Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Oakland, California.
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Wealth psychology expert and coach Kathleen Burns Kingsbury, founder of KBK Wealth Connection and host of the Breaking Money Silence podcast, is an internationally published author and speaker. As an expert on financial psychology, Kathleen has appeared on television and her work has been featured in The New York Times, The Wall Street Journal, "PBS NewsHour," Money magazine, Today Money, Forbes and CNBC. Kathleen served as an adjunct faculty member at the McCallum Graduate School at Bentley University from 2009 to 2019 and currently teaches at Champlain College.
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To fund your online bank account, you can deposit cash into a separate bank account that has ATMs or branches and then transfer that money to your online bank electronically.
You can also buy a money order and make it payable to yourself before making a mobile check deposit into your online bank account. (Alternatively, you could write yourself a standard check from a traditional account and deposit it into your online account.)
If your online bank is part of an ATM network, you can deposit cash into your online account via a linked cash machine.
You can also consider getting a reloadable prepaid debit card that you can deposit cash onto and link it to your online bank account.
Got cash? Great. Or not so great if you want to deposit it in an online bank account.
Although cash deposits aren't a strong suit for online banks, great rates and lack of fees may more than make up for it. Depositing cash requires a few extra steps, but it's doable. Here are four ways.
Cash Management Money Market A savings account is a place where you can store money securely while earning interest. A savings account is a place where you can store money securely while earning interest. Learn MoreSoFi Checking and Savings
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Min. balance for APY Learn MoreEverBank Performance℠ Savings
Min. balance for APY Learn MoreBarclays Tiered Savings Account
Min. balance for APYThese cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
Learn Moreon Wealthfront's website
Wealthfront Cash Account
Min. balance for APY Learn Moreon Betterment's website
Betterment Cash Reserve – Paid non-client promotion
*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APYCDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Read reviewMarcus by Goldman Sachs High-Yield CD
4.70% APY (annual percentage yield) as of 08/30/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Annual Percentage Yield (APY) is accurate as of 08/20/2024
Discover® Cashback Debit
Chase Total Checking®
Deposits are FDIC Insured
Chime Checking Account
Monthly fee Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
Online banks should let you link your account electronically to another account at a traditional bank or credit union. If that linked institution has a local branch, make your cash deposit there. Then, create an electronic transfer, also known as an ACH transfer, to move the money to your online bank.
Many institutions allow free ACH transactions, though they can take up to three business days to complete.
Transform your cash into an easy-to-deposit check by buying a money order at a local retailer or a post office, then make it payable to yourself. If your online bank has an electronic scan feature, you can snap a photo and upload the money order to your account for deposit. If your bank doesn’t have this feature, you can mail it to the bank’s headquarters for deposit.
You might have to pay a small fee for the money order — often less than $2 — for a value of up to $1,000. But you would have a safe alternative to cash, which is one of the main reasons to buy a money order . For amounts larger than $1,000, you may have to spring for a cashier’s check at a bank, which usually costs a few dollars more. Remember, you could also write yourself a standard check from a different account and deposit that into your online bank account.
Make the most of your cash Track all your spending at a glance to understand your trends and spot opportunities to save money. SEE YOUR CASH FLOW
Some — but not all — online banks with nationwide shared ATM networks such as Allpoint and MoneyPass are able to collect deposits through cash-accepting ATMs. Ask your institution if an ATM option is available.
To make frequent cash deposits, consider buying a reloadable prepaid debit card and linking it to your online bank account. You can then load cash to the card at certain stores and make an ACH transfer to your online bank.
But there are drawbacks: Many cards charge for deposits at other retailers, and some have extra fees, such as monthly membership charges, that will eat into your balance. Use NerdWallet's guide to compare prepaid debit card options before deciding to get one.
Online banks are optimized for online transactions, so electronic transfers and even mobile check deposits are often a snap. That’s not the case with cash, but there are ways to eventually stash your money into an online account. It may take some effort, but it will be worth it the next time a wad of bills comes your way.
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Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times. See full bio.
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