Cycle to Work: UK
If you are considering cycling to work but need a new bike and accessories, don’t forget the Bank offer a salary sacrifice scheme to help you save up to 42% on the cost of a new bike!
The ‘Cycle to Work’ scheme allows you take advantage of the Government initiative offering access to bikes as a tax-free benefit and there are loads of options to choose from.
The Bank’s Cycle to Work scheme is a UK Government-backed, tax-free benefit that lets employees choose a bike and/or accessories, hire them for 12 months, and then purchase the items outright for a small fraction of its original cost. Employees can select from over 500 cycling brands within the Cyclescheme retailer network – head over to the MyBenefits portal on Flagscape for more information and to apply.
We’ve provided links to some frequently asked questions below to give you a better idea of how the process works. There’s also handy savings calculator and store finder tools linked below.