The basic ways to add money to your savings account
You can put money into your savings account in four main ways: deposit cash at a branch or ATM, transfer money from another account you own, have your employer or government program send money directly to your account, or deposit a check. The method you choose depends on where your bank is, whether you have the money in another account already, and how quickly you need the deposit to show up.
Each method takes a different amount of time and works best in different situations. A cash deposit at a branch shows up when ready. A transfer from your checking account might take one to three business days. Direct deposit from your employer or a government program takes one to two pay cycles to set up but then happens automatically. A check deposit can take three to five business days to clear, meaning the money is not yet yours to spend even though it shows in your account.
Key Takeaways
- Cash deposits at a branch or ATM show up in your account right away, but you need physical access to your bank location or a network ATM.
- Transfers from your checking account or another bank account take one to three business days but work from anywhere you have internet access.
- Direct deposit from your employer or a government program requires a one-time setup but then deposits money automatically on a schedule.
- Check deposits take the longest to clear (three to five business days) because the bank must verify the check is real and has funds behind it.
Depositing cash at a branch or ATM
Walking into a branch during business hours and handing cash to a teller is the fastest way to add money. The teller counts it, records the amount, and the money appears in your account when ready. You will receive a receipt showing the deposit amount and your new balance. Bring your debit card or account number so the teller knows which account to credit.
Many banks also have ATMs that accept cash deposits, usually available 24 hours a day. You insert your debit card, select "deposit," choose your account, insert the cash, and the machine counts it and confirms the amount on screen. The money shows up in your account right away, though some banks take a few hours to fully process it. ATM deposits are convenient if your branch is not open when you need to deposit, but not all ATMs accept cash — check your bank's website or app to find ones that do.
If you are new to banking or do not have a debit card yet, ask a teller to help you. They can show you how the process works and answer questions about your account.
Transferring money from another account you own
If you have money in a checking account, another savings account, or an account at a different bank, you can move it to your savings account through a transfer. Log into your bank's website or mobile app, find the "transfer" or "move money" option, select your savings account as the destination, enter the amount, and confirm. The money will arrive in one to three business days.
Some banks let you transfer money the same day if you do it before a certain time (often 2 p.m. or 3 p.m. on a weekday). After that time, or on weekends and holidays, the transfer goes into a queue and processes the next business day. Business days are Monday through Friday, excluding federal holidays — so a transfer you make on Friday afternoon will not arrive until Monday or Tuesday.
If your other account is at a different bank, the transfer may take longer. You can also call your bank and ask a representative to process a transfer over the phone, though this is less common now that most banks have online options.
Setting up direct deposit from your employer or a government program
Direct deposit means money is sent automatically to your account on a regular schedule — usually every two weeks if it is from your employer, or monthly if it is from a government program like Social Security or unemployment benefits. You only need to set it up once, and then the money arrives without you doing anything.
To set up direct deposit from your employer, ask your human resources or payroll department for a form. You will need to provide your bank's routing number (a nine-digit code that identifies your bank) and your account number (usually printed on the bottom left of your checks, or visible in your online banking). Fill in the form, return it to payroll, and direct deposit usually starts within one or two pay cycles.
To set up direct deposit from a government program, you will need to provide the same information — your routing number and account number — when you explore for or manage your benefits. The program's website or office can tell you exactly where to enter this information. Once it is set up, the money arrives on the same day each month.
Direct deposit is the most reliable way to add money because it happens automatically and you do not have to remember to do it. If you ever need to change which account receives the deposit, contact your employer's payroll department or log into your government benefits account and update it there.
Depositing checks
If someone gives you a check, you can deposit it at a branch, through an ATM, or using your bank's mobile app. At a branch, hand the check and your debit card to a teller, and they will process it. At an ATM, insert your card, select "deposit," take a photo of the check (front and back), and the machine will guide you through the rest. With mobile deposit, open your bank's app, select "deposit check," photograph both sides of the check, and submit it.
The check will show as "pending" in your account right away, but the money is not actually yours to spend yet. Banks hold checks for three to five business days while they verify the check is real and that the account it is drawn from has enough money. This is called the hold period. If you withdraw the money before the hold ends and the check bounces (meaning there are no funds), you will owe the bank the amount of the check plus a fee, usually $25 to $35.
If you need the money sooner, some banks will release part of the check early — often $200 or $500 on the first business day. Ask your bank what their policy is. Never deposit a check you are not sure about, and never spend money from a check until the hold period is over and the bank confirms it cleared.
What happens after you deposit money
Once money is in your savings account, it stays there and earns interest — a small amount of money the bank pays you for letting them use your money. The interest rate varies by bank and changes over time. Your bank will show you the current rate when you open the account and update it on your statements.
You can withdraw money from your savings account at any time, but most savings accounts limit you to six withdrawals per month (though this rule has become less common). If you need to move money out frequently, a checking account might be better. You can always have both — a checking account for everyday spending and a savings account for money you want to keep.
Frequently Asked Questions
How long does it take for money to show up after I deposit it?
Cash deposits at a branch or ATM show up when ready. Transfers between your own accounts take one to three business days. Direct deposits take one to two pay cycles to set up, then arrive on schedule. Checks take three to five business days to clear, though the bank may let you spend part of it sooner.
What is a routing number and where do I find it?
A routing number is a nine-digit code that identifies your specific bank. You can find it on the bottom left of your checks, in your online banking under account details, or by calling your bank. Your account number is next to the routing number on your checks.
Can I deposit money into someone else's savings account?
Yes, if you have their permission. You can deposit cash at a branch if you know their account number, or transfer money online if you have access to your own account. The person whose account it is should be present or give you written permission, especially for large amounts.
What if I deposit a check and it bounces?
If the check bounces, the bank removes the money from your account and charges you a fee, usually $25 to $35. The person who wrote the check is responsible for making it good, but you may need to contact them directly to get your money back. Never spend money from a check until the hold period is completely over.
Do I need to do anything special to deposit money if I am new to banking?
No. Bring your debit card or account number, and a teller can help you with any method. If you do not have a debit card yet, ask the teller to issue one or explain how to get one. Most banks issue debit cards when you open an account.