If you're paying for Octopus Money via your workplace benefits, you'll save up to 42% on the cost. Here's how it works.
The current price for the Octopus Money planning service is £299.
However, if Octopus Money is offered as an employee benefit at your workplace, you can pay through salary sacrifice. This means that the full cost is deducted from your salary before tax, and so you'll save a considerable amount in tax and national insurance that you would otherwise have paid.
The exact amount of money you'll save in tax and national insurance depends on your tax bracket, and location (see below).
So, when the subscription fee is deducted your pre-tax salary will be £299 lower than normal, but your actual take home pay will only be reduced by a lower amount.
In addition, many employers will make the deductions from your salary in 12 monthly instalments, rather than in one lump sum. This means that the net cost for most people is £17/month (for basic rate taxpayers), or £14/month (for higher rate taxpayers).
Net Cost of Octopus Money in England, Wales & Northern Ireland
- Most basic rate taxpayers will save approximately £96 in tax and national insurance. The net cost is £203. (c. £17/month)
- Most higher rate taxpayers will save approximately £126 in tax and national insurance. The net cost is £173. (c. £14/month)
- Most additional rate taxpayers will save approximately £141 in tax and national insurance. The net cost is £158. (c. £13/month)
- Those who earn between £100,000 and £123,700 will save approximately £185. The net cost is £114. (c. £9.50/month)
Net Cost of Octopus Money in Scotland
- Most starter rate taxpayers will save approximately £93 in tax and national insurance. The net cost is £206. (c. £17/month)
- Most basic rate taxpayers will save approximately £96 in tax and national insurance. The net cost is £203. (c. £17/month)
- Most intermediate rate taxpayers will save approximately £99 in tax and national insurance. The net cost is £200. (c. £17/month)
- Most higher rate taxpayers will save approximately £129 in tax and national insurance. The net cost is £170. (c. £14/month)
- Most additional rate taxpayers will save approximately £144 in tax and national insurance. The net cost is £155.
- Those who earn between £100,000 and £123,700 will save approximately £190. The net cost is £109. (c. £12/month)