Great people cost a lot to replace. That's why leading banks, fintechs and financial services firms are investing in benefits employees genuinely value.

Cyclescheme helps your people save money, feel better and enjoy the journey to work. While helping you reduce costs and support your ESG goals.

For more than 20 years, Cyclescheme has helped over 1.2 million people get on a bike and save money on their commute. Employees can choose from more than 2,600 retailers nationwide, including independent bike shops, major brands, online retailers and brand-direct stores.

Trusted by more than 50,000 UK employers, we're the UK's leading Cycle to Work scheme provider. From global banks and financial services firms to growing fintech businesses, we make it easy to launch a benefit that helps employees save money, feel better and travel differently.

What is a Cycle to Work Scheme and How Does Salary Sacrifice Work?

A cycle to work scheme is a government-supported employee benefit that enables staff to obtain a bike and cycling equipment through monthly salary deductions.

The scheme operates through salary sacrifice, allowing payments to be made from gross salary before tax and National Insurance deductions are applied.

How it works

• Employees choose a bike and eligible cycling equipment
• Costs are spread through monthly salary deductions
• Employees save on tax and National Insurance
• Employers save on National Insurance contributions
• Employees can choose an ownership option at the end of the agreement

The process takes minutes to launch, is fully compliant, and is backed by the UK's most experienced Cycle to Work team.

Employees can choose from a wide range of options including:

• Commuter bikes
• Hybrid bikes
• Folding bikes
• Electric bikes (e-bikes)
• Adaptive cycles
• Safety equipment and accessories

For a full breakdown of the process, see Cyclescheme’s guide on how the scheme works 

Why Cyclescheme Works for Finance & Business Employers

• Trusted by over 50,000 UK employers
• More than 1.2 million riders helped
• 20 years of Cycle to Work expertise
• Free to join and cost-positive
• Save up to 15% in Employer NICs
• 2,600+ retailers nationwide
• We handle the ownership process for you
• Dedicated employer support from day one

Why Financial Services Employers Are Investing in Cycle to Work Schemes

Support Employee Wellbeing

Employee wellbeing benefits remain a key priority across the finance and business sectors.

Long hours, hybrid working patterns, busy commuting schedules and increased workplace pressures can all contribute to stress and reduced wellbeing.

Cycling helps employees incorporate physical activity into their daily routine, supporting:

• Mental wellbeing
• Stress reduction
• Increased energy levels
• Better work-life balance
• Improved overall health

For many employees, a bike commute provides a healthier and more enjoyable start and end to the working day.

Improve Recruitment, Retention and Employee Engagement 

Alongside salary and bonuses, banking employee benefits are playing an increasingly important role in attracting and retaining skilled professionals. 

A cycle to work scheme demonstrates that your organisation invests in employee wellbeing while providing a practical financial benefit that employees can use every day.

For HR teams looking to strengthen employee value propositions, a new cycle to work scheme for finance industry or banking professionals can become a meaningful differentiator.

Reduce Commuting Costs for Employees 

Commuting remains a significant expense for many professionals: Train fares, fuel costs, parking fees and public transport expenses continue to rise.

With Cyclescheme, employees can save up to 47% on bikes, e-bikes and accessories while spreading the cost interest-free.

The result is a benefit that offers immediate and ongoing financial value.

Support ESG, Net Zero and Sustainable Commuting Goals 

Many finance and business organisations are actively pursuing environmental, social and governance (ESG) goals.

Encouraging sustainable commuting can help reduce commuting-related emissions while demonstrating a commitment to environmental responsibility.

A workplace cycling programme aligns naturally with wider sustainability initiatives and corporate responsibility strategies.

Why Employers Choose Cyclescheme

Simple for HR and Payroll Teams

Cyclescheme takes care of the hard work. From employee applications to ownership options, we handle the process so your HR and payroll teams don't have to.

We provide:

• Simple onboarding
• Dedicated employer support
• Employee communication resources
• Straightforward salary sacrifice administration
• Ongoing guidance and assistance

The scheme integrates easily into existing benefits programmes without requiring significant internal resources.

Flexible Bike Choices for Diverse Workforces

No two workforces are the same.

Some employees may live a few miles from the office, while others commute from neighbouring towns or cities.

Cyclescheme provides access to:

• Commuter bikes
• E-bikes
• Folding bikes
• Hybrid bikes
• Adaptive cycles
• Cycling accessories and safety equipment

This flexibility helps maximise participation across your organisation.

Proven Employee Engagement Support

Even the best benefits deliver limited value if employees don't understand them.

That's why Cyclescheme provides resources, communications and guidance designed to improve employee awareness and participation.

Higher engagement means greater value for both employees and employers.

What Changes for Employees?

For employees, joining a cycle to work scheme can deliver meaningful everyday benefits.

They gain access to a bike without a large upfront purchase while reducing commuting expenses and gaining greater flexibility in how they travel.

Many employees discover additional benefits including:

• Improved wellbeing
• Greater physical activity
• Reduced commuting stress
• Better work-life balance
• Increased confidence and energy

Cycling often becomes more than simply a way to get to work. It becomes part of a healthier lifestyle.

Cycle to Work Schemes for Financial Services, Banking and Fintech Organisations 

A cycle to work scheme can support organisations across the wider finance and business landscape. 

Whether you’re introducing a cycle to work scheme for banks, financial services firms or growing fintech business, the scheme can support organisations of all sizes, including: 

• Financial services firms and financial advisory firms
• Accountancy practices
• Insurance companies
• Wealth management firms
• Professional services organisations
• Consultancy businesses
• Corporate headquarters
• Technology and business services companies
• SMEs and growing businesses
• Multi-site organisations
• Investment banks, retail banks and challenger banks 
• Fintech companies 
• Asset management firms and financial advisory firms 
• Private equity firms 
• Mortgage providers, pension providers and credit providers
• Credit unions 
• Building societies 

Whether you employ 20 people or 2,000, a cycle to work scheme can form part of a competitive employee benefits strategy.

E-Bikes and Electric Bikes Through the Cycle to Work Scheme 

E-bikes are one of the fastest-growing parts of Cyclescheme, helping more employees tackle longer commutes, hills and hybrid working journeys.

For employers introducing a new cycle to work scheme for finance industry or banking teams, e-bikes can significantly increase participation by broadening the appeal of cycling across the workforce.

This helps ensure the benefit reaches more employees rather than only existing cyclists.

The Financial Benefits

For Employees

• Save on tax and National Insurance
• Spread payments over time
• Reduce commuting expenses
• Access higher-quality bikes and equipment
• Improve flexibility and independence

For Employers

• Reduce employer National Insurance contributions
• Introduce a highly valued employee benefit
• Support recruitment and retention
• Strengthen wellbeing initiatives
• Contribute to ESG objectives
• Improve employee engagement

Employees save up to 47%. Employers can save up to 15% in Employer NICs. That's why Cyclescheme is one of the UK's most popular employee benefits.

Employees can estimate their potential savings using the Cyclescheme savings calculator.  

Safety and Confidence for Employees

Not every employee begins as an experienced cyclist.

Cyclescheme supports riders through access to:

• Helmets, lights and locks
• Safety equipment
• Bike selection guidance
• Commuting advice
• Beginner-friendly options
• Support for returning cyclists

The aim is simple: helping employees feel confident and comfortable travelling by bike.

How the New Cycle to Work Scheme for Finance Industry and Banking Teams Works

1. Employer registers with Cyclescheme
2. Employees gain access to the scheme
3. Staff choose a bike and equipment
4. Salary sacrifice agreement is arranged
5. Employees start cycling while making monthly payments

A straightforward process designed to minimise administration while maximising employee value.

Ready to Support Your Employees?

Today's workforce expects benefits that genuinely improve everyday life.

A cycle to work scheme helps employees save money, improve wellbeing and enjoy a more flexible commute, while helping employers strengthen recruitment, retention and sustainability initiatives.

If you're considering a new cycle to work scheme for finance industry or bankingorganisations, Cyclescheme offers the experience, support and simplicity needed to launch with confidence.

With more than two decades of expertise and thousands of participating employers, we're ready to help you create a benefit your employees will genuinely value.

Start saving today