Yes, you can add money to an online savings account whenever you want

Most online savings accounts let you deposit money as often as you like, and many people set up regular transfers to move money in automatically each week or month. The bank doesn't limit how many times you can add funds — that's different from withdrawals, which federal rules do restrict. You can transfer money in from a checking account at the same bank, from a checking account at a different bank, or by having your employer deposit part of your paycheck directly into savings.

The main thing to understand is that online banks have no physical branches, so you can't walk in and hand someone cash. Everything happens through a computer, phone app, or phone call. This actually makes regular deposits easier for most people, because you can set it up once and forget about it.

Key Takeaways

  • You can add money to an online savings account as many times as you want each month without penalty or limit.
  • The fastest way to add money regularly is to set up an automatic transfer from your checking account, which takes just a few minutes to arrange.
  • Direct deposit from your employer is another common method and requires you to provide your account and routing number to payroll.
  • Transfers between your own accounts at different banks usually take one to three business days to show up in your savings account.
  • You cannot deposit cash directly into an online savings account, but you can deposit cash at a physical bank and then transfer it online.

Setting up automatic transfers from your checking account

The easiest way to add money regularly is to set up a recurring transfer. Log into your online savings account, find the "Transfer" or "Move Money" section, and choose the checking account you want to transfer from. Then pick the amount and how often you want it to happen — weekly, twice a month, or monthly are the most common choices.

Once you set this up, the bank moves the money on the same day each week or month without you having to do anything. Most banks let you change or cancel the transfer anytime through the app or website. The money usually arrives the same day if both accounts are at the same bank, or within one to three business days if they're at different banks.

Using direct deposit to move part of your paycheck

If your employer offers direct deposit, you can have a portion of your paycheck go straight into your savings account instead of your checking account. This is one of the most reliable ways to save regularly because the money arrives before you see it and are tempted to spend it.

To set this up, ask your employer's payroll department for a direct deposit form. You'll need to provide your bank's routing number (a nine-digit code that identifies your bank) and your account number. You can find both on a check, in your online banking portal, or by calling the bank. Tell payroll how much you want deposited to savings — you can usually split your paycheck between savings and checking, or send the whole thing to savings if you prefer.

Transferring money from a different bank

If your checking account is at a traditional bank and your savings account is at an online bank, you can still transfer money between them. From your online savings account, select "Transfer" and choose "External Account" or "Link Another Bank." You'll enter your checking account number and routing number, and the online bank will verify that the account is yours by depositing two small amounts (usually under a dollar) into your checking account.

Once verified, you can transfer money whenever you want. The transfer typically takes one to three business days. Some online banks also let you set up recurring transfers to an external account, so you can automate the process just as you would with an internal transfer.

What to do if you have cash to deposit

Online banks can't accept cash deposits because they have no physical locations. If you have cash you want to put into savings, deposit it at a physical bank branch or ATM first — this can be your checking account at a traditional bank, or even a different bank's ATM if they accept deposits. Once the cash is in a checking account, transfer it to your online savings account using one of the methods above.

Some online banks partner with retail chains like Walmart or CVS, where you can deposit cash into your account at the register. Check your bank's website to see if this option is available to you. The cash usually shows up in your account within a few hours.

How often you can add money and what limits explore

Federal rules used to limit savings account withdrawals to six per month, but that rule was removed in 2020. However, some banks still have their own limits on how many times you can withdraw money. There are no federal limits on deposits — you can add money as many times as you want.

Some banks do charge a fee if you make too many transfers out of savings in a month, but deposits are never restricted or charged. If you're planning to move money in and out of savings frequently, read your account agreement or call the bank to ask about any limits on outgoing transfers.

Timing and when the money shows up

If you're transferring from another account at the same bank, the money usually arrives the same day or within a few hours. If you're transferring from a different bank, it takes one to three business days — sometimes longer if you initiate the transfer late in the day or on a weekend.

Weekends and bank holidays don't count as business days, so a transfer you start on Friday might not arrive until Tuesday. If you're planning to move money on a specific date, start the transfer a few days early to be safe. Direct deposits from your employer arrive on your regular payday, which your employer's payroll department can confirm.

Frequently Asked Questions

Can I set up automatic transfers if my checking account is at a different bank?

Yes. You'll need to link your checking account to your online savings account first by providing your account and routing number. Once linked and verified, you can set up recurring transfers just as you would with accounts at the same bank. Verification usually takes one to three business days.

What happens if I try to transfer more money than I have in my checking account?

The transfer will fail and the money won't move. Your bank will usually send you a notification that the transfer didn't go through. You can try again once you have enough money in your checking account, or adjust the transfer amount.

Can my employer deposit my entire paycheck into my online savings account?

Yes. Provide your online bank's routing number and account number to payroll, and tell them to deposit 100 percent of your paycheck there. You can always transfer money to a checking account later if you need it for bills or everyday spending.

Is there a fee for making regular transfers into savings?

No. Banks don't charge fees for deposits or transfers into savings. Some banks charge fees for too many transfers out of savings per month, but moving money in is always free.

How do I know if my transfer went through?

Log into your online banking app or website and check your account balance and transaction history. You should see the transfer listed with the date it was processed. If you don't see it within the expected timeframe, contact the bank to ask where it is.