Can a portion of my Earnings be set aside for savings?
Yes. We offer two convenient ways to set aside savings – Split Direct Deposit and Plan.
Note
If you want to withdraw from the money you've recently added to Savings, please see the Withdrawing from Savings article!
Split Direct Deposit Feature
Split Direct Deposit allows you to set aside a portion of your paycheck so it can automatically be sent to a second bank account of your choice, such as a savings account. You can choose to send this money to your primary bank account or add a different one. These earnings are not included when you check what’s Available Now, but instead are set aside to be sent to your chosen bank account on payday.
How to use Split Direct Deposit
To help you understand where your paycheck will go on payday, we’ve introduced a new setting called Direct Deposit. Here, you can update your direct deposit location.
You can also update your Automatic Savings, now renamed Split Direct Deposit. This allows you to send a portion of your remainder pay to a separate bank account on payday. We aim to help you take advantage of this feature and achieve your savings goals.
The functionality of DailyPay on payday remains unchanged.
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1 Log in to your account and navigate to the Settings page
2 On the Settings page, navigate to the section called Direct Deposit
3 Enter the amount you want to set aside each pay period and select the bank account that you’d like those funds to go to on payday
4 Select the “Save ” button
Note
Your earnings that are Available Now will not update/increase until what’s Available Now surpasses the amount you elected to set aside as savings using Split Direct Deposit . For example, if you choose to set aside $200 every pay period, only after your pay period earnings exceed $200 will your Available Now earnings update.
Plan
Plan makes saving your own money as easy as an early transfer. This free, one-time savings feature allows you to remove money that you have Available Now as a savings deposit to arrive at the bank of your choice on payday.
How to use Plan
On the home screen scroll down to the Plan box and click on "Set money aside". This pulls money out of your available earnings and sets it aside so it cannot be transferred during the pay period.
You'll be prompted to enter an amount you wish to save. Once you selected the amount and the bank you'd like it sent to, you just click on the button. Then, when the pay period ends, the planned funds will be directed to the bank account you designated for it when you set it aside.
Note
If you need to pull your planned funds back out before the pay period ends, you can by selecting "Empty your plan".
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