Payroll Savings for Employees
Join our Payroll Saving scheme – the smarter way to manage your money.
Join FAIRshare’s payroll scheme and saving a little every payday will soon add up to a tidy sum. Perfect for meeting sudden expenses, affording the latest gadget or paying for an unforgettable holiday. If all that sounds like common sense with money, that’s exactly what it is. Plus when you need a loan with flexible, affordable repayments, all you need to do is ask.
FAIRshare works with a number of employers throughout Shropshire, to give staff easy access to simple secure savings and affordable loans – 2 great reasons to join our Payroll Saving scheme.
Joining’s simple too, so why wait? Join today and you can start saving tomorrow.
What is Payroll Saving?
- Payroll saving is making regular savings directly from your salary. Your employer deducts the amount you wish to save direct from your wages via the payroll, and transfers this to your FAIRshare savings account – hence it is often called Payroll Deduction
- Saving direct from your salary is so easy and hassle free – you can save as little or as much as you wish, from just £1 a week or £5 a month
- Your money is transferred to your FAIRshare account and can be withdrawn at any time*
- Your employer has no access to your FAIRshare account, balances or details
- Payroll saving is a staff benefit which your employee offers to you
- There is NO cost to you – it is free of charge
Why join Payroll Saving?
- Saving directly from your salary is easy and hassle free
- Saving directly from your salary is the ‘painless’ way to save – it’s often easier to put some money aside before receiving your pay
- Saving money regularly helps protect you from unexpected financial pressures and helps you manage your money more effectively
- You can save as much as you want
- Savings soon build up to buy that special present, a holiday or to help with one of life’s emergencies
- Savings can be withdrawn at any time*
- If you need to borrow money, FAIRshare offers low-cost loans to members – you can apply for a loan, and the repayments can be deducted from your payroll savings
- Qualify for the Payroll Bonus, a 10% discount off standard interest rates, exclusive to Payroll Savers**
- Your money is safe and protected by the Financial Conduct Authority & the Prudential Regulation Authority, unlike staff ‘kitties’ or informal savings schemes
- Your savings are covered by the Financial Services Compensation Scheme, currently to the value of £85,000
* You must keep £5 in your account to keep it open
** Minimum period of 3 months payroll saving to qualify for discount
If you need to borrow money, FAIRshare offers affordable low-cost loans to members who save regularly. Repayments can be made through FAIRshare’s Payroll Saving Scheme, making it the easy way to repay loans.
- Borrow for almost any purpose, including a consolidation loan to pay off existing debts
- Loans are tailored to suit your individual circumstances & your ability to afford the repayments
- Charges a fixed rate of interest, from only 0.44% per month(5.4% APR)*, going up to a maximum of 3% per month (42.6% APR)
- Flexibility – borrow large or small amounts over different periods and increase/decrease payments if your circumstances change
- No arrangement fees
- No penalty or fees if you pay off your loan early
For more information on a FAIRshare Loan, please click here.
*Quoted rate includes the Payroll Bonus, a 10% discount exclusively for Payroll Savers