How to fund a new bank account

Switching banks, or even just opening a new account at another bank, isn’t something people do without a reason. The decision can be driven by need, like moving to another state. Sometimes, it may be the result of learning more about different account options. In other cases, the switch is about looking for better rates, lower or no fees, or online access.

Depending on the type of account you’re opening—whether it’s a savings account, a checking account or a certificate of deposit (CD)—your available options and the timing may be different. 

If you’ve decided to switch your bank account, here’s what you need to know about how to fund a new banking account.

If you have more than one account at your bank that fits the requirements, you may be able to move money between them online. For example, you could move funds between an online savings account and a certificate of deposit (CD). This can usually be done via an app or online banking portal by following the prompts to make a transfer.

Check to see if there’s a minimum opening deposit needed to open your new account. You should also check if there needs to be money in the account within a certain number of days after opening.

You may need to confirm or verify your transfer when funding your new account from a different institution. Here are three common ways to complete the process:

Instant verification

With instant verification, you just need to give details about your external account, which is the account you have at another bank. These include your name, the account number and the bank’s American Bankers Association (ABA) routing number. With that information, many banks will be able to verify your account and transfer the funds.

Real-time verification

Your bank will ask for your name, account number and ABA routing number. You’ll also need to give the user ID and password you use to sign in to your external account. The bank will verify that your account is valid and transfer the amount you want to move.

Trial deposit

With trial deposit verification, your bank will request information about your external account and then make two small deposits to that account—typically a few cents each. It usually takes three to five business days for these small trial deposits to show up in your external account. You’ll then confirm the amounts of these deposits to verify the correct account. Once this happens, the deposits are returned to their original location.

By going through any of these methods, your bank should be able to process the transfer of funds. Be aware that some banks may charge fees for moving money from an account with that bank to an outside bank. If you’re hoping to avoid that, check out other options for funding your account below. 

A smartphone and a paper check are all you need to make a mobile check deposit. First, you’ll need to download your bank’s app and sign up for access to online banking. Once signed in, you can do a mobile check deposit by following the prompts. Usually, you will need to take a clear picture of the front and back of the check made out to and endorsed by you. A good mobile banking app can make managing everyday tasks, like depositing checks and checking your balance, simple and convenient. You might consider Capital One’s top-rated mobile app to help you manage these tasks.

If you are wondering how to fund a new savings account through direct deposit, you may be able to automatically sign up for your new account online or in the app. You may also be able to sign up directly through your employer or other payor, such as Social Security. Once you’re set up, allow up to two pay periods for your first deposit to show up in your account. Setting up your direct deposit at Capital One is a fast and simple process that gets your paycheck moving to the right place without the usual paperwork.

If none of these options work for you, you may also be able to fund a new account or CD by mailing in a check (made out to you) and deposit slip, or by starting a wire transfer.

Funding a new bank account doesn’t have to be complicated, and several options can help you get started. The right choice depends on your account type, where your money is coming from and how quickly you need the funds.

Here’s how to fund a new bank account:

• Online transfers let you move money from an existing account—whether at the same bank or a different one—directly into your new savings account.

• Mobile check deposits and direct deposit offer convenient ways to add money to your account without visiting a branch. 

• Mailed checks and wire transfers may give you more options when other ways aren’t available.

You’ve funded your new account and may have even set up direct deposit or downloaded your bank’s mobile app. Now that your account is ready, it’s important to make sure your money is working toward your goals. One way to do this is by choosing a 360 Performance Savings account with one of the top savings rates in the country.