Asda has introduced a new workplace savings account exclusively for its 150,000 employees. The supermarket giant has teamed up with financial benefits company Wagestream to provide a 4.7% AER workplace savings account to its staff. Asda assures that this account is fully protected by the FSCS. Unlike traditional high street accounts with similar rates, Asda colleagues are not required to deposit a fixed amount and can withdraw funds at any time without incurring fees.
Employees have two options to start saving: setting a fixed amount to be deducted from their pay and transferred directly to their savings account, or opting for ’round up’, rounding their shift payments to the nearest pound with the remainder automatically deposited into their accounts. Approximately 36,000 Asda colleagues have already taken advantage of the Wagestream app, which offers additional benefits such as retail discounts, money coaching, and workplace loans.
Asda’s Chief People and Corporate Affairs Officer, Hayley Tatum, emphasized the company’s commitment to the financial wellbeing of its employees. She highlighted the positive feedback received from colleagues about the benefits already provided by Asda. Emily Trant, Chief Impact Officer at Wagestream, praised Asda for offering a superior workplace savings scheme that provides enhanced interest rates and flexibility compared to standard high street options. The new savings account is part of Asda’s ongoing support for its staff, which includes financial education, budgeting tools, discounts, and flexible pay options.
This new initiative underscores Asda’s dedication to supporting its workforce and promoting financial security among its employees. With rave reviews from workers already benefiting from the scheme, the supermarket hopes this latest offering will have a positive impact on a significant number of its employees.
Asda continues to enhance its employee benefits package, focusing on improving financial literacy and providing practical tools to assist staff in managing their finances effectively. Through partnerships like the one with Wagestream, Asda aims to underscore its commitment to being a considerate and forward-thinking employer.