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Direct Deposit


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I work in a financial institution and have my paycheck go to a checking account at another institution. I also have additional money deposited to a savings account and a Christmas club there. My theory is out of sight, out of mind--I never touch the savings account or the Christmas club!

- Submitted by VTMAID 6/2/2010 in Saving Money | 5 Comments
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Member Comments

ANGELCOWBOY1 5/25/2011 7:34:00 AM

    I also direct deposit to my checking - then auto transfer from there to a savings, Christmas Club and a 'get away' account. Adds up pretty quick. Agree - out of sight, out of mind.
CHERIBERI 6/2/2010 1:14:00 PM

    Ditto! I do direct deposit into 3 separate accounts but have 4 total accounts. I direct deposit into my own checking and a joint checking with my husband for bill paying and the third direct is at a bank that I don't have easy access to. Their branch office is a thirty minute drive from my house and I don't have an ATM card for the account. With that money I was able to go on a vacation with a girlfriend of mine (much needed mommy break). The fourth account is a savings that gets just a $10 a month auto transfer from my personal checking account (I think I originally had to set it up that way and just never changed it). It's easy to access but I never do, kind of my safety net if the bills start to stack up too high.
LADY_KATHY 6/2/2010 1:03:00 PM

    I do the same thing. And as a also get paid on 10 month instead of 12 and put $2000 into a summer saver account which is earning 4%!! If I need it prior, there is NO PENALTY to take it out and I still earn HIGH interest in a regular savings account. Try getting that from ANY CD.
HUNNYBROWN3 6/2/2010 9:56:00 AM

    I have trouble keeping my hand out of the savings cookie jar. Even after direct deposit into the account.
FITNESSFREAK10 6/2/2010 8:49:00 AM

    It is good strategy . I too do this.

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