Save with Direct Deposit

Adoption and awareness of direct deposit continues to build among consumers. A recent survey found that 82 percent of U.S. workers ─ crossing age, income and other demographic categories ─ are paid by Direct Deposit via ACH, up from 74 percent in 2011. >> Learn more

That's good news, because setting up automatic savings is the easiest and most effective way to save – it puts your extra cash out of sight and out of mind. There are a couple ways to automate savings with direct deposit:

  1. Use direct deposit at work to split your paycheck into different accounts: checking, emergency fund, retirement, investment, other goals. Automating retirement savings is a great way to assure that you receive any matches or employer contributions, too.
  2. Use direct deposit at tax time to put your refund directly into savings. A federal tax refund is the most money many American households receive all year. Make your refund an opportunity to improve your financial situation.  >> Learn more about saving automatically

When you pledged to save and became part of the America Saves community, you set a goal and made a plan to save toward it. Now, make sure you’re using the best method to reach your goal – save automatically!

Take the America Saves Pledge

America Saves for Young Workers

America Saves created a program that is helping youth save in this very way. Over 25 partner programs are integrating America Saves for Young Workers (ASYW) into their summer jobs programming.  Through ASYW, a partnership is created between the employer, one or more financial institutions, and America Saves. America Saves provides employees with the motivation to set up direct deposit and save a portion of their pay. And Youth Employment Programs provide direct deposit and the America Saves for Young Workers Program to employees. >> Learn more about America Saves for Young Workers

Tip of the Day

  • Having emergency savings may be the most important way to stay afloat financially http://ow.ly/r6i1n

Saver Tips and Stories View all »

Taking Steps Toward Financial Fitness

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

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Saving With My Boys

When Kelly was a kid, she loved the picture book A Chair for My Mother by Vera B. Williams. In the story, a little girl lives in an apartment with her mother and grandmother. The little girl’s mother is a waitress and sole provider for their family. Together the family saves money by putting their change in a giant jar every day. They are saving for a big cushy chair for the little girl’s hard-working mother. Together with patience and diligence, they buy the mother a very comfy chair.

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Starting and Continuing a Personal Finance Journey

When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her personal finance journey. The program required participants to open a savings account.

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