Banks that automatically transfer to savings based on percentages

[JeremyS]

Hi,

Do any of you know of a bank that allows you to automatically put a percentage of your total deposits into a savings/investment account? I currently bank with Wells Fargo and they only allow me to place a set amount per month into my savings account as an automatic payment.

I can see how this setup would work well if you had a set salary but my income relies heavily upon tips and varies dramatically from week to week which is why I would like to find a way to automatically save on a percentage of total deposits instead of a set amount.

Thanks,
Jeremy

[responduser]

I don't know any such banks. Why don't you check in the local branches in your area! You may get some information.

[scfr]

I think it's great that you want to save a certain percentage of your earnings. While I don't know of any banks that will let you set it up automatically based on a percentage, it's fairly easy to do manually. You would just need to move a percentage (such as 10%) of your deposits to a savings account, either each time a deposit is made, or at the end of the month.

Transferring money between a checking account & a savings account with the same bank is very easy to do on-line. If you don't have on-line banking, you may be able to do it over the phone.

[boosami]

No bank offers this. You have to do it manually.

Get your bank statement at the end of the month and it should have on it the total amount of deposits for that past month. Calculate 10% of the amount, and transfer it to your savings.

Another option is to direct deposit your regular paycheck into split accounts. Most employers who offer DD allow it to be split by either dollar amount or percentage across accounts. Does your employer offer this? They may not with your tips, but your hourly wage checks might be DD-eligible.

[loulou]

You could see if they have a STFIT account option. All money above $X (you choose the amount) into your STFIT account, which earns a higher rate of interest. The transfers are automatic and occur both ways, so if your checking dips below your set amount, money would transfer from your STFIT into your checking account. I've never seen an individual with a STFIT account, only businesses, so maybe this isn't even an option. Also, STFIT accounts are not FDIC insured, so make sure you go with a bank you trust.