Level for Capita
Welcome to the Level Financial Technology FAQs page where you can learn all about the benefits of Level's salary advance and payroll savings services.
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Salary Advances​
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If you want learn more about how to get instant access to your earned wages, click here.
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Payroll Savings
If you are new to saving click here to find out more about the benefits of payroll savings.
If you are already a regular saver click here to see how our market-leading rates can help you top up your existing savings.
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If you are ready to sign up and start saving, just download the Level app from the Appstore here or the Playstore here.
If you’d like to know more about how payroll savings with Level works, click here.
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How are my savings protected in case something happens to Level or my employer?
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Does my employer have access to my savings and financial data?
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How do the interest rates compare to a savings account I would get from a bank?
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Why is there an activation process and how long does it take?
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I'm new to saving
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Getting into a regular savings habit is more important than how much you put away – you’ll be surprised how quickly a few pounds each month builds up.
As your savings build up, they’ll grow faster – even if you’re only paying in the same regular amount. This is because each time the interest earned on your money is paid into your account it starts earning interest too.
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Payroll savings is making regular savings directly from your pay. Your employer deducts the amount you wish to save directly from your wages on pay day.
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Payroll savings is one of the best ways to start a savings habit because:​
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The best time to put a bit of money aside is when you get paid because the money comes straight out of your pay, just like your pension contribution or tax.
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You only need to set your savings once and then you can forget about it. That way you won’t have to remember to make the payment and you won’t be tempted to skip a month.
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​Frequently asked questions
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Does it cost anything to have a payroll savings account?
​No, payroll savings is free to use.
How long does it take to withdraw my savings?
Your savings should arrive into your bank accounts within an hour. In very limited circumstances (such as a market disruption event) your withdrawal request may not be processed until the next working day in accordance with Level’s Terms and Conditions. We will always notify you in advance if this is the case.
Is there any limit on how much I can withdraw each time?
​No, you can either withdraw a portion of your savings or all of them each time.
What happens if I withdraw more than once a month?
​The first withdrawal in each calendar month is free. Further withdrawals that month are charged at 50p.
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How are my savings protected in case something happens to Level or my employer?
Level is regulated by the Financial Conduct Authority and all money saved with Level Savings is deposited with UK retail banks. Savings up to £85,000 are protected by the FSCS Protection Scheme.
What happens if the interest rate on my savings changes?
The interest rate may go up (or down) if the Bank of England changes the UK Base Rate. If this happens you will be notified through the Level app.
Do I have to pay tax on the interest earned on my savings?
Interest earned on Level Savings may be taxable, depending on your personal circumstances, just like any other savings account you may have with your bank or building society. For more information, please read this article from the Money and Pensions Service.
Does my employer have access to my savings and financial data?
Your employer cannot see any financial data relating to any current accounts you have linked to Level. However the payroll team will have visibility of any savings you have paid in via deductions from your salary.
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How do the interest rates compare to a savings account I would get from a bank?
Level always offer market leading savings rates. In most cases they will be significantly higher than the rates offered by your bank.
Can I freeze/change/cancel my contributions?
Yes, you can stop your contributions or change them at any time via the Level app.
Who can I get in touch with if I require more info?
If you have any questions, please email help@getlevel.co.uk and we will respond to you within 24 hours.
What happens if I leave my employer?
If you leave your employer, the total balance of your Level savings (including any interest earned to date) will be automatically transferred to the bank account your salary is paid into and your savings account will be closed.
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Can I save for a goal or just a ‘rainy-day’?
Level currently offers you the choice of either a goal-based account or a ‘buffer' account. In the goal-based account you set a goal and when you'd like to achieve it and we calculate how much is needed to reach that goal. The 'buffer' account is a regular savings account where you deposit as much you like each month. Both accounts offer the same interest rate.
Which bank is my savings with?
Level negotiates better interest rates with banks on your behalf and preselects the best rate available for you when you sign up.
Why is there an 'activation' process and how long does it take?
As your savings contributions are made directly from your salary each month, it can take a few days to coordinate with your employer’s payroll team. Once confirmed you’ll start saving each month automatically.
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What are Salary Advances?
Salary Advances allow you to access the salary that you have earned but have not yet been paid for. Advances are kept confidential and the money is transferred almost instantly.
How much do advances cost me?
There is an admin fee of £2 per advance. No interest will be charged at any time. This is a salary advance, not a loan.
What happens on payday?
Each payday you will receive your usual salary, minus any amounts you have already advanced that month and the admin fee.
Will my manager know I have requested an advance in Level?
No. The request is confidential. Your manager will not know you have made a request.
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How can I request an advance in Level?
You can request an advance either via the Level app on your mobile phone or computer or by sending an SMS (text) message to Level (the number is available on the app). You will need to have your mobile phone handy to authorise the payment (a legal requirement to keep you protected).
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How much can I advance?
You can request up to 30% of your earned and unpaid basic pay at any point, subject to a maximum of £500 in total each month. You can see the exact amount you have available to advance on your Level app. These withdrawal limits are set to ensure that you cannot go overdrawn when your deductions are taken into account at the end of the month when salaries are processed.
Are there any cut off dates?
There is a cut-off date on payday after which you won't be able to take an advance until the second of the next month.
Is there a minimum amount I can advance?
Yes, there is a minimum of £20 per advance. There is a £2 administration fee for each advance.
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Do I pay for SMS (text) messages with Level?
No. All SMS (text) messages with Level are free.
How fast does the advance reach my bank account?
Most advances will be in your bank account within a few minutes but very occasionally may take up to 2 hours.If you do not receive your advance within 2 hours please contact us at help@getlevel.co.uk
Who will the payment come from when I advance?
The payer reference is 'Level Financial Technology Ltd.' This may be abbreviated to 'Level Financial Te' on the screen.
How many advances can I take?
You can request up to 3 advances each month.
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Can I see a record of my previous advance requests?
Yes, in the History section of the Level app.
Does Level require a credit check?
No. Level lets you access your earned salary early. You are not being provided with a loan so there is no need to run a credit check on you.
Does requesting an advance affect my credit score?
No, it does not affect your credit score.
What if I change my mind or make a mistake when I request a salary advance?
You have 30 seconds from the advance request to withdraw it if you made a mistake. After 30 seconds the request cannot be withdrawn.
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I'm a regular saver
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Payroll savings is making regular savings directly from your pay. Your employer deducts the amount you wish to save directly from your wages on pay day.
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Even if a you are a regular saver, it's well worth taking advantage of Level's payroll savings scheme. This is because the best time to put a bit of money aside is when you get paid because the money comes straight out of your pay, just like your pension contribution or tax.​
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