News / Updates / Blog

Direct Deposit Users Likely to Save More According to SWACHA Survey

Dallas, TX, June 20, 2013 –(– While the average household savings rates in the U.S. fell to a near record low of 2.4 percent, according to the most recent numbers released by the Department of Commerce, a new survey from Dallas-based SWACHA, one of the largest not-for-profit electronic payment associations in the country, shows those who save through their employers’ Direct Deposit via ACH program are saving more than those who set aside their money after it hits their primary checking accounts.

According to SWACHA’s 2013 Consumer Insights Survey, 42 percent of those who split their paycheck between two or more accounts through their employer’s Direct Deposit program are currently saving more than one-fourth of their paycheck, up from 31 percent reported in SWACHA’s survey in 2011. This represents a 35 percent increase in just two years. These numbers also demonstrate a significant increase from just 14 percent of those surveyed by SWACHA in 2009 who indicated they save from their paychecks regularly via Direct Deposit. SWACHA conducted its third Consumer Insights Survey in April 2013. The survey, which tracks consumer trends in electronic payments such as debit and credit cards, mobile banking and the use of Direct Deposit was conducted among 601 people throughout Texas.

“Our survey shows that Direct Deposit is an effective saving strategy and we encourage more consumers to take advantage of this tool,” said Dennis Simmons, AAP, president and CEO of SWACHA. “The numbers show those who systematically put money into a secondary account have consistently been better savers than those who wait to the end of month to see what they have left.”

When asked how much of their paycheck is automatically deposited into an account other than a checking account, also known as split deposit, 42 percent reported saving more than 25 percent, 30 percent reported saving between 11 and 25 percent, 13 percent reported saving between 6 and 10 percent, and 15 percent of those surveyed in April reported saving less than 5 percent.

For those who save through split deposit, 87 percent said they have their money put into a savings account, while 66 percent reported they put money into a retirement account, and 24 percent are setting aside funds in a college savings account.

“We hope the number of people who save through Direct Deposit continues to grow and that this will have a positive impact on our country’s the household savings rate begins to climb, which has been declining for several years,” said Simmons. “Direct Deposit makes saving easy.”

About the Survey
SWACHA’s online survey of 601 Texas residents was conducted in April 2013 by Decision Analyst with a confidence interval of 95 percent and a corresponding margin of error of +/- 4 percent. Only those respondents who identified themselves as the person responsible for the paying household bills were permitted to complete the survey.

SWACHA-The Electronic Payments Resource®, is one of the largest not-for-profit electronic payments associations in the country with approximately 1,100 members across the Southwest. SWACHA is the resource of choice for financial institutions and corporations in the areas of education, training, payments system risks and knowledge about electronic payments. For more information visit:

Twitter: @SWACHA