Financial Wellbeing App (Wagestream)

How does it work?

The Society recognises the importance and benefits of focusing on financial wellbeing to support our colleagues, improve engagement and help to create a more sustainable workforce. To strengthen our wellbeing offer you can now download the Financial Wellbeing App (Wagestream) straight onto your mobile phone.

The Financial Wellbeing App (Wagestream) will offer the following to our colleagues

Flexible Pay (Stream - Pay in advance) – You can request upto 40% of your basic salary before payday (transferred instantly to you), the remainder of your basic salary will be paid to you on the normal monthly payday. Please note that there is a transaction fee of £1.75 each time you stream when you request a pay advance. The fee will be deducted from your salary on payday.
Build (Savings) – Helps colleagues to set achievable, personalised goals to regularly contribute directly from their salary.
Access to Financial Wellbeing Resources – You can find an array of educational content on financial wellbeing within the app such as debt advice.

You will be able to gain easy access to Grocery Aid via the app

How to use it?

Download the app using the links/QR code below...

To request a pay advance you will need to go through the enrolment process once you have downloaded the app. Please note by going through the enrolment process you are providing consent for your data to be passed onto Wagestream. The steps below detail how you enrol:

Open the Wagestream app.
Tap Get Started.
Enter your personal email address
Tap Next.
Enter the “Midcounties Co-operative” as the company name
Tap Next.
You will be asked the following information to help verify who you are: NI Number. Surname and Colleague ID (Employee Number)
Once complete, tap save
When your details have been verified, you will receive an e-mail with your login credentials. You then need to return to the Wagestream app and enter the username and password.
Tap Enrol me
Accept the Wagestream Terms and Conditions and complete the enrolment application

To set up a build pot (Savings) account, follow the steps below:

Open the Wagestream app.
Tap on Hub, then tap on the Build icon.
Tap Get Started.
Choose your building method.

Click here for 'Basic Building Blocks' instructions.
Click here for 'Build the Pennies' instructions.
Click here for 'Stream and Build' instructions.
To access the Financial Wellbeing Resources, this is under the under the "Learning and resources" section in the hub, when you log into the app.

To be eligible for this benefit you need to be a colleague and paid via our payroll and pay as you earn (PAYE).

If you experience any issues with the Wagestream app, or you cannot find the answer to your question, you can contact Wagestream Support a 24/7 service, click here

FAQs

1. When I go through the enrolment process it is asking for the e-mail address held by my employer, I don’t have a work e-mail address?

You will need to enter your personal e-mail address. If there are any issues, you can contact Wagestream Support for assistance.

2. Is there a fee to stream my pay in advance?

Yes, there is a small fee to pay if you stream your pay in advance which is £1.95 per transaction.

3. Why can I not see my previous weekly earnings on my app?

Your previous week shift signed off by your line manager is completed every Monday, therefore you will only be able to see your earnings regarding the previous week from Tuesday. If it is a pay day week due to payroll processing, you are only able to see your previous weekly earnings from Thursday.

4. I cannot see my Wagestream pay advance on my payslip, is this correct?

Yes, it is. You will get a Wagestream statement before payday to your personal e-mail address and it will also be available 24/7 from Wagestream account by accessing the app.

5. I am a new starter, I cannot request a pay advance, is this correct?

You can only request a pay advance if you have worked a weekly shift. The weekly shifts are signed off by your line manager every Monday and you will then be able to see your earnings from the previous week on the following day (Tuesday) where you can then request the pay advance.

6. I am leaving Midcounties, can I still request a pay advance?

No, you will no longer be able to access the pay advance. This will be greyed out on the app.

7. How much interest can I earn on my Savings (Build) account?

You can earn 5% annually, and this is paid monthly on savings up to £1,000.

8. Where is the money held for my Savings (Build) account?

Your funds in a Build pot are safeguarded by the EMI in a segregated account. If Wagestream ceases to trade, or becomes insolvent, the EMI will arrange for the redemption of the e-money in your Build pot. If the EMI ceases to trade, or becomes insolvent, Wagestream will make claims for the redemption of your e-money on your behalf. Even though your funds are segregated, you should know that your money is pooled with money belonging to other Wagestream users which means that if the EMI is unable to redeem the funds in your Build pot, your claim will not be against a specific account but against the pool in general and an insolvency practitioner’s costs of distributing the safeguarded funds would be paid in priority to your claim.

9. I cannot find the Grocery Aid on the Wagestream app, where is this located?

You can find the Grocery Aid tile within the Hub section of the app.

10. What should I do if I do not want to use Wagestream anymore?

You can unsubscribe from the Wagestream app at any time.

You can access the Wagestream help centre by clicking here to find further answers to your questions or information on how it all works.