You cannot deposit cash directly into an online-only bank account through their website or app
Online banks have no physical branches, so they cannot accept cash deposits the way a traditional bank can. If you want to open an online checking account and fund it with cash, you will need to move the money through an intermediary first — usually a transfer from another bank account you already have, a money order, or a third-party service that accepts cash.
The method you choose depends on what banking relationships you already have and how quickly you need the money in your new account. Some routes take a few days; others can take a week or longer.
Key Takeaways
- Online banks cannot accept cash deposits directly, so you must convert your cash to a bank transfer, money order, or digital payment first.
- If you have an existing bank account at any institution, you can withdraw cash and transfer the funds electronically to your new online account within one to three business days.
- Money orders purchased with cash at a post office, grocery store, or check-cashing service can be mailed or deposited through mobile deposit, though this takes five to ten business days.
- Some online banks partner with ATM networks or retail locations where you can deposit cash into your account without visiting a branch.
- If you have no existing bank account, opening one at a local or regional bank first gives you a way to deposit cash and then transfer to your online account.
Using an existing bank account to fund your online account
If you already have a checking or savings account at any bank — whether it is a large national chain, a credit union, or a regional bank — you can withdraw cash and then transfer that money electronically to your new online account. This is the fastest and most straightforward route.
Visit an ATM or branch of your current bank, withdraw the cash you want to deposit, and then log into your new online bank's app or website. Most online banks let you add an external bank account and initiate a transfer. You will need your routing number and account number from your existing bank. The transfer typically takes one to three business days, depending on the banks involved.
This method works even if your existing bank is a traditional brick-and-mortar institution and your new account is at an online-only bank. The two systems can communicate electronically, so the money moves without you having to do anything except initiate the transfer.
Buying a money order with cash
A money order is a paper document that functions like a check and can be purchased with cash at many locations: the U.S. Postal Service, grocery stores, Walmart, check-cashing services, and some convenience stores. You pay the face value of the money order plus a small fee (usually $1 to $5) in cash at the time of purchase.
Once you have the money order, you can deposit it into your online account through mobile deposit if the bank offers that feature. Open the bank's app, select "deposit check," and photograph the front and back of the money order. The bank will process it like a check deposit, which typically takes five to ten business days.
Alternatively, you can mail the money order to the online bank's deposit address, though this adds several days to the timeline. Some online banks do not accept money order deposits by mail, so check their deposit policy before purchasing one. Call the bank or look at their website under "deposit methods" or "how to deposit."
Retail deposit networks and ATM partnerships
A growing number of online banks partner with retail locations or ATM networks to let customers deposit cash without visiting a physical branch. These partnerships vary widely by bank.
Some online banks work with Allpoint, MoneyPass, or other ATM networks that let you deposit cash at participating ATMs. Others have partnerships with retailers like Walmart or CVS where you can hand cash to a cashier and it goes directly into your account. A few online banks offer cash deposit at partner branches of larger banks.
Check your online bank's website or app under "deposit methods" or "how to deposit cash" to see what options are available. If the bank offers a retail deposit program, you will usually get a reference number or barcode to provide at the location. The deposit typically posts to your account within one business day.
Opening a traditional bank account first
If you have no existing bank account anywhere, the most practical path is to open a basic checking account at a local or regional bank first. You can walk in with cash, open the account, and deposit your cash on the spot. Many banks have no minimum balance requirement and charge no monthly fee if you meet simple conditions like setting up direct deposit or maintaining a small balance.
Once that account is open and funded, you can then open your online account and transfer money from your traditional bank to the online bank electronically. This adds a step, but it gives you a working bank account immediately while you wait for the online account to be fully set up.
This approach also makes sense if you are not sure whether you want to commit to an online-only bank. You can test the online bank's app and service while keeping your traditional account as a backup.
What to expect during the transfer process
When you initiate a transfer from an existing bank account to your new online account, the online bank will usually verify the account by sending two small deposits (typically under $1 each) to your existing account. You will need to log into your old bank and confirm the amounts, which proves you own both accounts. This verification step can add one to two business days.
After verification, transfers between the two accounts typically take one to three business days. Some banks offer faster transfers for an additional fee, but most standard transfers fall within this window. Do not expect the money to arrive instantly, even if both banks are large and well-connected.
If you are using mobile deposit with a money order, the processing time is longer — five to ten business days — because the bank has to physically receive and process the paper document.
Timing and planning your deposit
The method you choose affects how long it takes to have usable funds in your new account. If you need the money quickly, transferring from an existing bank account is your fastest option at one to three business days. If you have time, a money order deposit by mail takes longer but requires no other banking relationship.
Keep in mind that weekends and holidays do not count as business days. A transfer initiated on a Friday afternoon may not arrive until Tuesday or Wednesday. If you are opening an account to pay a bill or make a purchase on a specific date, initiate the transfer at least five business days in advance to be safe.
Some online banks let you use your account and debit card before deposits fully clear, but this varies. Check your bank's policy on when you can spend deposited funds versus when the deposit is considered final.
Frequently Asked Questions
Can I deposit cash at an ATM that belongs to the online bank?
Most online banks do not own ATMs, so there is no "online bank ATM" to visit. However, some online banks partner with ATM networks like Allpoint or MoneyPass, and you can deposit cash at participating ATMs in those networks. Check your bank's app or website to see if this option is available to you.
What if the online bank does not offer mobile deposit?
If mobile deposit is not available, you will need to mail the money order or check to the bank's deposit address, which takes five to ten business days. Alternatively, transfer funds from another bank account you own, which is faster. Call the bank to confirm what deposit methods they accept before you purchase a money order.
Do I need a minimum deposit to open an online checking account?
Most online banks have no minimum deposit requirement to open an account. You can open the account with zero dollars and then deposit cash later. However, some banks require a small initial deposit to activate the account, so check the specific bank's requirements before opening.
Can I deposit someone else's cash using their money order?
A money order must be made out to you or your account holder name to be deposited into your account. If someone gives you cash to deposit, you must purchase the money order in your own name. The bank will reject a money order made out to someone else.
How long does verification take when I link my old bank account?
Verification typically takes one to two business days. The online bank sends two small deposits to your existing account, you confirm the amounts in that bank's app or online portal, and then the link is active. After that, transfers between the accounts take one to three additional business days.