The Corporate ISA is designed for the workplace and will give employees an additional saving option to pensions.

The ISA has been launched this week to coincide with World Savings Day.

The fund options for the service have been chosen by Wealth at Work’s investment management team.

Employees can choose from this selection which includes a variety of risk-rated funds, including ethical and faith-based options.

Staff can use a fund selection tool to choose funds, enabling them to create their own diversified investment portfolio, the firm says.

The platform accepts payroll deductions on a regular basis from £25 a month or from a lump sum subject to a minimum of min £300. Contributions can also be made from maturing SAYE schemes.

The company says that recent research by The Reward & Employee Benefits Association, in partnership with Wealth at Work, suggests that savings via tax-free wrappers such as ISAs are set for significant growth. Almost half of employers offer or plan to offer these over the next two years (45% compared to 32% in 2022).

Jonathan Watts-Lay, director, Wealth at Work, said: “We are pleased and excited to announce the launch of our new Corporate ISA which has been specifically designed for the workplace. It will enable employees to save in a flexible and tax efficient way, whilst also benefiting from our financial education and investment management expertise.

"It accepts all types of contributions including payroll deductions, lump sums via open banking and direct share transfers from SAYE schemes, making it convenient and easy for employees to save for their future.”