Saving for a new car, house, or education can be a challenge. You cash your paycheck and, before you know it, you’ve spent it.
Instead of collecting your next paycheck, have your employer directly deposit it into one of your bank or credit union accounts.
Direct deposit also is the only way to receive Social Security and other federal benefits. The law now requires you to receive your benefits through direct deposit. If you’re still receiving paper checks, visit GoDirect.gov or call 1-877-874-6347 to sign up for direct deposit.
Direct deposit gives you:
- One less thing to worry about because it is the safest way to receive your money,
- An easier and more convenient way to access your money, and
- More control over your money and your time because direct deposit is predictable and dependable.
One of the biggest benefits to direct deposit is how easy it is to make saving automatic. Simply designate a portion of your direct deposit to be automatically deposited into savings, send the rest to checking, and you’ll be on your way to reaching your savings goals in no time!