There are three requirements in order to successfully implement your Split to Save program. America Saves can help you work through these steps.
1. Direct Deposit
- The most successful savers have two accounts - one for spending and one for saving. The Split to Save program instructs employees to complete your direct deposit form and designate an amount to save into a separate savings account if you provide split pay. If not, we encourage automatic transfers through their financial institution from one account to another.
- Using a prepaid card or payroll card? You will need to provide information on how workers can save into a separate bucket within the card or how they can save into a separate account. This information will be incorporated into your customized Split to Save program
2. Know where and how you will implement the program
In order for employees to complete the Split to Save program, you will need to provide the personalized program link to existing employees. You can do this in many different ways including posting articles with the link on internal websites, sending emails with program information, and during open enrollment periods. America Saves staff are available to consult with you to identify the most effective communications strategies for your workforce demographics.
In addition, the most successful programs incorporate the Split to Save program into orientation and onboarding processes for new employees. General program information and the personalized link can be included in:
- Notices of hiring
- On-site orientation or on-boarding sessions
- Follow up email after orientation with next step instructions
3. Reporting program data
On an annual basis, we will ask you to provide us with the following information to gauge effectiveness and impact:
- Number of employees reached
- Number of employees signing up for direct deposit
- Number of employees splitting a portion of their pay to a savings account
- Number of new bank accounts opened
- Amount automatically directed into savings accounts
This information will help demonstrate the success of your program.