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Split Deposit: The Workplace Perk that Will Help Employees Build Wealth

By Bill Sullivan, Senior Director and Group Manager for Government and Industry, NACHA

American workers are not saving enough for their future or to even cover emergencies and planned expenses that may crop up in the short term.

According to the Federal Bureau of Economic Analysis, the average personal saving rate for Americans hovers around 5 percent – which is far too low. In fact, people aged 30-49 are the most likely of any age group to have no emergency savings, according to Bankrate.com.

One easily accessible solution that is simple, safe, flexible and smart is for workers to enroll in Direct Deposit via ACH and start or build their savings using Split Deposit. Direct Deposit enables workers to have their pay electronically deposited into their bank accounts so they can have access to their money on payday. “Splitting” a Direct Deposit is the ability to automatically direct a fixed percentage or dollar amount of pay into a savings or investment account.

Direct Deposit via ACH is the most widely used method to pay workers. Yet its least discussed benefits – and probably greatest incentives to convert any holdouts – is its ability to help workers increase savings, while helping employers build their bottom line.

For workers, the importance of automatic savings – particularly through Direct Deposit and Split Deposit – to their financial future cannot be overstated. According to research conducted on behalf of NACHA—The Electronic Payments Association, 72 percent of users say it helps them better control their finances, and 85 percent say it helps them save.

The study also found that 82 percent of workers receive Direct Deposit of their pay, but only 24 percent use Split Deposit – despite it being one of the easiest and most effective ways to grow savings and build wealth. Of Direct Deposit users who split their deposits, 73 percent said they are likely to continue doing so. In fact, consumers who split their Direct Deposit save up to $90 more per month than those who use another method to save.

To help further highlight the value of Split Deposit in building wealth, NACHA partnered with America Saves and ePayResources in 2017 to launch the “Split to Save” initiative. The campaign is designed to educate workers on the benefits of Direct Deposit and Split Deposit, and provide organizations with educational resources available via a toolkit to share with their constituencies.

The campaign welcomes businesses, financial institutions, federal and state government agencies, banking groups, consumer organizations and more to join this initiative to promote Split Deposit as a way to automatically grow savings.

Everyone wins when more people are introduced to saving automatically and are empowered to take control of their financial future.

For more information about Split Deposit, Direct Deposit, and partnering with the “Split to Save” campaign, visit ElectronicPayments.org or contact Bill Sullivan at This email address is being protected from spambots. You need JavaScript enabled to view it..


Let America Saves help you save money so you can feel confident about your finances. It all starts when you make a commitment to yourself to save. Take the first step today and take the America Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your goal. Think of us as your own personal support system.

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Learn about how direct deposit via ACH can help employees build savings and increase their financial security >> http://bit.ly/2FwChBM @AmericaSaves

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    Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you've purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account. http://ow.ly/sj972

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