Encourage your employees to build savings with split deposits

Kerrie Duvernay, February 11, 2019
It’s a disheartening truth: Many Americans have little or no money set aside for common emergencies such as car or home repairs. The Federal Reserve recently stated that 40% of adults are unable to fund a $400 emergency expense without either borrowing money from a friend or carrying a credit card balance. 
 
There’s a simple tool that employers and business owners can use to encourage their employees to “pay themselves first” and contribute to a savings account. By offering an employer-sponsored savings transfer option, companies can help their employees build financial security by automatically putting aside money through a “Split Deposit” program.
 
Depositing a fixed amount or percentage of their pay via direct deposit into a savings account enables an employee to save for emergencies or planned expenses. A split deposit program is a great way for an individual to cultivate the habit of saving.
 
Encourage your employees to save with split deposits 
 
Currently, 82% of the nation’s workers receive direct deposit of their pay, but only one in four split their pay among multiple accounts. Why don’t more employees take advantage of this effective savings tool? The answer is simple: Most employees are unaware that split deposit is an option. The fact is that every employer who uses direct deposit has the option of offering split deposits to their employees.
 
A split deposit program for your employees can be set up in a few simple steps, and your Treasury Services Specialist will help you get started. Contact Treasury Support at 866-594-2304, and let us help you provide a valuable financial benefit that your employees will enjoy for many years to come.
 
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