What is payroll giving?
Payroll Giving, also known as Workplace Giving or Give As You Earn (GAYE), is a scheme operated by your employer. It enables you to make tax-free charitable donations to MyBnk or any charity of your choice, directly from your salary. Your donations will automatically cease if you leave your employer.
How do I sign up?
To sign up to Payroll giving you need to enrol directly with your employer. Speak to your HR/ Payroll department to organise this and then drop us an email to let us know what has been set up.
Benefits of Payroll Giving:
Payroll Giving a simple way to support charities. It is also good for donors as it is a tax effective way to give because donations are deducted before you pay tax.
For example, if you donate £10, only £8 comes out of your net salary, with the taxman covering the rest. If you’re on a higher tax rate (40%), only £6 comes out of your net salary, with the taxman paying the remainder.
There Are Additional Benefits:
- Ease: It’s straightforward to set up.
- Privacy: We don’t need your bank details, as the donation comes directly from your salary.
- Control: You can change or stop your donation at any time by contacting your payroll department.
How will I be helping MyBnk?
By giving monthly, through your salary, you will be enabling us to continue providing our services of financial education to children and young adults across the UK. Regular monthly donations help us budget and plan ahead to ensure your hard-earned cash is put to the best possible use.
Where does your money go?
| £10 | Gives a young person 2 hours of expert led financial education at school. |
| £50 | Brings money to life by creating a new and engaging money lesson. |
| £200 | Gives a young care leaver the skills to live independently for the first time. |
| £500 | Gives 4 young people in need, accredited survival money management. |
Thank you for your support.
