Our Employee Finance Well-being App
Welcome to Wagestream
Thanks for clicking to find out more about our Wagestream finance well-being app. Below is a quick explanation of what it is, how it works and what you need to do to apply.
In essence the app allows you track and access part of your wages whenever you need to, save directly from your salary and access financial help and guides. It allows you to access money in case of an emergency or special event, such as a problem with your car or needing new shoes for a wedding! It also allows you to gain immediate access to your wages if you pick up an extra shift or two – work a late on a Friday and withdraw the money earned Saturday morning.
The app not only gives you early access to your wages but is a great financial planning tool that allows you to:
- Track: review what you earn in the app in real-time, check that shifts are logged ahead of payday, and set payment reminders.
- Access: transfer a percentage of your wages directly into your bank account at any point in the pay period, whenever you need for a small, fixed fee of £1.75.
- Save: The in-app savings pot feature lets you save money directly from your salary and be in with a chance of winning cash prizes each month!
- Learn: tap on the Coach tab for access to our education section containing tips, tricks and short in-app courses to help you make the most of your money and stay on control.
How does it work?
At the touch of a button the app allows you to access a portion of your earned income, every hour of every day. Log in to the app to view accrued wages, approved and submitted by Payroll, then instantly select the amount you wish to transfer directly into your bank account.
Each time you withdraw an amount of money (known in the app as to stream money) there will be an admin/convenience charge of £1.75 no matter how small or large the amount you withdraw. Wagestream do not provide any credit, and there will never be any interest charges and because Wagestream only gives access to your wages as they are earned the app does not affect your taxes or NI contributions in any way.
How is my balance calculated?
Your contracted hours will be set up as a monthly salaried amount and therefore a portion of your
gross pay will accrue on the app each day.
Any additional shifts will be added and you will be able to access the money earned for these immediately.
We have set the limit for the amount you can take out a month at 40% of your earnings or a maximum of £250, there is also a minimum withdrawal amount of £10. This limit allows you to access your wages as you earn them without the risk of overspending before the next pay day.
You will receive a statement from Wagestream at the end of the month with your withdrawals (streams) recorded as well as your CiC payslip which will show your salary minus any money you have taken our through Wagestream including the admin charge. This will not affect your taxes in anyway.
Next Steps
If you’d like to take advantage of this great employee benefit, then please email your team leader or Geraint.williams@careiscentral.org.uk and let them know. We will then send out an email asking you click on the link and create an account and then download the app from Apple store or Google Play Store. Payroll will do the rest and within seven days you will receive another email to tell you that you now have access to the app and the ability to download part of your accrued wages immediately. Once you have downloaded the app onto your phone there are lots of articles to talk you through how to make the most of this financial tool.
Wagestream video
Check out the wagestream short film to see how easy it is to set up and use.
Sign Up Now!
Email your team leader or Geraint.williams@careiscentral.org.uk now to sign up to start using the app to help keep you in control of your money and keep financial headaches at bay, especially with the festive season almost upon us. We are also hoping that it will encourage staff to pick up an extra shift or two – knowing they can work a shift and get access to the extra money they have earned the very next day in time for Christmas shopping!
If you have any further questions, then please contact your Team Leader or email Hayley.simpson@careiscentral.org.uk.