What are the pros and cons of having a direct deposit from a paycheck going into a checking account vs. a savings account?
closed as primarily opinion-based by NL - Apologize to Monica, D Stanley, Chris W. Rea, Dheer, Dilip Sarwate Nov 16 '17 at 3:39
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If you're in the United States, it may be better to deposit your paycheck into your checking account. Savings accounts have a statutory limit on the number of outgoing transfers per month you're allowed to make. Checking accounts generally don't have such restrictions.
These restrictions could impact you if, for example, your paycheck is deposited into your savings account and you need to make transfers out of that account to pay bills. You could potentially hit the transfer limit and have difficulty accessing your money. If, on the other hand, your paycheck is deposited into your checking account, you can pay bills and make as many transfers as you want.