Payroll Savings helps you to save money directly from your salary, before it reaches your bank account, so you can get peace of mind while your savings grow. Here you will find answers to some frequently asked questions about Payroll Savings, so you can understand how it works and how you can benefit from it.
Payroll Savings FAQs
-
Yes!
Your company is providing you this benefit for free: all you need to do is sign up and start saving. -
You must be a UK tax resident and be over 18 to open a Payroll Savings account provided as Easy Access Savings Account by our partner banks.
-
The accounts are provided by our partner banks.
We partner with Griffin, a well capitalised UK authorised Bank.
-
Your money will be stored securely in an Easy Access Savings Account at Griffin, accessible through your Payroll Savings app.
-
Money is added automatically into your Payroll Savings account every payday, based on your deposits.
You can amend deposits at any time and this will take effect from the next payday.
-
There are currently no deposit limits on our Easy Access Savings Accounts.
There are however limits on FSCS protection on deposits held in these accounts as the money you deposit is protected up to a total of £120,000 by the FSCS , applied to the total amount of any money you hold at the bank.
-
There are no minimum deposits.
-
Just hit the Withdraw button on the dashboard of your Easy Access Savings Account, in your Payroll Savings app.
Provided you have the money in your account, we’ll make sure that the money is sent to you by 6:00pm on the following working day at the latest.
-
Your withdrawals are sent to the bank account which your salary is paid into. Simple and easy.
-
Griffin’s current withdrawals schedule is:
Withdrawal request time → Receipt time
• Before 12:00pm on a working day → By 6:00pm the same day
• After 12:00pm on a working day → By 6:00pm the next working day
• After 12:00pm on the last working day before a non-working day → By 6:00pm the next working day
• On weekends and public holidays → By 6:00pm the next working day
Withdrawals may be delayed due to other reasons and we will be as transparent as possible if this occurs.
-
Up to £120,000 of your deposits are covered and guaranteed by the UK Government. Find out more about the Financial Services Compensation Scheme (FSCS) information or visit the FSCS website for full details.
-
We will always provide you with a consistently good market rate, beating the high-street average of 1% AER.
The interest rate is linked to Bank of England Base Rate and subject to change.
-
Interest is calculated on your balance daily, and paid at the beginning of each calendar month for interest earned the previous month.
-
You’ll be able to see your interest earned this month to date beneath your balance in your dashboard. At the end of the month, this will be paid into your main balance.
On your dashboard, you can see the interest we’ve paid you since you opened your savings account. -
Interest starts to accrue as soon as your cash hit’s the account and is calculated daily, and paid at the beginning of each calendar month for interest earned the previous month.
-
Yes, money for scheduled payments continues to earn interest until it is paid out. So, money keeps earning interest until it leaves your account.
For example, if you request a withdrawal of £500 at 12:01pm on a Friday, that £500 will keep earning interest until the payment is processed on Monday.
-
You can earn a significant amount of interest each year without paying tax, in many cases up to £1,000, depending on your allowances and income.
It is easy to check exactly how much applies to you 👉 Tax on savings interest - GOV.UK
👉 Calculate how much tax you may have to pay -
Yes, email us at support@sync-savings.com to get your annual statement.
-
You can close your Payroll Savings account through your Account page by clicking on “Close account”.
Any remaining balance will be transferred back to your connected bank account by 6:00pm on the next working day, and any interest you've earned will be paid by the end of the calendar month. You’ll retain access to your account until everything is settled, after which your account and data will be securely deleted.
Do you have more questions? Get in touch at support@sync-savings.com
