The basic deposit methods

You can put money into a savings account in four main ways: in person at a branch, through an ATM, by transfer from another account, or by having your paycheck sent directly there. The method you choose depends on where your bank is, whether you have online access, and how quickly you need the money to show up.

Each method takes a different amount of time and works best in different situations. A deposit at a branch happens when ready. An ATM deposit usually shows up within one business day. A transfer from another account at the same bank is often when ready. A transfer from a different bank takes one to three business days. A direct deposit from your employer takes one to two business days after payday.

Key Takeaways

  • You can deposit cash or checks at a branch in person, and the money shows up right away or within one business day.
  • ATM deposits let you add money without visiting during business hours, though some banks limit how much you can deposit at once.
  • Transfers from another account at the same bank are usually when ready, while transfers from a different bank take one to three business days.
  • Direct deposit from your employer is the slowest method but requires no action from you once it is set up.
  • You will need your account number and routing number to set up transfers or direct deposit.

Depositing cash or checks in person at a branch

Walking into a branch with cash or a check is the most straightforward way to deposit money. You fill out a deposit slip — a small form that tells the bank which account the money goes into and whether you are depositing cash, a check, or both. The teller takes your cash or check, counts it, and gives you a receipt. The money is yours to use when ready, though a check may take one business day to fully clear.

Bring your account number or your debit card so the teller knows which account to credit. If you do not have either, bring your ID and the teller can look up your account. Most banks do not charge you to make a deposit at a branch during business hours.

Using an ATM to deposit cash or checks

Many ATMs accept both cash and check deposits, though not all do. Look for an ATM that says "deposit" or "check deposit" on the screen. You insert your debit card, enter your PIN, select "deposit," and follow the on-screen steps. For cash, you put the bills into the slot one at a time. For checks, you insert them into a separate slot. The ATM tells you how much it received and gives you a receipt.

ATM deposits usually show up in your account within one business day, sometimes the same day depending on when you deposit and what your bank's rules are. Some banks limit how much you can deposit at an ATM in a single day — this varies widely, so check with your bank if you are depositing a large amount. ATM deposits are free.

Transferring money from another account at the same bank

If you have a checking account and a savings account at the same bank, you can move money between them online, through the bank's app, or at an ATM. Log into your online banking or open the app, find the "transfer" or "move money" option, select the account you want to transfer from and the account you want to transfer to, enter the amount, and confirm. The money moves when ready or within a few hours.

This is useful if you get paid into a checking account but want to move some of that money into savings right away. There is no fee for transfers between your own accounts at the same bank. You can do this as often as you want.

Transferring money from a different bank

You can move money from a checking account at one bank into a savings account at another bank, but it takes longer. You will need your savings account number and your bank's routing number — a nine-digit code that identifies your bank. Your other bank's website or app has a section for "external transfers" or "add a payee." You enter your savings account number and routing number, confirm that you own the account, and then set up the transfer.

The first transfer usually takes three to five business days while the banks verify the account. After that, future transfers take one to three business days. Some banks charge a small fee for incoming transfers, though many do not. Check with your savings bank before you set this up. Once the transfer is confirmed, you can usually repeat it on a schedule — for example, every payday — without entering the information again.

Setting up direct deposit from your paycheck

Direct deposit is when your employer sends your paycheck straight into your bank account instead of giving you a paper check. You will need your account number and your bank's routing number. Give these to your employer's payroll department, along with the name and address of your bank. They enter the information into their system, and your next paycheck goes directly into your account.

Direct deposit takes one to two business days after payday, so the money shows up a day or two after you would normally receive a paper check. Once it is set up, you do not have to do anything — the money arrives automatically. This is the most hands-off way to build savings because you do not have to remember to deposit anything. Many employers offer direct deposit for free, and some banks offer small bonuses if you set it up.

What happens after you deposit money

Once money is in your savings account, it starts earning interest — a small amount of money the bank pays you for letting them use your money. The interest rate varies by bank and by how much money you have in the account. You can check your balance online, through the app, at an ATM, or by calling the bank. Your balance updates as soon as deposits clear.

You can withdraw money from your savings account the same ways you deposit it: at a branch, at an ATM, or by transferring it to another account. Some banks limit how many withdrawals you can make per month, though this rule has become less common. Check your account agreement to see if your bank has withdrawal limits.

Frequently Asked Questions

How long does it take for a check deposit to clear?

A check usually clears within one business day if you deposit it at a branch or ATM. Some banks hold large checks for longer — up to five business days — to protect themselves against fraud. Your receipt or online banking will tell you when the check is expected to clear.

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

Yes, if you know their account number and routing number, you can transfer money to their account at the same bank or a different bank. The person whose account it is does not have to be present. However, if you are depositing cash in person at a branch, the teller may ask for ID and may ask whose account the money is going into.

What if I do not have a debit card yet?

You can still deposit money at a branch by bringing your ID and account number. You can also set up direct deposit or transfers without a debit card — you only need your account number and routing number. An ATM deposit requires a debit card or ATM card.

Is there a limit to how much I can deposit?

There is no legal limit on how much you can deposit into your own account. However, banks must report deposits over $10,000 to the government — this is normal and not a problem. Some ATMs have daily limits on how much you can deposit, usually $5,000 to $10,000, but you can deposit more at a branch.

Do I lose the money if I do not use my savings account for a while?

No. Your money stays in the account and continues to earn interest, even if you do not touch it for months or years. However, if your account sits inactive for a very long time — the length varies by state and bank — the bank may close it. If that happens, the bank will try to contact you and send your money to the state. Check your account agreement for your bank's inactivity policy.