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Can You Direct Deposit Into a Savings Account?

Can you direct deposit into a savings account? The short answer is yes! Many people struggle to make saving money a habit, but directly depositing funds into a savings account can help make saving money automatic — and perhaps a little easier. Keep reading to learn more about the benefits of using savings accounts for your financial future.

Direct Deposit Helps You to Put Saving First

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To directly deposit your paycheck into a savings account, speak with your employer’s payroll department to properly enroll your accounts.

But now that you know you can directly deposit into a savings account, do you understand the other advantages of using a savings account?

Does Direct Deposit into a Savings Account Make Sense for You?

There might be a psychological advantage to directly depositing your paycheck into your savings account, but is it the right financial decision? This method of saving may be right for you if:

If you fall into one of these categories, using direct deposit into a savings account as part of your financial strategy may be a good idea.

direct deposit into savings account

Short-term Saving

Savings accounts have relatively lower interest rates than some other financial products. Therefore, savings accounts are a generally good place for short-term funds, such as:

Opening a Savings Account

If you’re ready to start saving by using direct deposit, opening an award-winning account with Synchrony Bank could help you to reach your savings goals. We provide quick withdrawals online, over the phone or with an ATM card*.

Customers also find that we have no minimum balance or monthly service fee on our high-yield savings accounts. Our accounts are FDIC-insured up to $250,000 per depositor for each ownership category.

Setting up a direct deposit into savings can be as easy as calling Synchrony Bank at 1-844-345-5789, or you can click here to open an account today. 

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Sources:

Investopedia: http://www.investopedia.com/articles/personal-finance/040915/how-much-cash-should-i-keep-bank.asp

*Federal regulations limit the number of electronic and telephone transactions you can make with your High Yield Savings/Money Market accounts to six transfers or withdrawals per monthly statement cycle. If you exceed these limits, we may close your account.


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