Definition

Direct deposit electronically routes your paycheck or government benefits into your account on payday, faster and safer than a paper check. It is also the backbone of "pay yourself first" automation: many employers and banks let you split a deposit so a set amount goes straight to savings or investing before you ever see it.

1. ACH Transfer

   An electronic bank-to-bank transfer run through the U.S. Automated Clearing House network.
2. High-Yield Savings Account (HYSA)

   A savings account that pays much higher interest than a typical bank account.
3. Dollar-Cost Averaging

   Investing a fixed amount on a regular schedule, regardless of price.