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:
- 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.
- 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!
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