The basic ways to deposit money
You can put money into a savings account in four main ways: at an ATM, at a bank branch in person, by transferring money from another account, or by having your paycheck sent directly to savings. Which one works best depends on where your bank is, how often you deposit, and whether you have online banking set up.
Most people use whichever method is fastest for their situation. If you get paid by direct deposit, that's often the easiest route — your employer sends the money straight to your account without you doing anything. If you have cash, you'll need either an ATM or a teller at a branch. If the money is already in another account, a transfer takes minutes online.
Key Takeaways
- ATM deposits work 24/7 at your bank's machines, but some banks limit how much you can deposit at once or charge a fee if you use another bank's ATM.
- Deposits at a bank branch teller are free and unlimited, but branches have set hours and you need to be there in person.
- Transfers from another account (yours or someone else's) happen when ready or within one business day and cost nothing.
- Direct deposit from your paycheck is the hands-off option — you set it up once with your employer and the money arrives automatically.
- Mobile banking apps let you deposit checks by taking a photo, though the money may take a few business days to appear in your account.
Depositing cash at an ATM
Most ATMs that belong to your bank accept cash deposits 24 hours a day. You insert your debit card, enter your PIN, select "deposit," choose the account (savings or checking), and feed the bills into the slot. The machine counts them and shows you the total on the screen before you confirm. The money usually appears in your account within minutes, though some banks take up to one business day.
Check your bank's rules about ATM deposit limits. Some banks cap how much you can deposit in a single transaction — often $5,000 or $10,000 — or how much per day. If you try to deposit more than the limit, the machine will reject the cash and return it to you. Using an ATM that belongs to a different bank usually costs a fee ($1 to $3) and may not work at all, so stick to your own bank's machines when you can.
Depositing cash or checks at a branch
Walking into a bank branch and handing cash or a check to a teller is the most straightforward method. You don't need to worry about deposit limits — tellers can take any amount. There's no fee, and the money posts to your account right away or by the next business day. The downside is that branches have limited hours (usually 9 a.m. to 5 p.m. on weekdays, shorter on Saturdays, closed Sundays), so this only works if you can get there during those times.
Bring your debit card or account number so the teller knows which account to deposit into. If you're depositing a check, the teller will ask you to sign the back (called endorsing) if you haven't already. If you're depositing cash, the teller may count it in front of you or ask you to fill out a deposit slip — a small form that lists the amount and which account it goes to. Ask for a receipt so you have proof of the deposit.
Transferring money from another account
If the money is already in a bank account — yours or someone else's — you can move it to your savings account without touching cash. Log into your online banking, go to the transfer section, pick your savings account as the destination, enter the amount, and confirm. The money moves when ready or within one business day, depending on the banks involved. There's no fee for transfers between your own accounts at the same bank.
You can also receive a transfer from someone else's account. Give them your account number and routing number (both appear on the bottom left of your checks, or you can find them in your online banking). They initiate the transfer from their bank, and the money arrives in your account within one to three business days. This is how friends or family might send you money without using cash or a payment app.
Setting up direct deposit from your paycheck
Direct deposit means your employer sends your paycheck straight to your bank account instead of giving you a paper check. You set it up once, and then every payday the money arrives automatically. It's the safest way to receive pay — no check to lose or deposit — and the money usually lands the day before payday or on payday itself.
To set up direct deposit, ask your employer's payroll or human resources department for a form. You'll fill in your bank's routing number and your account number (from your checks or online banking), choose which account to deposit into, and say how much of your pay goes there. Some employers let you split your paycheck between two accounts — for example, 80% to checking and 20% to savings. Once your employer processes the form, deposits start automatically on the next pay cycle.
Depositing checks using your phone
Many banks let you photograph a check using their mobile app instead of going to a branch or ATM. Open the app, select "deposit check," take a photo of the front and back of the check, enter the amount, and submit. The bank reviews the photo and the money appears in your account within one to three business days. This is convenient if you rarely deposit checks and don't want to make a trip.
The catch is that mobile check deposits usually have lower limits than in-person deposits — often $2,000 to $5,000 per check or per day. Also, the money takes longer to show up than a teller deposit. If you need the cash quickly, go to a branch instead. Make sure you write "mobile deposited" on the back of the check after you submit it, so you don't accidentally deposit it twice.
What happens after you deposit
Once money enters your savings account, it's yours to keep. The bank holds it safely and pays you interest — a small amount of money the bank gives you for letting them use your funds. The interest rate varies by bank and changes over time, so check your account statement or online banking to see what you're earning.
Deposits don't count against any limits on how many times you can withdraw or transfer money from savings. Some savings accounts have rules about how many withdrawals you can make per month (often six), but deposits are unlimited. You can deposit as often as you want without penalty.
Frequently Asked Questions
How long does it take for a deposit to show up?
Cash or check deposits at a teller show up when ready or by the next business day. ATM deposits usually take a few minutes to a business day. Transfers between accounts at the same bank are when ready. Transfers from other banks and mobile check deposits take one to three business days. Weekends and holidays don't count as business days.
Can I deposit someone else's check into my account?
Yes, but the check must be made out to you or have your name on it. If it's made out to someone else, that person needs to sign the back first (endorse it) and write "pay to the order of [your name]" above their signature. Some banks won't accept third-party checks, so ask your bank first.
What if the ATM rejects my deposit?
The machine may reject cash if it's torn, wrinkled, or too old, or if you've hit the daily deposit limit. It will return your money. Try depositing at a branch teller instead, or break the deposit into smaller amounts on different days. If a check is rejected, the mobile app will tell you why — usually because the image is blurry or the check is damaged.
Do I need to be a customer at the bank to use their ATM for deposits?
No, you can usually deposit at any bank's ATM, but you'll pay a fee ($1 to $3) and the transaction may take longer. To avoid fees, use your own bank's ATMs. If your bank doesn't have many branches near you, ask about banks that partner with yours to share ATM networks at no cost.
What's the difference between a routing number and an account number?
Your routing number identifies your bank — it's the same for everyone at that bank. Your account number identifies your specific account. Both appear on the bottom left of your checks. You need both to set up direct deposit or to receive a transfer from someone else's bank.