Asda is rolling out a workplace savings account for its 150,000-strong workforce.

The supermarket retailer has partnered with Wagestream to offer the 4.7 per cent AER savings account.

Asda said that employees won’t be required to deposit a fixed amount and can withdraw at any time with no fees attached.

Users of the account can save by setting a fixed amount to be taken out of their regular pay-packet and deposited straight into their savings account.

They can also round up, which will see their shift payments rounded to the nearest whole pound and the difference deposited into their accounts automatically.

Around 36,000 Asda employees have already downloaded the Wagestream app.

The company already offers a number of benefits via its existing partnership with Wagestream, including retail discounts, money coaching, workplace loans and choice over when to get paid.

“Financial wellbeing of colleagues is a top priority for us and offering this UK-leading workplace benefit is just one of the many ways we’re continuing to support our colleagues," said Asda chief people and corporate affairs officer, Hayley Tatum. "This new benefit is alongside other financial benefits and support we already offer our colleagues at Asda, which includes financial education, budgeting tools, discounts and flexible pay."

Last month Kantar released figures demonstrating that Asda had recorded the worst sales performance out of the top four British supermarkets.

Sales dropped by six per cent over a 12-week period, while the company's market share also declined by 1.1 per cent.

---