The most common ways to add money to savings

You can add money to a savings account through a bank transfer from your checking account, a direct deposit from your employer, an ATM deposit, a teller deposit at a branch, or a mobile app transfer. The method you choose depends on how much money you're adding, how quickly you need it there, and what your bank offers.

Most people use either a transfer from checking (the fastest and easiest for regular deposits) or direct deposit (if their employer supports it). ATM and teller deposits work if you have cash or checks. Mobile app deposits let you photograph a check and send it without visiting a branch.

All of these methods are free at most banks. Some banks charge a small fee if you use an ATM that doesn't belong to their network, but deposits through your own bank's ATM, branch, or app are almost always free.

Key Takeaways

  • Transfers from your checking account and direct deposits from your employer are the fastest ways to move money into savings, usually posting within one business day.
  • Mobile app check deposits let you photograph a check and deposit it without going to a branch, though the bank may hold the funds for a few business days.
  • ATM deposits and teller deposits work for cash and checks, but ATM deposits may take longer to post than branch deposits.
  • Most banks charge nothing for deposits made through their own ATMs, apps, or branches, but using an out-of-network ATM may cost you a fee.

Transferring money from your checking account

A transfer from checking to savings is the simplest method for most people. Log into your bank's website or mobile app, find the transfer option (usually labeled "Move Money" or "Transfer Funds"), select your checking account as the source and your savings account as the destination, enter the amount, and confirm. The money typically arrives within one business day, though some banks post it the same day if you transfer before their cutoff time (usually 2 or 3 p.m.).

You can also call your bank's customer service line and ask a representative to move money for you, though this takes longer and requires waiting on hold. Some banks let you set up recurring transfers—for example, $100 every Friday—so money moves automatically without you having to remember each time.

There is no limit to how many transfers you can make from checking to your own savings account at the same bank. The old federal rule that limited savings account transfers to six per month was removed in 2020, so you can move money back and forth as often as you want.

Setting up direct deposit from your paycheck

Direct deposit sends money straight from your employer's payroll system into your bank account. You can split your paycheck between two accounts—for example, 80 percent to checking and 20 percent to savings—so part of each paycheck lands in savings automatically. This is one of the most reliable ways to build savings because the money arrives before you see it in checking.

To set this up, ask your employer's payroll or human resources department for a direct deposit form. You will need to provide your bank's routing number (a nine-digit code that identifies your bank) and your account number. Both appear on the bottom left of your checks, or you can find them by logging into your bank's website or calling customer service.

Direct deposit usually takes one to two pay periods to activate after you submit the form. Once it's running, the money hits your account on payday, typically one or two business days before you would receive a paper check. There is no cost to you or your employer.

Depositing checks through your mobile app

Most banks now let you photograph the front and back of a check using their mobile app and deposit it without visiting a branch. Open the app, find the deposit or check deposit option, take clear photos of both sides of the check, enter the amount, and submit. The bank receives the image and processes it like a mailed check.

The bank will usually place a hold on the funds for one to three business days while they verify the check. After the hold lifts, the money is yours to use. Some banks let you use the funds before the hold ends, but that varies by bank and by the check amount.

There are limits on how much you can deposit through the app in a single day or month—often $2,000 to $5,000 per day—but these limits vary by bank. If you need to deposit more, use an ATM or visit a branch.

Depositing cash or checks at an ATM

ATM deposits work at your bank's own ATMs and sometimes at ATMs in a shared network (like Allpoint or MoneyPass). Insert your debit card, select deposit, choose your savings account, insert cash or checks into the slot, and confirm the amount on the screen. The ATM will print a receipt showing what you deposited.

Cash deposits usually post to your account within one business day. Check deposits may take longer—sometimes two to three business days—because the bank has to physically transport the checks to a processing center. Some ATMs do not accept checks, only cash, so check your bank's website or the ATM screen before you go.

Using an ATM that belongs to your bank is free. Using an out-of-network ATM may cost you $1 to $3 per transaction, charged by the ATM operator. Your bank may also charge you a small fee for using an out-of-network ATM. Check your bank's fee schedule or call before you use an unfamiliar ATM.

Depositing cash or checks at a branch

Visit a branch during business hours with your cash or checks and your debit card or ID. Tell the teller you want to deposit into your savings account. Hand over the money or checks, and the teller will count it, enter it into the system, and give you a receipt. Cash deposits post immediately; check deposits usually post within one business day.

Branch deposits are free and often the fastest way to get checks into your account because the teller can verify the check right away. However, branch hours are limited, and you have to travel there in person. Many people use branches only when they have a large amount of cash or a check they need to deposit urgently.

Wire transfers and other methods

If someone outside your bank wants to send you money, they can do so through a wire transfer. They will need your bank's routing number, your account number, and your name. The money typically arrives within one business day and costs the sender $15 to $30, depending on their bank. Wire transfers are useful for large amounts or time-sensitive payments, but the cost makes them impractical for small regular deposits.

Some banks also accept deposits through third-party payment apps like PayPal, Venmo, or Square Cash, though these usually move money to your checking account first. You would then transfer it to savings using one of the methods above. External transfers from other banks (called ACH transfers) take two to three business days and are free.

Frequently Asked Questions

How long does it take for money to show up after I transfer it from checking?

Most transfers between accounts at the same bank post within one business day, and many post the same day if you transfer before your bank's cutoff time (usually 2 or 3 p.m.). Transfers initiated after hours or on weekends post the next business day. Check your bank's website for its specific cutoff time.

Can I deposit cash into someone else's savings account?

You can deposit cash into your own account at any ATM or branch. To deposit into someone else's account, you typically need to be listed as an authorized user on that account, or the account holder must be present with you at the branch. Some banks allow cash deposits to another person's account if you know their account number, but policies vary.

What if the ATM doesn't accept my check?

Not all ATMs accept checks—some accept only cash. If the ATM rejects your check, use your bank's mobile app to deposit it, visit a branch, or mail it to your bank. Mobile app deposits usually take one to three business days; branch deposits post within one business day.

Is there a limit to how much I can deposit per day?

ATM deposits and mobile app deposits have daily and monthly limits that vary by bank, usually $2,000 to $5,000 per day. Branch deposits and direct deposits have no practical limit. If you need to deposit more than your limit allows, split the deposit across multiple days or visit a branch.

Do I pay taxes on money I deposit into savings?

No. Depositing your own money into savings is not a taxable event. You only pay taxes on interest your savings account earns. If someone gives you money as a gift, that is also not taxable to you (though the giver may have tax obligations if the gift is very large).