The basic steps to deposit money into your online account
Depositing money into an online savings account usually means moving funds from another bank account you already have — typically a checking account at the same bank or a different one. You do this through your online banking portal, a mobile app, or by calling the bank. The money typically arrives within one to three business days, though some banks offer faster options.
The most common method is a transfer from an account in your name at another bank. You give your online savings bank the routing number and account number of the account you're sending from, and they pull the money over. This is safe because you're moving your own money between accounts you control.
A second option is direct deposit, where your employer or a government agency (like Social Security) sends your paycheck or benefit payment directly into your savings account instead of a checking account. This is the slowest to set up but requires no action from you once it's running.
Key Takeaways
- The fastest way to move money in is usually a transfer from another bank account you own, which takes one to three business days.
- You will need the routing number and account number of the account you are transferring from, which you can find on a check or by logging into that bank.
- Direct deposit from your employer or benefits program is free and automatic once set up, but takes longer to arrange the first time.
- Some banks let you deposit checks by taking a photo with your phone, though this is less common for online-only banks.
- Cash deposits are usually not possible at online banks because they have no physical branches, so you may need to use an ATM or visit a partner bank.
Transferring money from another bank account
This is the most straightforward method for most people. Log into your online savings account and look for a button or menu option that says "Transfer," "Move Money," "Add Funds," or "Link Account." The exact wording varies by bank.
You will be asked for the routing number and account number of the account you want to transfer from. The routing number is a nine-digit code that identifies the bank; the account number identifies your specific account at that bank. Both appear at the bottom left of any check you have from that account. If you do not have a check, log into the other bank's website or app and look for account details — they are usually listed under "Account Information" or "Account Summary."
After you enter these numbers, the bank will verify them by making two small test deposits (usually under $1 each) into the account you named. You will see these deposits appear in that account within a few days. You then log back into your savings account and confirm the amounts of those test deposits. This confirms you own the account and prevents someone else from transferring money out of your account without permission.
Once verified, you can transfer money whenever you want. The transfer itself usually takes one to three business days. Some banks offer next-day transfers or same-day transfers for an extra fee, but standard transfers are free.
Setting up direct deposit from your employer or benefits
Direct deposit means your paycheck or benefit payment goes straight into your savings account without you having to do anything. To set this up, you need to give your employer or benefits administrator your bank's routing number and your savings account number.
Ask your employer's payroll department or your benefits program (Social Security, unemployment, etc.) for a form to change your direct deposit information. Some employers let you do this through an online employee portal; others require a paper form. You will fill in your bank's name, routing number, and your account number, then submit it.
The first direct deposit usually takes one to two pay periods to process. After that, the money arrives on your regular payday. This is the most hands-off method because once it is set up, you do not have to remember to transfer money — it happens automatically.
Depositing checks through your phone
Some online banks let you deposit checks by taking a photo of the front and back with your phone camera. This is called mobile check deposit. Not all online banks offer it, so check your bank's app or website to see if this option is available.
If your bank supports it, open the app, find the deposit or check option, and take clear photos of both sides of the check. The app will show you what the bank sees and ask you to confirm. After you submit, the check is usually processed within one to three business days. Many banks ask you to write "Deposited via mobile" on the back of the check and keep it for a set period (usually 30 days) before destroying it, in case the bank needs to verify it.
This method is slower than a transfer but faster than mailing a check. It works well if you receive checks occasionally but do not want to visit a bank branch.
Handling cash deposits at an online bank
Most online banks have no physical branches, so you cannot walk in and hand over cash. If you need to deposit cash, you have a few options.
Some online banks partner with ATM networks or other banks' branches. You can deposit cash at one of these partner locations, and it will be credited to your account. Check your bank's website or app to find a partner ATM or branch near you. The process varies — some let you deposit directly into an ATM, while others require you to visit a teller.
Another option is to deposit cash into a checking account at a local bank or credit union, then transfer the money from that account to your online savings account using the transfer method described above. This takes an extra step but works if your online bank has no cash deposit partners nearby.
What happens after you deposit money
Once your deposit arrives, it sits in your savings account earning interest. The interest rate varies by bank and changes over time, so check your account statements or your bank's website to see what you are earning.
You can withdraw money from your savings account the same way you deposit it — by transferring it back to another account, or by visiting an ATM if your bank offers one. Some online banks limit how many withdrawals you can make per month, so check your account agreement to understand any limits.
Frequently Asked Questions
How long does it take money to show up after I transfer it?
Standard transfers between banks take one to three business days. Weekends and holidays do not count as business days. Some banks offer faster options for a fee, but most free transfers take the full three days. Your bank should tell you the expected arrival date when you start the transfer.
What if I enter the wrong account number when setting up a transfer?
The bank will reject the transfer or it will go to the wrong account. This is why most banks require you to verify small test deposits first — if the account number is wrong, the test deposits will not arrive, and you will know to correct it before transferring a large amount. Always double-check the routing and account numbers before confirming.
Can I deposit cash directly into an online savings account?
Not at the bank itself, since online banks have no branches. But many partner with ATM networks or other banks where you can deposit cash. After the cash is deposited, transfer it to your savings account. Some online banks do not offer any cash deposit option, so check before opening an account if this matters to you.
Do I have to use the same bank for both accounts to transfer money?
No. You can transfer money between accounts at different banks as long as you have the routing number and account number of the account you are sending from. The bank receiving the money does not need to be the same as the bank sending it.
Is there a limit to how much I can deposit?
Most banks do not limit how much you can deposit in a single transfer or per month. However, some banks may flag very large deposits for fraud prevention and ask you to verify them. Check your bank's terms or call them if you plan to deposit a large amount.