American workers are not saving enough for their future, which is why we promote “Split Deposit," which is safe and free for employees.
What is Split Deposit?
Split Deposit allows your employees to direct a fixed amount or percentage of their pay into a savings or investment account each pay period. For example, an employee could opt to have $50 Direct Deposited into savings, with the rest into checking. Or they could have 5% of their pay earmarked for savings, 2% for an investment account and the remaining 97% Direct Deposited into checking.
Why Encourage Your Employees to Use Split Deposit?
Split Deposit provides automatic savings, convenience, control and reliability. It also can help workers reach short- and long-term savings goals quickly and effortlessly. For example, an employee paid weekly, who has $10 per pay period Direct Deposited to savings, has saved $520 in a year.
Additionally, Split Deposit can build employee satisfaction by: reducing workers’ trips to the bank and costly check-cashing fees.
Take the Next Step
Educate your workers on the benefits of Direct Deposit and Split Deposit to grow savings. However, if you do not currently offer Direct Deposit, contact your financial institution or payroll provider to set it up for your workers.
Split Deposit Tool Kit
Use these white label resources to encourage saving every payday by splitting Direct Deposit between checking and savings.
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