Marvin OnumonuWagestream has updated its ‘Workplace Savings’ product, letting workers deposit money from outside bank accounts for the first time.
Over 500,000 people in the UK have used the service to start saving, with the product offering an interest rate of 4.33%.
Early access clients went live this week and Wagestream said all users would have the feature from early July.
Katie Duxbury, head of pay services & wellbeing benefits at BUPA, said: “Longer term we can see our employees building saving pots and reversing their money story, moving from borrowers to savers with all the positive mental health benefits that financial resilience brings.”
Wagestream’s savings product, in partnership with Investec, comes with no minimum deposit or fees and is open to all members.
Workers can put away a set amount each month or use the Save the Pennies feature, which rounds down shift pay to the nearest pound and adds the difference to savings.
Peter Briffett, CEO at Wagestream, said: “With the launch of external deposits, we are entering a new era of next generation workplace financial products.
“This is just the beginning of the revolution, as we continue to impact the lives of millions of people, with fairer financial services.”
