The basic ways to move money into your savings account
You can put money into a savings account in three main ways: by depositing cash or a check in person at a branch, by transferring money from another account you own, or by having your paycheck sent directly to the account. The method you choose depends on where your bank is, whether you have other accounts, and how often you need to deposit.
Most people use a combination of these methods. You might set up direct deposit for your regular paycheck and then deposit cash when you receive it another way. Each method takes a different amount of time and requires different information, so it helps to understand what each one involves before you start.
Key Takeaways
- In-person deposits at a branch or ATM are the fastest way to add cash, though ATM deposits may take one business day to show in your account.
- Transfers from another account you own (at the same bank or a different one) usually take one to three business days and require your account number.
- Direct deposit from your employer puts money in automatically on payday and requires you to give your employer your account and routing number.
- Mobile deposits let you photograph a check and send it through your bank's app, though the bank holds the funds for a few days before crediting them.
Depositing cash or checks in person
Walking into a branch with cash or a check is the most straightforward deposit method. You hand the money or check to a teller, tell them which account it goes into, and they process it on the spot. If you deposit cash, it shows up in your account when ready. If you deposit a check, the bank holds it for one to three business days while they verify the check is real and the account it comes from has the money.
You can also deposit at an ATM if your bank has one. ATM deposits work the same way as branch deposits, but you do not talk to a person. You insert the cash or envelope with checks, select your account, and the machine takes it. ATM deposits usually show up the next business day instead of when ready, because no one verifies them until the next morning.
Bring your debit card or account number when you go. Most banks let you deposit without a card if you know your account number, but having the card makes it faster. If you are depositing a check, make sure the check is made out to you and that you sign the back of it.
Transferring money from another account
If you have money in another account—at the same bank or a different one—you can move it to your savings account without going anywhere. This is called a transfer. You log into your bank's website or app, select the account you want to send money from, choose your savings account as the destination, enter the amount, and confirm.
Transfers between accounts at the same bank usually show up the same day or the next business day. Transfers between different banks take longer—usually one to three business days—because the banks have to communicate with each other through a system called the ACH network. You will need your savings account number and, for transfers from another bank, your routing number (a nine-digit code that identifies your bank).
Some banks limit how many transfers you can make from a savings account each month. This limit used to be six, but many banks have removed it. Check your account rules or ask your bank if you plan to transfer money frequently.
Setting up direct deposit from your paycheck
Direct deposit is the easiest way to move money into savings regularly. Your employer sends your paycheck straight to your account on payday without you doing anything. To set it up, you give your employer your account number and your bank's routing number. Your employer's payroll department enters this information into their system, and the deposits start on the next pay cycle.
You can find your routing number on the bottom left of a check, on your bank's website, or by calling the bank. Your account number is on the bottom of a check too, or in your online banking portal. Write these down or take a photo before you talk to payroll, so you have them ready.
Direct deposit is free and automatic, so once it is set up, you do not have to think about it. If you change banks, you will need to give your employer your new account and routing number so the deposits go to the right place.
Using mobile deposit to send checks remotely
If you receive a check but cannot get to a branch, you can photograph it with your phone using your bank's app. This is called mobile deposit. You open the app, select "deposit check," take a photo of the front and back of the check, enter the amount, and submit it. The bank receives the image and processes it like a paper check.
Mobile deposits usually take three to five business days to clear, longer than in-person deposits, because the bank has to verify the image and confirm the check is real. During this time, the money is not available to withdraw—the bank is holding it. Once the hold lifts, the money is yours to use.
Not all checks can be deposited by phone. Very old checks, damaged checks, or checks for very large amounts may need to be deposited in person. Your app will tell you if a check cannot be deposited this way.
What happens after you deposit money
Once money is in your savings account, it stays there and earns interest—a small amount of extra money the bank pays you for letting them use your money. The interest rate varies by bank and changes over time. You can see your current rate in your account documents or online.
Money in a savings account is protected by the FDIC (Federal Deposit Insurance Corporation) up to $250,000. This means if the bank fails, the government guarantees you get your money back. Most people's savings are well below this limit, so your money is safe.
You can withdraw money from your savings account anytime by visiting a branch, using an ATM, or transferring it to another account. Some banks limit withdrawals to six per month, though many have removed this rule. Check your account terms to see what applies to you.
Frequently Asked Questions
How long does it take for deposited money to show up?
Cash deposits at a branch show up when ready. Check deposits take one to three business days. ATM deposits usually show the next business day. Transfers between banks take one to three business days. Direct deposit arrives on payday. Mobile deposits take three to five business days.
Can I deposit a check that is made out to someone else?
No. A check must be made out to you or to you and someone else together. If it is made out to someone else only, they have to deposit it into their own account. Some banks allow a second person to sign the back and deposit it together, but this is rare and you should ask your bank first.
What if I do not have a debit card yet?
You can still deposit at a branch or ATM using just your account number. You can also set up direct deposit without a card—you only need your account and routing number. A debit card makes deposits faster and easier, but it is not required to put money in.
Do I lose money when I transfer between banks?
No. Transfers between your own accounts are free at most banks. Some banks charge a small fee for outgoing transfers, but this is uncommon. Check your account terms or ask your bank about transfer fees before you move money.
Can I deposit cash at any ATM, even if it is not my bank?
Not usually. Most ATMs only accept deposits to accounts at that bank. Some banks are part of a shared network and let you use each other's ATMs, but you should check with your bank first. Using an ATM from a different bank may also cost you a fee.