Saving money can feel like a challenge but it doesn't have to be, salary deduction savings can make it easy to build healthy saving habits without the stress.
Building up savings can often feel like an uphill battle, especially when unexpected expenses arise. Many people struggle to set aside a portion of their income each month, making financial security seem out of reach. However, there’s an easier way to build healthy savings habits without the stress—salary deduction savings.
What is salary deduction savings?
Salary deduction savings is a simple and effective way to save money automatically. With this system, a portion of your salary is transferred directly into your savings account before you even receive it. By removing the need to manually move money each month, salary deduction savings make it easier to build financial security effortlessly. Once you opt in, your savings grow consistently without any extra effort.
The key benefits of salary deduction savings
1. Effortless consistency
One of the biggest challenges of saving is making it a habit. With automatic deductions, saving becomes second nature. There’s no need to remind yourself to transfer money or set up multiple standing orders. it happens seamlessly, helping you stay on track with your financial goals without added effort.
2. Freedom to spend
Remove the guilt of spending money on something you enjoy, with salary deduction savings, your savings are already taken care of, giving you the freedom to use the rest of your salary however you choose. It removes the pressure of deciding how much to save each month, as the hard work is already done for you.
3. Building financial wellbeing
Financial security isn’t just about having money in the bank, it’s about reducing stress and creating opportunities for the future. Regular contributions help you build a strong financial foundation, giving you peace of mind and greater stability in the long run. Whether you’re saving for emergencies, a big purchase, or future plans, salary deduction helps you stay prepared.
Start saving the smarter way
Now is the perfect time to start saving smarter. For a limited time, new Money@Work Savings accounts will benefit from a competitive 7% AER (6.78% gross) interest rate.
Accounts opened before 31st March 2025 will get to enjoy 12 months of boosted savings until 31st March 2026.
With deposits made directly from your salary, saving has never been easier or more rewarding. This offer is only available for a short period, so don’t miss out on the opportunity to grow your savings faster.
Find out if you’re eligible here or speak to your employer about signing up today. A little saved each payday can go a long way!
