The Basic Methods for Depositing Money

You can put money into a savings account through your bank's website, mobile app, ATM, in-person at a branch, or by having your employer or another source send money directly to your account. The method you choose depends on how much money you're depositing, how quickly you need it there, and what your bank offers. Most banks let you use multiple methods, so you can pick what works best for each deposit.

The fastest deposits usually happen through direct deposit or transfers from another account you own. In-person deposits at a branch teller are also immediate. ATM deposits and mobile app deposits typically post within one business day. Mailing a check takes longer — usually three to five business days after the bank receives it.

Key Takeaways

  • Direct deposit from your employer or government payments is the fastest and most reliable way to move money into savings regularly.
  • Mobile app deposits and ATM deposits work within one business day and require no trip to a branch.
  • Transfers from another account you own at the same bank are instant; transfers between different banks take one to three business days.
  • Each deposit method has limits — ATMs often cap deposits at $1,000 to $5,000 per day, and mobile deposits may have lower limits than branch deposits.
  • Your bank's routing number and account number are what you need to give someone else if they're sending you money directly.

Direct Deposit From Your Paycheck or Government Payments

Direct deposit is the most common way people move regular money into savings. You give your employer or the government agency (for Social Security, tax refunds, unemployment, or other payments) your bank's routing number and your savings account number. The money lands in your account automatically on payday or payment day, usually before you'd see it any other way.

To set up direct deposit, ask your employer's payroll department or HR for a form, or log into your employer's payroll portal online. You'll enter your bank's routing number (a nine-digit code your bank provides) and your account number (printed on your checks or visible in your online banking). The same process works for government payments — you can set up direct deposit for tax refunds through the IRS website, for Social Security through ssa.gov, or for unemployment through your state's labor department.

Direct deposit has no daily limit and no fees. Once it's set up, money moves automatically, so you don't have to remember to deposit anything. If you change banks, you'll need to update your direct deposit information with your employer or the government agency.

Mobile App and Online Deposits

Most banks let you deposit checks using your phone's camera through their mobile app. You photograph the front and back of the check, enter the amount, and submit it. The bank holds the check image and credits your account, usually within one business day. You then destroy the original check — do not deposit it anywhere else.

Mobile deposits are convenient and work from home, but they have limits. Many banks cap mobile check deposits at $2,000 to $5,000 per day or $10,000 to $25,000 per month, depending on your account type and how long you've been a customer. Some banks raise these limits after you've had the account for a while. Check your bank's app or website to see what your current limits are.

If you're depositing money from another account you own at the same bank, you can usually transfer it instantly through online banking without any limit. Log into your account, select "Transfer," choose your savings account as the destination, enter the amount, and confirm. The money appears immediately.

ATM Deposits and Branch Deposits

Many ATMs accept cash and check deposits. You insert the check or cash, the machine reads it or counts it, and your account is credited. Most ATM deposits post within one business day. ATMs typically limit cash deposits to $1,000 to $5,000 per transaction and may have daily limits as well. Check your bank's website or call to confirm your ATM's limits before you try to deposit a large amount.

Depositing in person at a branch teller is immediate — the money is in your account right away. There are no limits on branch deposits. If you're depositing a large amount of cash (over $10,000), the bank will file a Currency Transaction Report with the federal government; this is normal and not a problem as long as the money is legitimate. Bring your ID and your account number or debit card.

Transfers From Another Bank Account

If you have a checking account at the same bank as your savings account, you can transfer money between them instantly through online banking or your mobile app. If your accounts are at different banks, the transfer takes one to three business days. The sending bank needs your savings account's routing number and account number.

You can set up a one-time transfer or a recurring transfer (for example, $100 every payday). To start, log into the account you're transferring from, select "Transfer," enter the receiving bank's routing number and your savings account number, enter the amount, and confirm. Some banks charge a small fee for transfers between different banks, though many do not — check your bank's fee schedule.

If you're receiving a transfer from someone else, give them your bank's routing number and your account number. They'll enter this information into their bank's transfer system. The money will arrive in one to three business days. Do not give out your debit card number or PIN for a transfer — only your routing number and account number are needed.

Mailing a Check

You can mail a check to your bank's deposit address. Write your account number on the back of the check, put it in an envelope with a deposit slip (if your bank provides one), and mail it to the address on your bank's website or the back of your debit card. The bank receives it, processes it, and credits your account — this usually takes three to five business days after arrival, sometimes longer.

Mailing is slow and carries a small risk that the check gets lost in the mail. Use it only when you have no other option. Never mail cash — it can be lost or stolen. If you must deposit cash and can't visit a branch or ATM, ask the person sending you money to write a check instead.

Deposit Limits and Holds

Each deposit method has limits set by your bank. Direct deposit and branch deposits have no practical limit. Mobile deposits usually cap at $2,000 to $5,000 per day. ATM deposits usually cap at $1,000 to $5,000 per transaction. Transfers between banks may have daily limits of $5,000 to $25,000, depending on your bank and account type.

A hold is when your bank credits your account but doesn't let you withdraw the money yet. Holds protect the bank in case a check bounces. Mobile deposits and ATM deposits often have holds of one to five business days. Branch deposits and direct deposits usually have no hold. If your bank places a hold on a deposit, you'll see the money in your account balance but not in your available balance until the hold lifts.

Frequently Asked Questions

What's the difference between my routing number and account number?

Your routing number identifies your bank (it's the same for everyone at that bank). Your account number identifies your specific savings account. Both are printed on the bottom left of your checks. You need both to receive a transfer from another bank.

Can I deposit cash through my phone or ATM?

ATMs accept cash deposits, but mobile apps do not — they only photograph checks. For cash, use an ATM or visit a branch teller. If your ATM has a daily limit and you're depositing more than that, split it across multiple days or go to a branch.

How long does a transfer between different banks take?

One to three business days is standard. Weekends and holidays don't count as business days. If you initiate a transfer on Friday evening, it may not arrive until Tuesday or Wednesday. Some banks offer faster transfers for an extra fee, but most standard transfers follow the one- to three-day timeline.

What happens if I deposit a check that bounces?

Your bank will reverse the deposit and remove the money from your account. If you've already spent it, your account will go negative and you may owe overdraft fees. The bank will notify you of the reversal. Contact the person who gave you the check to ask for a new one or a refund.

Do I need to go to a branch to open a savings account and start depositing?

No. Many banks let you open a savings account online, and once it's open, you can deposit money through direct deposit, mobile app, ATM, or transfers without ever visiting a branch. You'll need to provide your ID information online during account opening.