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.
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?
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.
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:
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.
*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.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 06/21/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.