The first of several products to be rolled out is a workplace Isa which comes with an institutionally-priced charge of 0.4 per cent a year for platform charges. Neyber says this is roughly half the price of the average investment platform cost of 0.79 per cent a year.
The workplace Isa allows employees to save directly from their salary, at no cost to the employer, into risk-graded portfolios. The product complements Neyber’s range of workplace financial education and direct-from-salary low-cost loans.
Neyber says the workplace Isa has been designed to meet the diverse needs of different types of saver, from millennials saving for their first home to sophisticated investors managing a diverse portfolio.
Other products being rolled out with Smarterly include Junior Isa, a general investment account, Lifetime Isa and Cash Isa.
The Smarterly proposition offers a service called SmarterCare, an automated monitoring tool that alerts the employee if there are any notable changes to the holdings in their portfolio and suggests actions to remedy situations where the investor’s strategy has been driven off course.
Neyber chief executive officer and co-founder Martin Ijaha says: “The expansion of our product range to include savings and investments is a huge milestone for Neyber as we continue to offer employees more options to take control of their money like never before. We are building a digital experience for employees fit for the 21st Century, where the best financial products sit alongside personalised content and tools.
“Last year, we launched our financial wellbeing hub and an extensive range of debt consolidation products, designed to be more financially inclusive for the UK workforce. Now we’re excited to take that to the next level by integrating workplace savings products in the Neyberhood”
Smarterly director Phil Hollingdale says: “Joining forces with Neyber supports our joint goal of helping the UK workforce save for the future. Consumers are clocking the fact that investing in stocks and shares ISAs, provides the potential for much better returns and that they can do this through the workplace with the convenience of payroll deduction.
“With a growing millennial workforce focused more on mid- to short-term savings than thinking about retirement, and reducing annual and lifetime pension allowances impacting an increasing number of higher earners, workplace Isas are becoming increasingly attractive as an employee benefit.
“We are excited to be working with Neyber in helping the UK workforce save for the future.”
