The main ways to deposit money into a savings account
You can deposit money into a savings account through your bank's website, mobile app, ATM, in-person at a branch, or by mail. The fastest method is usually your bank's app or website if you're depositing a check by photo. In-person deposits at a branch or ATM are immediate. Mail deposits take 5 to 10 business days to clear, depending on your bank and the amount.
Not all deposit methods work the same way at every bank. Some banks let you photograph checks through their app; others require you to visit an ATM or branch. A few banks accept wire transfers or ACH transfers from another account. The method you use depends on what your bank offers, what you're depositing, and how quickly you need the money to show up in your account.
Key Takeaways
- Mobile check deposit through your bank's app is the fastest remote option and usually clears within one business day.
- ATM deposits are immediate but only work for cash and checks at ATMs your bank owns or partners with.
- In-person branch deposits are may provide to work for any form of payment and give you a receipt on the spot.
- Wire transfers and ACH transfers from another bank account take one to three business days and may have fees.
- Mail deposits are the slowest method, taking 5 to 10 business days, and should only be used for checks you can afford to wait on.
Depositing checks through your bank's mobile app
Most banks now offer mobile check deposit, where you photograph the front and back of a check using your phone and submit it through the bank's app. The process takes two minutes. You'll need to endorse the back of the check (sign it) and write "For mobile deposit only" below your signature. After you submit the photos, the bank scans them and the funds usually appear in your account within one business day.
There are limits on how much you can deposit this way. Many banks cap mobile check deposits at $2,000 to $5,000 per transaction or $5,000 to $10,000 per day, though some have higher limits for customers with longer account histories. Check your bank's app or website to see what your limit is. If you're depositing a check larger than your limit, you'll need to use an ATM or visit a branch instead.
After you submit a mobile check deposit, destroy the physical check by shredding or tearing it up. Do not deposit the same check again through another method, as that is check fraud. Some banks will ask you to confirm you've destroyed the check before they process the deposit.
Using an ATM to deposit cash or checks
ATM deposits are instant. You insert cash or checks into the ATM, and the money shows up in your account right away (or within a few hours). The ATM reads the amount and confirms the deposit on screen. You get a receipt showing the date, time, amount, and your new balance.
The catch is that you can only use ATMs your bank owns or has a partnership with. If you use an out-of-network ATM, your bank may not accept the deposit, or it may charge you a fee. Before you open an account, check whether your bank has ATMs near your home, work, or places you visit regularly. Some banks have thousands of ATMs through partnerships; others have only a few dozen.
ATMs have daily deposit limits, usually $5,000 to $10,000 per day, though this varies by bank. If you're depositing more than that, you'll need to split it across multiple days or visit a branch. Also, ATMs sometimes jam or misread checks. If the ATM rejects your deposit, take the check or cash with you and try again later or visit a branch.
Depositing money in person at a bank branch
Walking into a branch and handing cash or checks to a teller is the most straightforward method. The teller counts the money, verifies the checks, and deposits them into your account on the spot. You get a receipt with the exact amount and a timestamp. There are no limits on how much you can deposit this way, and there's no waiting for the funds to clear.
Branch deposits work during business hours, which are usually Monday through Friday 9 a.m. to 5 p.m., with some branches open on Saturday mornings. If you need to deposit money outside those hours, use an ATM or mobile check deposit instead. Some banks also have extended hours at certain locations, so check your bank's website for the branch nearest you.
If you're depositing a large amount of cash (usually $10,000 or more), the bank is required by federal law to file a Currency Transaction Report. This is routine and not a sign of trouble, but it means the teller will ask for your ID and may ask what the money is for. Have your ID ready and be prepared to answer basic questions.
Transferring money from another bank account
You can move money from a checking account at another bank into your savings account using an ACH transfer or wire transfer. An ACH transfer is cheaper (often free) but takes one to three business days. A wire transfer is faster (usually same-day or next-day) but costs $15 to $30.
To set up an ACH transfer, log into your savings account online and look for "Transfer" or "Move Money" in the menu. You'll enter the other bank's routing number, your account number there, and the amount. The money will move automatically on the date you choose. To set up a wire transfer, you'll usually need to call your bank or visit a branch, as most banks don't allow wire transfers through their website for security reasons.
Make sure you have the correct routing number for the other bank before you start. A wrong routing number can send your money to the wrong place, and it can take weeks to recover it. You can find routing numbers on your bank statements, on the bank's website, or by calling the bank directly.
Depositing money by mail
You can mail a check to your bank's deposit address, which you'll find on your bank's website or on the back of your debit card. Write your account number on the back of the check below your signature. Put the check in an envelope with a deposit slip (if your bank provides one) and mail it to the address listed.
Mail deposits take 5 to 10 business days to clear, depending on how far the check travels and how busy the bank is. During holidays or at the end of the month, it can take longer. Do not mail cash, as it can be lost or stolen in transit. Only mail checks, and only if you can afford to wait for the funds.
Keep a record of what you mailed and when. If the deposit doesn't show up after two weeks, contact your bank. They can check whether the envelope arrived and trace the check if it was lost.
What happens after you deposit money
After you deposit money, it goes through a clearing process. For mobile check deposits and ATM deposits, the funds usually show up in your account within one business day. For in-person branch deposits, the money is available immediately. For transfers from another bank, it takes one to three business days. For mail deposits, it takes 5 to 10 business days.
During the clearing period, the money is in your account but may not be available to withdraw yet. Your bank shows you two balances: your "available balance" (money you can use right now) and your "account balance" (money that's in your account but not yet cleared). Don't spend money from your available balance if you've just deposited a check, because the check could bounce and you'd overdraw your account.
Once the deposit clears, the money is yours to use. You can withdraw it, transfer it, or leave it to earn interest. Most savings accounts earn interest on the full balance, so the sooner you deposit money, the sooner it starts earning.
Frequently Asked Questions
Can I deposit a check that's made out to someone else?
No. A check must be made out to you or to you and another person. If a check is made out to someone else, that person must sign it over to you (called a third-party endorsement), but many banks no longer accept third-party checks because of fraud risk. Ask your bank whether they accept them before you try to deposit one.
What if my bank doesn't have mobile check deposit?
Smaller banks and credit unions sometimes don't offer mobile deposit. In that case, use an ATM if your bank has one, or visit a branch. If your bank has neither, consider switching to a bank that offers these services, as they make depositing much easier.
Do I need to do anything special to deposit a large amount of cash?
If you're depositing $10,000 or more in cash, bring your ID to a branch. The bank will file a Currency Transaction Report, which is required by law. This is normal and not a problem. If you're depositing less than $10,000, no special paperwork is needed.
How long does a wire transfer take?
Wire transfers usually arrive the same business day if you send them before your bank's cutoff time (often 2 or 3 p.m.). If you send a wire after the cutoff, it arrives the next business day. Weekends and holidays add extra time.
What if I deposit a check and it bounces?
If a check bounces, your bank will remove the funds from your account and charge you a returned-check fee (usually $10 to $25). If you've already spent the money, you'll overdraw your account and may face overdraft fees. Always wait for a check to clear before spending the money, especially for large checks from people you don't know well.