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FAQs

Features FAQs

Features FAQs

We are a Saudi FinTech company offering workplaces with competitive saving plans that improve the rate of employee retention for companies. Our smart benefit solution will help you keep track of employee savings plans without the hassle of endless admin and paperwork.

For employees, ThriftPlan offers financial security and access to a wide range of investment options to help build wealth.

FinTech stands for financial technology, which consists in the use of innovative technologies applied to the financial industry.

Thriftplan is a platform that automates the workplace savings plan for employees and employers, facilitates the plan management process, and ensures transparency in dealings between the employee and the employer.

As a company you can reach out to us and create your corporate account to get you started. If you are looking to start as an individual, you can refer your employer to us here and we will reach out to your HR to get you started.

Depending on your company size and integration requirements we are there to support due to the nature of the setup we do not offer a free trial unless otherwise approved through a partnership program.

Companies sign up with ThriftPlan. Any employer working in that specific company will be eligible for signing after complying with the company’s guidelines.

We offer additional services such as End of Service benefits and family accounts which are sponsored by the employer; however, these plans may not necessarily require contributions.

We do not charge employees any fees, but the companies are charged a service fee for the management of the plan and portals.

Any employee that is enrolled by the employer can benefit, Thriftplan does not have any restriction against any nationality, gender, religion, or other socio demographic groups.

You can save as much as you want, however, companies cap the amount they are ready to match.

It depends on the company preference, typically employees have 3 investment options.

Thriftplan is a Corporate Program designed to provide financial benefits to employees. The contributions will be either from the employee through a direct contribution from his salary, and/or from the company.

All the funds we work with are sharia compliant.

Investment choices are defined by the company.

We do not restrict withdrawals, but it is subject to terms and conditions, please check your plan policies.

Support FAQ’s:

We use end to end encryption from each console and two-point verification for any access point. All data is stored on secure servers and protected by state of the industry cyber security protocols.

Yes, this is possible. From the menu bar, choose the option Reallocate Funds. There you will find the risk types and the recommended option for you which you can change at any time you want.

Each fund manager may have different policies but normally the application is processed within 5 working days, after the company has completed the contribution.

The profit will be shown on your dashboard, if you wish to see it in a percentage, just divide the profit shown by the total invested amount.

To calculate the return, you must go to settings and from there click on the Return Calculator option. Give the information that is asked which includes risk type, employee amount, employer amount and duration. The answer will be displayed.

After scheduling a demo with us, we will send you a corporate registration form which will be used for KYC and set up. Our account specialists will set up your account and make the master account available to you. Once that has been activated, you will have a dedicated account with our cash custodian and be ready to enroll your employees and make contributions.

Thriftplan is a solution for employment benefits, we are always looking to expand our network and are working hard to be able to enroll you. Feel free to contact us here with your company name and a contact person for your HR department and we will try to make it possible.

You just have to go to the site https://thriftplan.io/ and click on the Login button. Choose your role from the list of options and then enter your login credentials.

Once your company has struck a deal with ThriftPlan, signing up does not take a lot of time.

Yes, Through the setting in your portal access.

ThriftPlan will support their clients by providing.

Through the portal you can manage adding and removing your employees and then they can sign up.

Email notifications regarding any profit/losses that are made are sent by the company at the end of each month. This is because every investment incurs profit/losses every minute or every second, so a collective report is sent monthly.

The request for withdrawing money requires your employer’s clearance. Once the company processes the request the amount will be transferred to your account from your employer, depending on their policies.

There are certain limitations when it comes to withdrawing money through ThriftPlan. It also depends on the withdrawal policy that the company has set up which includes all the details such as the allowed withdrawal amount, the time it takes to withdraw money and how frequently it could be withdrawn within a year.

Click on the drop-down button beside your profile picture and then go to My Profile. Click on your email address and from there you can change it.

Next of Kin information is the details of any of the family members of the employee who he wants to handover his account to in case of the employee’s absence.

Yes, it can be changed. Go to the drop-down list near the profile picture and select My Detail Information. A menu bar will appear. From there, select Next of Kin Information. From there, you can update the Kin’s information.

If something happens to the beneficiary, the amount of money for the employee will be transferred to the kin’s account.

Educational FAQ’s:

It’s a knowledge base platform with a full library of visual and readable materials and short-term courses to support employees to increase their financial literacy.

Thriftplan Academy focuses on increasing the financial literacy for individuals to ensure that everyone understand the saving and investment and how to increase their incomes.

Yes, and it available through Thriftplan App

You can access the academy as a part of TP app.

An investment is an asset or item acquired with the goal of generating income or appreciation. Appreciation refers to an increase in the value of an asset over time. When an individual purchases a good as an investment, the intent is not to consume the good but rather to use it in the future to create wealth.

Employee contributions are any form of contribution that employees make to their own benefits programs. They may not come with matching contributions from employers. In most cases, employee contributions come out of workers’ paychecks before taxes, allowing them to reduce tax liability in the short term and invest in a benefit that will pay out in the long run. Employee contributions are voluntary but necessary if employees wish to participate in employer-sponsored benefits programs.

An employer’s contribution is the money the head or owner of a business pays into the company insurance plan. The employer contribution usually matches the amount the employee pays for the benefits.

Expected yield is the percentage of profits that are expected once the employee invests his money in a portfolio.

The Unvested amount is the amount of money that has been promised to you by the company, but the company has not yet processed it. Vested amount of money is the money that rightfully belongs to the Employee and which he can withdraw at any time.

Payment FAQ’s:

Thriftplan charges a subscription fee based on the employees enrolled. Please contact our sales team for further information as to individual subscription fees. The Plan is a lot more affordable for companies as meets the eye; please feel free to check out our Cost Calculator to get an estimate based on your company size.

Through a bank transfer or online payment

No, you will have them as a credit where you can assign it to another employee account.

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Thriftplan © 2023 - All rights reserved

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