New Savings Features Provide Employees With Three Unique Ways That Work Separately, or Together, to Save From Earned Income for Free
DailyPay, the premier provider of the daily pay benefit that transforms the pay experience — announced SAVE 3.0 to expand no-cost ways employees can allocate earned income to their own savings account before their scheduled payday. This feature supports America Saves Week’s annual celebration and call-to-action for Americans to commit to saving successfully.
Feature enhancements were defined after evaluating suggestions from America’s top employers, a wide range of employees and a survey of 1,000 hourly workers regarding savings needs and preferences. Highlights of this survey suggested:
- 78% of respondents want cost-free ways to help them save.
- Two-thirds (64%) of respondents want their savings app to deposit savings funds into their personal bank account.
- Over one-half of respondents (57%) want a savings account that earns interest.
For years, DailyPay has enabled employees to access their earned income before payday. For a small fee, employees can use their income to cover unexpected bills, support lags in payday periods, and gain financial stability. By combining PAY and SAVE, DailyPay has created a superior pay experience that will have a positive impact on every employee.
SAVE 3.0 is free to all employees who have access to DailyPay. Employees can SAVE with DailyPay in three unique ways:
- AutoSAVE — Every employee can “set it and forget it” and build a savings safety net with regularly scheduled savings.
- DirectSAVE — Allows employees to save different amounts each pay period, on demand, at any time.
- RoundupSAVE — Kickstarts the habit of saving and encourages employees to “save as they spend” by allocating a certain amount of their earnings to savings when they request a pay transfer prior to payday.
“Our employees appreciate the flexibility to customize DailyPay to their ever-changing needs. Seeing them use both the SAVE and PAY features has been great. It is creating a powerful pay experience,” said Barbie Winterbottom, Chief Human Resource Officer for BIC Graphic. “We are looking forward to expanded usage with this latest release.”
“DailyPay strives to enable employers to provide a pay experience that goes beyond financial wellness and creates responsible income management,” said Jeanniey Mullen, Chief Innovation and Marketing Officer for DailyPay. “When it comes to saving, the hardest part is getting started. For that reason, we now offer employees even more opportunities to save with SAVE 3.0. Our initial data indicates that the average employee currently saves 20% more each pay period when he or she uses all three savings features in any given pay period.