How to Deposit Money in a Savings Account

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On the surface, depositing money into a savings account isn't much different than depositing money into a checking account. However, banks offer a few services that encourage and simplify transfers of money into a savings account.

Traditional Deposit Methods

The most straightforward way to deposit funds into savings is to fill out a deposit slip and submit the cash or check to a teller in a bank branch. Deposit slips ask for either the checking or savings account number. You can also deposit cash or checks into your savings account through an automated teller machine. In addition, many banks allow you to endorse a check, take pictures and submit a deposit to your savings or checking account using your smartphone and an app that the bank provides.

Additional Transfer Options

You also can opt to have a portion of your direct deposits from an employer go into savings. Typically, you elect what percentage of your paycheck to allocate to each checking or savings account. Online banking services allow you to transfer funds directly from a checking to savings account in moments. You also can set up automatic monthly transfers to savings. Banks sometimes offer free checking accounts with a linked savings account and automatic transfer setup.

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