The three ways to move money into savings

You can put money into a savings account in three ways: transfer it from another account you own, deposit cash or a check in person, or have money sent directly to that account from an employer or other source. Which method you use depends on where the money is now and how quickly you need it there.

Most people use transfers for money they already have in a checking account, deposits for cash they're holding, and direct deposit for paychecks or regular payments. Each one takes a different amount of time and requires different information from you.

Key Takeaways

  • Transfers from your own checking account to savings usually complete within one business day, though some banks process them when ready.
  • Cash and check deposits at a branch or ATM are available to you when ready or within one business day, depending on the check amount.
  • Direct deposit requires you to give your employer or payer your account number and routing number, which you can find on a check or in your bank's app.
  • Mobile deposit lets you photograph a check and send it to your bank without visiting a branch, though the money may take one to two business days to appear.
  • Some savings accounts charge fees if you move money out too often, so check your account terms before setting up frequent transfers.

Transferring money from a checking account

A transfer moves money from one account to another within the same bank or between different banks. If both accounts are at the same bank, the transfer usually completes when ready or within a few hours. If you're sending money to a savings account at a different bank, it typically takes one to two business days.

To set up a transfer, log into your bank's app or website, find the transfer option, and select the savings account as the destination. You'll enter the amount and confirm. Some banks let you schedule transfers for a future date, which is useful if you want to move money on payday automatically. You can also call your bank's customer service line and ask them to move money for you over the phone.

If you're transferring between two different banks, you may need to add the receiving account first. Your bank will ask for the account number and routing number of the savings account you're sending money to. The routing number is a nine-digit code that identifies the bank; you can find it on a check from that account or by calling the bank directly.

Depositing cash or checks in person

Cash deposits at a bank branch are available to you when ready — you can withdraw it the same day. Check deposits are also when ready at the branch, though the funds may not be available to spend for one to two business days depending on the check amount and your bank's policy.

To deposit cash or a check, visit a branch during business hours with your account number or debit card. You can also use an ATM that belongs to your bank. Most ATMs accept cash deposits and checks, though not all do — check your bank's website to find which machines near you accept deposits. ATM deposits are usually processed by the next business day.

If you deposit a check larger than a certain amount — often $5,000 or more, though this varies by bank — your bank may hold part of the funds for a longer period. This is called a hold, and banks use it to protect themselves against checks that bounce. Your bank will tell you when the full amount will be available.

Setting up direct deposit from an employer or payer

Direct deposit sends money automatically from your employer, the government, or another payer straight into your savings account on a set schedule. It's the fastest and most reliable way to move regular income into savings because you don't have to do anything once it's set up.

To start direct deposit, you need to give your employer or payer your account number and routing number. You can find both on a check from your savings account — the routing number is the first nine digits at the bottom left, and the account number is the second set of digits. You can also find this information in your bank's app or by calling the bank.

Your employer will ask you to fill out a direct deposit form or enter the information into their payroll system. Once it's set up, the money will arrive on your regular payday, usually one to two business days before you would have received a paper check. Direct deposit is free and you can change it at any time by contacting your employer with new account information.

Using mobile deposit to send checks remotely

Mobile deposit lets you photograph the front and back of a check using your phone and send it to your bank without visiting a branch. Most banks offer this through their app at no cost. The check must be endorsed — signed on the back — before you photograph it, and you typically can't deposit the same check twice.

After you submit the photos, your bank will confirm receipt and tell you when the funds will be available. This usually takes one to two business days. Some banks make a portion of the check available when ready and hold the rest, especially for larger amounts. Once the deposit is processed, you can destroy the original check or keep it for your records.

Mobile deposit has limits on how much you can deposit per transaction and per day. These limits vary by bank — some allow $2,000 per deposit and $5,000 per day, while others allow more. Check your bank's app or website to see what limits explore to your account.

Understanding holds and when money becomes available

A hold is a temporary delay before you can spend money you've deposited. Banks place holds to protect themselves while they verify that checks are legitimate and that the account they're drawn on has enough money. The length of a hold depends on the deposit method and the amount.

Cash deposits have no hold — the money is available when ready. Checks deposited at a branch or ATM usually have a one-business-day hold for the first $225 and a longer hold for the remainder, though your bank may make the full amount available sooner. Checks deposited by mobile deposit typically have a one- to two-business-day hold. Transfers between your own accounts have no hold.

If you need the money sooner, ask your bank whether they can release the hold early. Some banks will do this if you have a good account history or if the check is from a bank they trust. You can also ask the person who wrote the check to use a cashier's check or wire transfer instead, both of which clear faster.

What to do if your deposit doesn't show up

If you've deposited money and it hasn't appeared after the expected time, first check that you used the correct account number. A transfer to the wrong account number will go to someone else's account, and your bank will need to contact that bank to retrieve it — this can take weeks. If you made a mobile deposit, check the app to see whether the bank confirmed receipt.

If the deposit was confirmed but the money hasn't arrived, contact your bank's customer service. Have the date, amount, and method of deposit ready. If it was a check, provide the check number. Your bank can trace the deposit and tell you where it is and when it will arrive. If the deposit was sent to the wrong account, your bank can file a claim to recover it, though this process is slow.

Frequently Asked Questions

Can I deposit money into someone else's savings account?

Yes, you can deposit cash or a check into another person's account if you're at a branch and have their account number. You cannot set up a transfer from your account to someone else's account at a different bank using standard online banking — you would need to use a wire transfer or payment app instead. Ask your bank which method works for your situation.

Why does my bank limit how often I can transfer money out of savings?

Federal rules once limited savings account withdrawals to six per month, though this rule was suspended. Some banks still enforce their own limits and charge a fee if you exceed them. Check your account agreement to see whether your bank has a limit. If frequent transfers are important to you, ask whether they offer a different account type without this restriction.

Is it safe to give someone my account number and routing number?

It's safe to share these numbers with people and organizations you trust — your employer, your landlord, your utility company. These numbers are printed on every check you write, so they're not secret. However, don't share them with people you don't know or on unsecured websites. If you're unsure whether a request is legitimate, call the organization directly using a phone number from their official website.

What's the difference between a wire transfer and a regular transfer?

A regular transfer moves money between accounts and usually takes one to two business days. A wire transfer moves money the same day or next day and costs money — typically $15 to $30. Use a wire transfer when you need money to arrive urgently. Use a regular transfer for routine deposits and moves between your own accounts.

Can I deposit a check that's made out to someone else?

No. A check must be deposited into an account in the name of the person it's made out to. If someone gives you a check made out to them and wants you to deposit it into your account, they need to endorse it to you — sign the back and write "Pay to the order of [your name]" — though many banks won't accept third-party checks even then. The safest option is for them to deposit it themselves and transfer the money to you.