- Employees can save and invest directly into a workplace ISA from salary at no cost to employer
- The Workplace ISA products have been designed to meet the needs of today’s UK workforce, from a millennial saving for their first home to a sophisticated investor managing a diverse portfolio
- This collaboration is the next milestone in Neyber’s mission to turn the UK workforce from a nation of borrowers into a nation of savers
Neyber, the sector-leading fintech 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.
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.
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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.
Martin Ijaha, Co Founder and Chief Executive Officer of Neyber, said:
“The expansion of our product range to include savings and investments is a huge milestone for Neyber as we continue to offer employees more options to take control of their money like never before. We are building a digital experience for employees fit for the 21st century, where the best financial products sit alongside personalised content and tools.
“Last year, we launched our financial wellbeing hub and an extensive range of debt consolidation products designed to be more financially inclusive for the UK workforce. Now we’re excited to take that to the next level by integrating workplace savings products in the Neyberhood.”
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.