How to add money to a savings account

Whether you’re funding your first savings account or growing your emergency fund, 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.

Considering opening an online bank account? If your 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 add money to a savings account without ever needing to leave your couch.

Automation is one of the best tools for reaching your savings goals. Setting up automatic transfers lets you contribute consistently without having to remember to do so.

With an online account, you can set up automatic transfers from a linked account (like a Capital One 360 Checking account). Once your accounts are linked, you can move money when you want to contribute to savings or when you are ready to withdraw for a special expense. Make sure to check any transaction limits that may apply to your account.

With Capital One Recurring Transfers, you can grow your savings automatically by scheduling recurring transfers that fit your budget and timeline.

• 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 on your paycheck schedule. 

• Next, think about how much you can afford to save. Keep in mind when you get paid and when bills are due. 

• Lastly, revisit your automatic savings plan every now and then to make sure you’re saving the right amount on a schedule that works. 

Many employers today offer direct deposit, which electronically puts your paycheck in your bank account. But did you know that you may be able to route a portion of your pay into a savings account too? Check with your employer's payroll system to see if this is an option for you. For most Capital One customers, setting up direct deposit is a fast online process that gets your paycheck moving to the right place without the usual paperwork.

With direct deposit, you may be able to assign a flat dollar amount or 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, it’s time to grow your savings by choosing the dollar amount or percentage you would like to be automatically deposited into your savings account. You’ll get the rest of your paycheck as usual.

You may have a regular amount 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 (an ATM in your bank's network where you can get cash or make deposits without paying extra fees).

Some types of 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 bank, the machine will ask which account you want to deposit the funds into and then will count your cash and provide a receipt. These features vary by bank, and you should check with your bank to determine what options are available to you.

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, ATMs or accounts offer this service, though, so check whether your online savings account supports ATM cash deposits.

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. With Capital One, it’s just as fast to deposit a check from your phone as it is at an ATM. Even better, you don’t even have to leave the house.

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 and use the bank’s mobile app to take pictures of both sides. Lastly, confirm the amount and click “deposit.”

Once you’ve linked your savings account with another account, you can easily initiate transfers between them through a mobile app or online.

If you want to transfer from an external bank account into your savings, 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. Note that you may be charged a service fee to send domestic or international wires from your outgoing account or to receive them.

Adding money to a savings account no longer requires a trip to the bank. Online banking tools make it simple to contribute to your savings, manage your funds and stay on track with your goals.

To make saving easier, try one of these simple methods for how to add money to a savings account:

• Set up automatic transfers or direct deposits to consistently build your savings.

• Use options like mobile check deposits and account transfers to add money when it’s convenient.

• Manage and monitor your savings anytime through your bank’s website or mobile app.

Don’t spend your afternoon at a bank branch. Capital One’s online process lets you open a 360 Performance Savings account from your couch in about 5 minutes.