Payroll Savings FAQs

To register or login you will either need to:

• Sign up: enter your company password, which you can ask your employer for, and register for the service. Your registration request will then be sent to your payroll/HR team for review and activation. This should take no more than a couple of days and you will receive a confirmation text once this has been done.

• Use login credentials: you may have been sent login credentials. In this case, use these credentials to log into your account, rather than using the company password.

3. Does it cost anything to have a Payroll Savings account?

No, Payroll Savings is completely free to have. The first withdrawal in each calendar month is free, additional withdrawals within the month are charged at 50p per withdrawal.

4. How do I enrol and how long does it take to sign up for Payroll Savings?

Signing up for Level’s Payroll Savings is quick and easy, simply log into your Level app, press the savings icon (piggy bank), and register for the service.

You’ll just need to agree to our terms and conditions and provide a few details but that’s it, your request will then be sent to your payroll/HR team for approval.

5. How do I contribute to my savings account?

Savings contributions can only be made through your monthly pay, no direct deposits can be made later in the month. You can choose how much you would like to contribute monthly to your savings. This means the chosen contribution will be automatically transferred to your savings account on the day your salary is paid.

6. Is there any limit on how much I can withdraw or save each month?

• Savings Amount: Level allows you to save as little or as much as possible, as long as the monthly contribution does not exceed your monthly salary.

• Withdrawals: No, you can either withdraw a portion of your savings or the whole amount, it’s completely up to you.

7. What is the Interest rate?

The interest rate is variable and Level is always looking to find the best rate for you. If a better interest rate becomes available your account will be automatically switched to the highest interest rate, meaning you always have the best rate available. For your exact current interest rate, please check via the (i) icon within the Payroll Savings tool within the Level app.

8. What happens if I leave my employer?

If you leave, your monthly contributions will cease after your last salary payment. If the payment does not cover your savings amount, you will be contacted by a member of the payroll team.

Your savings are held in your name, so they aren’t going anywhere. If you are leaving your employer, we advise that you withdraw 100% of your savings as you will no longer be able to pay in (because you will no longer be paid by your current employer). However, any money you leave in there is fully protected and will continue to accrue interest.

9. How long does it take to withdraw my savings?

Once withdrawn your savings will arrive in your bank account within an hour.

10. Are there tax/NI savings on this benefit?

No, savings contributions are made from your net pay (after tax and NI is calculated) so you won’t make any tax or NI savings on your contributions.

11. Can I freeze, change, or cancel my monthly savings contributions?

Yes, you can easily stop or amend your contributions at any time via the app. Simply head to the savings section within the Level app and click “Change Plan”, you can then set how much you would like to save moving forward.

12. How can I contact Level for help?

If you need help with your Level account, please contact us via our help desk. This can be done through the Level app or by clicking here.