Salary Finance Save Terms and Conditions

Welcome to the Salary Finance savings product ("Salary Finance Save"). These Terms and Conditions and our Privacy Policy (together the "Terms") provide a description of the savings services we offer through www.salaryfinance.com ("our website") and set out our obligations as a service provider to you. They also place various obligations on you as a user so that we can provide and protect our website, our services and our brand. In addition, they provide important information on how we use cookies and collect and use your personal data.

By accepting these Terms and by using Salary Finance Save, you confirm that you agree to comply with them. If you do not agree to these Terms, you must not use Salary Finance Save.

Please read these Terms carefully before you start to use Salary Finance Save.

In these Terms, "we", "us" and "our" means Salary Finance Limited, "you" and "your" means the user of Salary Finance Save, "your employer" refers to the organisation that employs you, and "YBS" means Yorkshire Building Society.

1) About Salary Finance

1.1. Salary Finance Limited is incorporated and registered in England and Wales with company number 09677777. Our registered address is Salary Finance, Scale Space, 58 Wood Lane, London, W12 7RZ.

1.2. We are a consumer credit business, authorised and regulated by the Financial Conduct Authority. Our firm reference number is 758053. We are also a registered small payment institution - money remittance firm 788485 by the Financial Conduct Authority.

2) Registration process

2.1. Salary Finance Save is only available to employees of employers who have registered with us.

2.2. If your employer is registered with us, and you wish to apply for Salary Finance Save, you must register as a user on our website.

2.3. Once registered we will put you in touch with YBS who will open a YBS savings account for you ("YBS Account"), which is where all your savings will be deposited.

2.4. To be clear on responsibilities:

2.4.1. Salary Finance is responsible for all salary deduction processes; and

2.4.2. YBS are responsible for all banking activities related to your YBS Account.

This means Salary Finance is not responsible in any way for changes made to your YBS Account. These Terms do not govern use of your YBS Account so please ensure you read and agree to YBS’ terms and conditions applicable to your YBS Account.

2.5. If you have, or are in the process of applying for, a loan with us (our "Salary Finance Borrow" product) or any of our other products, this will not affect your application for Salary Finance Save and vice versa.

3. Savings amount

3.1. We do not carry out affordability checks with respect to Salary Finance Save. It is solely your responsibility to (i) choose the amount you wish to save, and (ii) ensure that amount is feasible for you.

3.2. You can change the amount you wish to save at any time, and the change will take effect in the next possible payday, unless otherwise specified at the time.

3.3. You can pause or stop your salary deductions at any time and deductions will stop in the next possible payday, in line with employer payday deduction cut offs.

3.4. Once registered for Salary Finance Save and when you have successfully opened a YBS Account, we will tell your employer the amount you have chosen to save each month so that they can make the payments on your behalf from your salary and transfer any such deducted sum to your YBS Account.

3.4.1 If you do not have enough money in your pay during that period to cover your chosen amount to save, nothing will be deducted.

3.4.2 If you are also a Salary Finance Borrow customer, repayment of your Salary Finance Borrow will always be prioritised over your Salary Finance Save payments if your salary does not cover both.

3.4.3. All money received by us will be transferred to your YBS Account as soon as practicably possible and in any event within one working day of receipt of funds from your employer unless something unexpected occurs, in which case it may take longer than one day. Once your Salary Finance Save amount has been deposited into your YBS Account you will be able to withdraw or transfer it as you would under any other standard bank account. Please note that we may receive funds from your employer several days after they are deducted from your payroll and you will have no access to these funds during this time until they have been deposited into your YBS Account.

3.4.4. YBS require at least £1 to be deposited into your YBS Account within forty-five (45) days of it opening. If we foresee a possible delay in your next payroll we will endeavour to deposit £1 into your YBS Account to keep your YBS Account from closing. In the event of this occurring, you hereby authorise us to deduct £1 from your next payroll to account for the £1 we deposited into your YBS Account to keep it open.

4. Personal details

4.1. Any information you provide to us must be up to date and accurate.

4.2. If any of your details change, it is your responsibility to provide us with the updated information.

4.3. If false or inaccurate information is provided and fraud is suspected, details will be passed to fraud prevention and law enforcement agencies.

4.4. Fraud prevention and law enforcement agencies may access and use this information in accordance with relevant legislation.

4.5. We may provide third parties with non-personal statistical data, for example relating to the size of our customer base and the levels of site usage. This will only be group data, such as the age range of site users, and will not include any information that could personally identify you.

5. Data sharing on account set up

5.1. As part of the registration process, you agree:

5.1.1. to your employer sharing relevant information with us to enable us to validate your application details and to manage your savings payments from salary deductions. Those data items are:

5.1.1.1. Payroll ID;

5.1.1.2. Employment start date;

5.1.1.3. Date of birth; and

5.1.1.4. Status of employment (e.g. Active, Leaver, etc.);

5.1.2. to YBS sharing relevant information with us to enable us to link your Salary Finance Save application with your YBS Account to prevent fraud. Data items include:

5.1.2.1. Personal details: title, first name, surname, date of birth, address, email address, phone number; and

5.1.2.2. YBS Account details: account number, sort code, account status, account opening date; and

5.1.3. to YBS sharing your YBS Account balance details with us so that we can display this on your Salary Finance Save portal to help you keep track of your achievements. Data items include:

5.1.3.1. YBS Account balance, date of balance.

6. Using information about you

6.1. You agree that we can use the information identified above for a range of purposes including:

6.1.1. to operate and manage your account and manage any application, agreement or correspondence you may have with us;

6.1.2. to contact you by email, SMS, letter, telephone or in any other way about our products and services if you have agreed to this by clicking the marketing opt-in box;

6.1.3. to identify, prevent, detect or tackle fraud, money laundering, terrorism and other crimes; and / or

6.1.4. to form a view of you as an individual and to identify, develop or improve products, that may be of interest to you and to carry out market research, business and statistical analysis.

6.2. You agree we may give information about you to others including:

6.2.1. with any firm, organisation or person we use to (i) help us operate our Salary Finance Save product, (ii) collect payments or (iii) provide a service on our behalf; and/or

6.2.2. with any firm, organisation or person to whom we sell or transfer (or enter into negotiations to sell or transfer) our business or any of our rights or obligations under any agreement we may have with you. If the transfer or sale goes ahead, the transferee or purchaser may use your personal information in the same way as us.

7. Account security

7.1. When you register for Salary Finance Save you will create a unique username and passport for your Salary Finance Save account. You are solely responsible for safeguarding your Salary Finance Save login details and you should not share them with anyone.

7.2. You must contact us immediately if you believe that your Salary Finance Save account has been compromised or if you believe that the security of your account is at risk.

7.3. Salary Finance does not have access to your YBS Account, and we are, at all times, unable to access your savings. If you believe that the security of your YBS Account is at risk please immediately contact your account manager at YBS.

7.4. We take the protection of your data very seriously here at Salary Finance. As such, there are only a few employees that will have access to your data, and all of these employees will have been vetted for fraud.

8. Communications

8.1. Any notices from us to you about your use of Salary Finance Save and the services we provide to you (for example, important statements and communications about your savings) shall either be displayed in your online account or emailed to you at the latest email address which you have provided to us.

8.2. It is your responsibility to provide us with a valid email address and to notify us if your details change.

8.3. If you have opted in to receive marketing materials from us then we may contact you regarding new products.

9. Closing your Salary Finance account

9.1. You can close your Salary Finance account at any time. Once you have done so, your savings deductions will stop and you will no longer be able to access your Salary Finance account.

9.2. Following cancellation of your Salary Finance account, we will continue to maintain records to the extent we are required by law to do so.

9.3. We reserve the right to deny access to our website, and stop your salary deductions, if we feel there is a legitimate reason to do so, including but not limited to:

9.3.1. any serious or repeated breach of these Terms;

9.3.2. any suspected criminal activity; and / or

9.3.3. any suspected misuse of or damage to the service.

9.4. We reserve the right to suspend your Salary Finance account if it has been inactive, and you have not been making salary deductions, for twelve or more consecutive months.

9.5. Closing your Salary Finance account will not close your YBS Account. If you wish to close your YBS Account, you must contact YBS directly. If you close your YBS Account, your Salary Finance Save deductions will stop.

9.6. If you leave your employer, your savings deductions will stop, however this does not close your YBS Account or your Salary Finance account. It is possible for you to continue to save by manually depositing money into your YBS Account, and you can continue to track your savings through your Salary Finance account. If your new employer offers Salary Finance Save then we can link your Salary Finance account to your new payroll.

10. Purchasing products and services from third parties

10.1. For your convenience, the website may contain links to third party websites. Third party websites are not controlled by us and therefore we cannot be held responsible for their content or actions. Any products or services offered on the third party websites and not governed by these Terms or any of our terms and conditions so please ensure you read the relevant third party’s terms and conditions before purchasing any of their products or services.

11. Our liability

11.1. We will do our best to ensure that our website runs smoothly. However, we do not warrant that your use of this website will always be uninterrupted or error free.

11.2. We shall have no liability for any computer or internet failures that you experience while using the website.

11.3. While we take all reasonable precautions to keep the website and its server free from viruses and corrupt files, we cannot guarantee this. You should ensure that you have appropriate anti-virus software installed on any computer or mobile devices that you use to access the website.

11.4. We shall not be liable for any loss or damage you suffer if your computer or mobile device is infected by a virus or corrupt file unless such loss or damage is the direct result of our negligence or deliberate default.

11.5. Nothing in these Terms shall limit or exclude our liability for death or personal injury resulting from our negligence, fraud or fraudulent misrepresentation and any other liability that cannot be limited or excluded by English law.

11.6. Except for those liabilities which cannot be excluded or limited by law, our total liability to you shall not exceed £500k, whether the liability arises in contract, tort (including negligence), breach of statutory duty, or otherwise, arising under or in connection with these Terms.

12. Data protection and privacy

12.1 For the purpose of the Data Protection Act 1998 and any subsequent legislation or regulation that places it (the "Act"), we are the data controller in terms of any personal data that you provide us pursuant to these Terms. Our ICO registration reference number is ZA152606.

12.2 We have implemented appropriate technical and organisational measures to ensure a high standard of protection for your personal data. Please read our privacy policy, which forms part of this agreement, for further details. You can access our privacy policy at: https://demo.salaryfinance.com/privacy.

13. Sanctions and termination

13.1. We may suspend, restrict or block your access to the website if we reasonably think it is necessary because, for example:

13.1.1. the security of your Salary Finance account is at risk (for example, if you have not updated your internet browser to the latest release);

13.1.2. we suspect unauthorised or fraudulent use of your Salary Finance account;

13.1.3. to comply with any legal or regulatory requirement;

13.1.4. you have knowingly given us false information about yourself; and / or

13.1.5. for any reason beyond our reasonable control.

13.2. Where possible we will contact you before suspending, restricting or blocking your access to tell you that we are doing so and why. We may do this by displaying a message the next time you try to log on or perform an action on your Salary Finance account. However, we may not always be able to contact you, for example because of legal or regulatory restrictions.

14. Complaints and feedback

14.1. We welcome all feedback and suggestions. Should you wish to provide feedback or to raise a complaint, please contact us by email at hello@salaryfinance.com.

15. Governing law and jurisdiction

15.1. These Terms, including the privacy policy, shall be governed and construed in accordance with English law, and the English courts shall have exclusive jurisdiction to determine the interpretation and application of these conditions if any disputes arise.