A time-saving convenience and a simple tool to keep your savings goals on track, automatic deposits may be just what you need to find balance between your busy days and ambitious long-term plans. Here’s how it works, for you.
Video Transcript:
If you’re like most people, you don’t deposit your paycheck—you receive an automatic deposit directly into your checking account. It saves you time and gives you one less thing to think about. Here’s how automatic deposits can also work to help you meet your savings goals.
Like most people, when I see money in my account, I feel free to spend it, even though I know I should be saving for other things. But with an automatic deposit, the money you plan to save can go—directly and regularly—from your checking account into a high yield savings account or money market account. Most banks make it easy to set up an automatic deposit. You can even time the automatic deposits, so they coincide with your pay periods. That way, you always know how much cash you have available to spend, while staying on track towards your savings goals.
The automatic part means that once you set it up, saving money doesn't require any more thought or effort on your part. And you can set up an automatic deposit with a bank other than the one where you keep your primary checking account. That way, you can shop around for the best interest rate for your savings and reach your goals even sooner.
More convenience, less temptation and higher interest rates—that’s how automatic deposits work, for you.
Open a Synchrony Bank high yield savings account today and start making automatic deposits yourself!
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