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

Many good questions generate some degree of opinion based on expert experience, but answers to this question will tend to be almost entirely based on opinions, rather than facts, references, or specific expertise. If this question can be reworded to fit the rules in the help center, please edit the question.

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    The question as is stands is too broad, and the answers would apply for any deposit, not just salary. – D Stanley Nov 15 '17 at 20:51
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    country? there may be rules associated with the accounts. What problem are you trying to solve? – mhoran_psprep Nov 15 '17 at 21:09
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    Yes, it is better to deposit into a checking or savings account than to get cash. – Hart CO Nov 15 '17 at 21:13
  • @HartCO - Hah. That is an awesome comment (to the question as originally worded). – TTT Nov 22 '17 at 22:41

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.

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    Or you could deposit into the savings account, then make one lump-sum transfer into checking to pay bills &c. Though I prefer deposit into checking myself. Savings is just a sort of quick-access emergency fund. – jamesqf Nov 16 '17 at 19:38

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