Most people are saving towards something. In a recent survey 68% of Brits have some money saved up – whether it’s for a new car, moving house, retirement plans or a holiday, people are planning ahead. But a monthly salary can only go so far, and the temptation (or sometimes necessity) to dip into a savings pot can be all too easy. So how can My Staff Shop help your employees start saving smartly, and expand your employee benefits offerings? Look no further than an ISA through My Staff Shop.
An ISA, or Individual Savings Account is pretty much what it says on the tin. It is an account that holds cash and/or investments without to paying tax on any interest, investment income or gains on the money held within the account. With interest rates fluctuating all the time, having a Stocks and Shares ISA like the ones offered by My Staff Shop means not only the money you are putting in is safe from being taxed, but also stocks and shares perform historically much better than cash & the rate of inflation over long periods of time. With all these perks, it’s clear why there has been an uptake in the amount of ISAs opened. In 2020, there was an increase of 310,000 Stocks and Shares ISAs opened, bringing the total to 2.73 million open accounts. So what is special about opening an account through My Staff Shop?
Opening a Cushon Stocks and Shares ISA with your My Staff Shop account means that not only can you add money from your wages or other savings accounts, but also your earnt Reward Beans. Any Reward Beans you have collected through purchasing gift cards or through our cashback links can be added directly into your ISA. So using your My Staff Shop account really is a no brainer if you or your employees are looking for a simple way to start their savings journey. Sometimes starting to put aside money can be a daunting task. But if you are regularly using the My Staff Shop platform to purchase your groceries, fuel, cinema tickets or clothing (to name just a few!) then you can passively start saving with little effort, and without adding more stress at the beginning of the month. You can even transfer as little as £10 a month, making it flexible to your financial situations.
With an ISA set up through your My Staff Shop account, you can create valuable savings for the long term, just by adjusting your spending habits and shopping through the platform. So next time you pick up a new pair of jeans or grab a latte – you may just be investing in your future!
To learn more about savings and discounts, request a free demo.