Introducing an easy way to save for NEST members
It can be stressful if you need money suddenly when a high or unexpected cost occurs. People who don’t have money on hand to deal with emergencies may end up taking out costly loans and feeling money pressures. This can even affect their health and their performance at work. That’s why money experts recommend that everyone has an emergency pot of money that’s ready to deal with the unexpected - but we know that many people find it hard to get in the savings habit.
To make it easier for you to build up some savings, we’re offering NEST members access to a savings tool called Jars. Jars can help you become better prepared for sudden financial demands, such as:
- a broken down car, boiler or appliance repair
- seasonal demands like holidays and Christmas
- extra costs like new school uniforms
What is Jars?
The Jars savings tool is brought to you by Salary Finance in collaboration with Yorkshire Building Society. The savings tool is a hassle free way to save for emergencies every time you’re paid. And, once you’ve reached your emergency savings target, the savings tool will start topping up your NEST retirement pot to help you save more for the long-term.
The savings are deducted from your salary every time you’re paid so you can save without thinking about it.
Your emergency savings will be deposited in a Yorkshire Building Society instant access savings account and protected by the Financial Services Compensation Scheme (FSCS). The savings you build up will be instantly available when you need them. You can change or stop the amount you pay in, and update your desired emergency savings amount whenever you want.
How Does it Work?
- Sign up
It only takes 5 to 10 minutes to set up. The application process takes 5 to 10 minutes and can be completed entirely online at: glasgow.salaryfinance.com
- Choose how much to save
Select the amount to save every time you’re paid and set an emergency savings target to suit your lifestyle.
- You’ll get a new emergency savings jar alongside your NEST retirement pot
Your emergency savings jar is a Yorkshire Building Society instant access savings account.
- Your agreed savings amount is automatically deducted every time you’re paid
This happens in the same way as your NEST contributions, before you receive your salary. The money comes out of your pay after tax has been deducted.
- When you reach your emergency savings target, the deduction from your salary will go into your retirement pot
This is on top of the contributions already being made to your NEST retirement pot.
- You can take money out of your emergency jar whenever you need to
Whenever your balance drops below your emergency savings target, your contributions will go into your emergency savings jar again.
Ready to sign up, or have some questions?
Go to glasgow.salaryfinance.com to sign up to save.
If you have any questions please feel free to speak to Pay & Pensions.