returned to them.
Balances are returned securely and automatically to employees directly, with any interest that’s due. -
Each month we’ll share headline stats like how many employees are actively saving, the average savings per person, and total saved since launch, so you can see the positive impact on your team’s financial wellbeing at a glance.
Do you have more questions? Get in touch at support@sync-savings.com
