Whether you’re funding your first savings account or growing an existing rainy day fund, actually depositing money into your savings should be the easiest part. But if you’re still taking cash or checks to your local bank branch, you might find putting money in your savings to be inconvenient and even time-consuming.
If you’re considering opening an online bank account, especially if that bank doesn’t have a local brick-and-mortar branch, you might wonder how to deposit money into savings accounts that are online. Here’s a look at how to regularly add to an online savings account without ever needing to leave your couch.
Automated deposits from an existing account
Automation is one of the best tools to help you reach your savings goals. By removing the hands-on element of the savings process, you save time and energy and eliminate one of the most common savings hurdles: getting in your own way.
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With an online account, such as the Discover® Online Savings Account, you can set up automatic transfers from a linked account (such as your checking account). Once your accounts are linked, you can move money back and forth whenever you want to contribute to savings or withdraw for a special expense.
First, decide how often you want to contribute to your savings account. This decision might be based on a personal savings goal you’ve set or could depend upon your paycheck schedule. Next, think about how much you can afford to save. Keep your account’s cash flow in mind, like when you get paid and when bills are due. Lastly, plan to revisit your automatic savings plan occasionally to make sure you’re saving the right amount and at the right intervals.
Many employers today offer direct deposit, which electronically puts your paycheck in your bank account. But did you know that you can usually route a portion of your pay into a savings account, too?
With direct deposit, you can allocate a flat dollar amount or even a percentage of your pay into a dedicated online savings account. This often involves speaking with your employer’s HR or payroll department, then filling out a direct deposit form with your savings account information.
Next, choose the dollar amount (or percentage). You’ll get the rest of your paycheck as usual—and grow your savings.
You may have a regular influx of cash to deposit into your savings account, but visiting a local branch during banking hours may not be possible or convenient. In this case, you might be able to add cash to your account through a network ATM.
Some network ATMs allow you to insert cash using the debit card connected to your checking account. Assuming you maintain checking and savings accounts at the same institution, the machine will ask which account you want to deposit the funds into, then will count your cash and provide a receipt.
The benefits of making ATM deposits to your savings account are that you don’t need to wait in a long line, speak with a teller, or plan your visit around the bank’s business hours. Not all banks or accounts offer this service, though, so check whether your online savings account supports ATM cash deposits.
Can you deposit a check into a savings account?
With mobile check deposits, you can use your phone, web browser, or other connected device to deposit paper checks from anywhere. There’s no need to visit a bank branch or mail your check, and funds can sometimes be available in just minutes.
This process applies to both checking and savings accounts. You can make a mobile check deposit from your phone or other connected device to initially fund your account or add money. Just sign the back of your check, use the bank’s mobile app to take pictures of both sides, confirm the amount, and click “deposit.”
Transfers between accounts
Once you’ve linked another account—whether a Discover checking account or one at another banking institution—you can easily initiate transfers between your accounts. If you have multiple eligible Discover bank accounts, transferring between them is easy and can be done through the mobile app or online.
If you want to transfer from an external bank account into your savings, you should request to link the accounts. This process might take a few days to complete and is typically done through a series of small automated clearing house (ACH) deposits that you’ll confirm. Future transfers between financial institutions might take anywhere from a few hours to a couple of business days, depending on the accounts.
Another option is to make a wire transfer to your savings account from another bank account. Discover doesn’t charge for incoming wire transfers, but a service charge may be associated with domestic or international wires from your outgoing account.
Start adding to your online savings account regularly
Gone are the days of visiting a bank branch to fund your savings account. With a Discover Online Savings Account, you can set up automatic transfers, deposit checks from your mobile phone, arrange transfers from linked accounts, or even accept direct deposits from your employer. And if you’re wondering how to check your savings account online, that’s as simple as logging in on your device. It’s now easier than ever to manage your savings and meet your financial goals in the process.
Want to learn more? Visit the Discover Online Savings Account page to see how an online account can make planning for the future even easier.
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