The main ways to move money into a savings account
You can send money to a savings account through a bank transfer, direct deposit, cash deposit at a branch or ATM, a wire transfer, or a mobile payment app. The method you choose depends on where the money is coming from, how fast you need it to arrive, and whether you have online banking set up. Most people use bank transfers or direct deposit because they are free and work between any two banks.
Each method has different timing and fees. A transfer between two accounts at the same bank usually lands the same day or next business day. A transfer between different banks can take one to three business days. Wire transfers arrive faster but often cost $15 to $30. Cash deposits are instant if you go to a branch, but not all banks accept cash at ATMs.
Key Takeaways
- Bank transfers and direct deposits are free and work between any two banks, though they take one to three business days.
- Wire transfers arrive in hours but cost $15 to $30 and require the receiving bank's routing number and account number.
- Cash deposits at a branch are instant, but many banks no longer accept cash at ATMs.
- Mobile payment apps like Venmo and PayPal can send money to a linked savings account, but the money goes to a checking account first and you move it yourself.
- Direct deposit from an employer or government agency is free and automatic once you provide your account details.
Bank transfers between your own accounts or to someone else
A bank transfer moves money from one account to another using the account number and routing number. If both accounts are at the same bank, the transfer usually completes the same day or by the next business day. If the accounts are at different banks, it takes one to three business days because the banks have to communicate through the Federal Reserve's system.
To set up a transfer, log into your online banking, go to the transfer section, and enter the receiving account number and routing number. The routing number is a nine-digit code that identifies the bank. You can find it on a check, on the bank's website, or by calling the bank. Some banks let you nickname the account so you do not have to enter the numbers again next time.
Bank transfers are free at most banks. A few banks charge a small fee for transfers to accounts at other banks, but this is uncommon. There is no limit to how much you can transfer, though banks may flag very large transfers for fraud review, which can delay the money by a day or two.
Direct deposit from an employer or government agency
Direct deposit is when money is sent automatically from an employer, the government, or another source straight into your savings account. It is free, reliable, and requires no action once it is set up. Most employers offer it, and all federal government payments — Social Security, tax refunds, stimulus checks — can be sent by direct deposit.
To set up direct deposit, you give your employer or the government agency your account number and routing number. Some employers ask for this on a form during onboarding. Government agencies usually let you enter it on their website. Once it is set up, the money arrives on the same day each pay period or payment cycle, usually by early morning.
Direct deposit is the fastest and most reliable way to receive regular payments. There are no fees, no delays, and no need to do anything once it starts. If you change banks, you will need to update your account information with your employer or the agency sending the money.
Wire transfers for fast money across banks
A wire transfer moves money between banks in hours instead of days. The money usually arrives the same day if you send it before the bank's cutoff time, which is typically 2 or 3 p.m. Wire transfers cost $15 to $30 depending on the bank, and you pay the fee whether the transfer goes to your own account or someone else's.
To send a wire transfer, you need the receiving bank's name, the account holder's name, the account number, and the routing number. Some banks also ask for the account holder's address. You can start a wire transfer online, by phone, or in person at a branch. The bank will confirm all the details before sending the money.
Wire transfers are useful when you need money fast and do not mind paying the fee. They are also useful when you are sending money to someone you do not know well, because the bank verifies the details before the money leaves. However, wire transfers are also a common target for fraud, so be careful to verify that you are sending money to the right person and the right account.
Cash deposits at a branch or ATM
If you have cash, you can deposit it at a bank branch or at an ATM. Deposits at a branch are instant — the money is in your account right away. Deposits at an ATM are also instant at most banks, though some banks hold cash deposits for one business day to check for counterfeits.
Many banks have stopped accepting cash at ATMs because of fraud and counterfeiting concerns. Check your bank's website or call to find out whether your bank accepts cash deposits at ATMs. If it does not, you will need to go to a branch during business hours.
There is usually no fee for cash deposits. However, some banks limit how much cash you can deposit at an ATM in one day — often $1,000 to $5,000. If you need to deposit more, go to a branch or make multiple deposits over several days.
Mobile payment apps and third-party services
Apps like Venmo, PayPal, Square Cash, and Zelle can send money to a savings account, but the process is indirect. These apps send money to a checking account first, and then you have to transfer it to savings yourself. This adds an extra step and delays the money by a day or two.
If someone sends you money through one of these apps, the money lands in your linked checking account. You then log into your bank's online banking and transfer it to savings using the bank transfer method described above. Some apps let you link a savings account directly, but most default to checking.
These apps are free to use for basic transfers, though some charge fees for instant transfers or for sending money to a debit card. They are useful for splitting bills or sending money to friends, but they are not the fastest way to move money into a savings account.
What to do if a transfer does not arrive on time
If a bank transfer does not arrive within three business days, contact your bank first. The money may be held for fraud review, or there may be an error in the account number or routing number. Your bank can trace the transfer and tell you where the money is.
If the account number or routing number was wrong, the money may go to the wrong account or be returned to the sending bank. This can take five to ten business days. If the money was returned, it will be back in the original account, and you can try again with the correct information.
For wire transfers, contact your bank immediately if the money does not arrive the same day. Wire transfers rarely go missing, but if one does, your bank can file a trace and work with the receiving bank to locate it. Keep the wire transfer confirmation number so you can reference it when you call.
Frequently Asked Questions
Can I transfer money from a credit card to a savings account?
Not directly. Credit cards are not linked to bank accounts the way checking accounts are. However, you can withdraw cash from a credit card at an ATM or bank branch, then deposit the cash into your savings account. This usually costs a cash advance fee of 3 to 5 percent of the amount.
How long does a transfer between two different banks take?
One to three business days is standard. Weekends and holidays do not count as business days. Some banks offer faster transfers for an extra fee, but most transfers take the full three days because the banks process them in batches overnight.
What is the difference between a routing number and an account number?
The routing number identifies the bank. The account number identifies your specific account at that bank. You need both to send money to a savings account. The routing number is the same for all customers at a bank, but the account number is unique to you.
Is it safe to give someone my account number and routing number?
Yes, it is safe to give these numbers to someone who is sending you money. These numbers are used only to deposit money into your account, not to withdraw it. However, do not give your PIN, password, or the three-digit security code on the back of a debit card to anyone.
Can I set up automatic transfers to my savings account?
Yes. Most banks let you schedule recurring transfers from checking to savings on a set date each month. This is useful for saving a fixed amount automatically. Log into your online banking, set up the transfer, and choose the frequency and amount.