Employees can save directly from their salary at no cost to employer
Neyber, the UK’s largest financial wellbeing provider, today announced a partnership with investment platform, Smarterly. The first product available will be an investment ISA through Smarterly so that employees can save directly from their salary at no cost to the employer. This new addition will compliment Neyber’s range of workplace financial education and direct-from-salary low-cost loans.
New partnership will tackle UK ‘savings gap’
By partnering with Smarterly, Neyber aims to address the nation’s ‘savings gap’ by providing a range of saving vehicles, these include Adult ISAs, Junior ISAs and a general investment account, soon to be followed with a Lifetime ISA and Cash ISA.
The portal has been designed with the workplace in mind, making it simple and convenient for an employee to save and invest money, whether they are a novice or experienced investor. Employees also benefit from SmarterCare – the platform’s automated monitoring service – which alerts the employee should there be any notable changes to their investment, helping them feel more supported throughout the life of their investment.
Option to transfer existing ISAs
There is the option to transfer existing ISAs into the platform and take advantage of the competitive platform fees which have been discounted for employees from a typical market rate of 0.79% to 0.40% pa.
Monica Kalia, Co Founder and Chief Strategy Officer of Neyber, said:
“Financial wellbeing is a key topic for HR teams, yet they are grappling with the amount of products and services available in today’s market. By partnering with Smarterly we are now providing a holistic offering that encompasses saving, borrowing and education, which are the foundations of any good financial wellbeing strategy. We chose Smarterly as they share our ethos of providing the most inclusive and competitive financial wellbeing solutions to employees in the market.”
Phil Hollingdale, Director of Smarterly, said:
“Joining forces with Neyber supports our joint goal of helping the UK workforce save for the future. Consumers are clocking the fact that investing in stocks and shares ISAs provides the potential for much better returns and that they can do this through the workplace with the convenience of payroll.
“With a growing millennial workforce focused on mid-short term savings, more so than thinking about retirement, as well as reducing annual and lifetime pension allowances which impact an increasing number of higher earners, workplace ISAs are becoming increasingly attractive as an employee benefit.
“We are excited to be working with Neyber in helping the UK workforce save for the future.”
To find out more about Neyber, please visit www.neyber.co.uk.
To find out more about Smarterly, please visit: https://www.smarterly.co.uk/workplace/employers.