5 Ways to Deposit Cash to Your Online Bank Account

Online banks typically offer unique benefits, like lower fees, higher savings rates, and convenient digital banking tools. But because online-only banks lack physical locations, you can't visit a branch to deposit cash in an online bank account. Fortunately, most online banks offer multiple options for depositing cash, such as using ATMs or visiting partner retailers. Some options are easier and quicker than others, and you should check your account agreement for potential fees. It's also important to understand IRS rules for large cash deposits.

Key takeaways

• Many online banks offer at least one option for depositing cash to your bank account, but some cash deposit methods may come with fees.
• Some online banks allow you to deposit cash fee-free at partner retailers or in-network ATMs.
• If your online bank doesn't allow cash deposits, you may be able to transfer money from another bank account, purchase a money order for mobile deposit, or pay a friend to send you money on a payment app.

How to deposit cash if you have an online bank

While cash deposit methods vary across online banks, common options include:

1. ATM cash deposits

Many online banks have fee-free ATM networks with locations nationwide. Some ATMs in the network may accept cash deposits. You can often use your bank's mobile app to locate an in-network ATM near you that accepts cash deposits. For example, Axos Bank offers free cash deposits at select ATMs in the Allpoint network. Out-of-network ATMs may not accept cash deposits, or you may need to pay a transaction fee.

2. Cash deposit at the online bank's partner retailers

Some online banks partner with retailers, like CVS or Walmart, that accept cash deposits. Some banks partner with the Green Dot network, allowing you to deposit cash at an array of retail locations. To make a cash deposit, you'll give your cash to the cashier and either swipe your debit card or scan a barcode on your mobile banking app. The money will typically be accessible in your bank account within minutes or hours.

Online banks don't typically charge fees for cash deposits at partner retailers, but the retailer might. For example, SoFi's partner retailers in the Green Dot network charge up to $4.95 for cash deposits into your SoFi bank account. But some online banks offer fee-free options at select retailers. For example, Chime offers free cash deposits at more than 8,000 Walgreens locations.

3. Purchase a prepaid debit card with cash

Another option is to purchase a prepaid debit card from a retailer with cash and then transfer the balance to your online bank account. Some prepaid card issuers allow direct transfer to an online bank account when you register the card online, while others may require you to first transfer the funds to a third-party payment app, like PayPal or Venmo, before transferring the money to your linked bank account.

Most prepaid debit cards come with fees. These may include setup fees, monthly fees, reload fees, withdrawal fees, inactivity fees, or even per-purchase fees. When choosing a prepaid card, make sure to compare the potential fees.

4. Deposit cash at a local bank or credit union

Some people keep a bank account at a local bank or credit union to use primarily for deposits while keeping most of their funds in an online bank account to access its benefits. If you have a checking account at a brick-and-mortar bank or credit account, you can visit a branch to deposit cash. You can then transfer the funds to your online bank account in a few ways.

• Write yourself a check and use the online bank's mobile check deposit feature
• Link your online bank account and set up a transfer
• Use a direct transfer service like Zelle to send the money to your online bank account

In most cases, the process won't cost anything, but it could take longer for the money to become available in your online bank account compared to other cash deposit methods.

5. Buy a money order or cashier's check for mobile deposit

If your online bank accepts money orders as mobile deposits, you can use cash to purchase a money order from a local bank, post office, or select retailers. Money orders typically cost just a few dollars. A cashier's check is another option — it might cost more, but you can deposit it with any online bank that accepts mobile check deposits.

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2025 award winner Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.² <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p> FDIC Insured.³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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Axos ONE® - Earn up to 4.46% APY

Axos ONE® offers up to a powerful 4.46% APY on savings and 0.51% APY⁴ <p class="">The Annual Percentage Yield (APY) is accurate as of 08/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p><p>Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.</p><p>The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY.</p><p>Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:</p><p>Option 1</p><p>1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.</p><p>2. The average daily balance of your Axos ONE Checking account is at least $1,500.</p><p>Option 2</p><p>1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total.</p><p>2. The average daily balance of your Axos ONE Checking account is at least $5,000.</p><p>If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:</p><p>• The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.</p><p>• The Axos ONE Savings account will earn a promotional rate of up to 4.46% APY for the statement cycle in which the requirements are met.</p><p>The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. </p><p>A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.</p><p>Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.</p><p>Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.</p> on checking to help you grow your money. No monthly maintenance, minimum balance, account opening, or overdraft fees. FDIC insured.

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Cash deposit limits

Cash deposit limits depend on your bank and the cash deposit method you use. There may be limits on the amount or number of deposits you can make on a daily, weekly, or monthly basis. If your online bank allows cash deposits at in-network ATMs, you're less likely to face dollar amount limits.

For example, Discover's Add Cash feature allows you to deposit cash at Walmart with no fees, but deposits are subject to the following limits:

• $20 minimum deposit
• Maximum of four deposits totaling no more than $1,000 per day in most states
• Maximum of seven deposits totaling no more than $7,000 per rolling 7-day period
• Maximum of 20 deposits totaling no more than $20,000 per calendar month

Note that the Bank Secrecy Act requires banks and credit unions to report cash deposits of $10,000 or more to the IRS. The rule also applies to financial institutions that issue money orders or cashier's checks of $10,000 or more. The goal is to help the IRS prevent money laundering and other illegal transactions.

It's also illegal to intentionally avoid the reporting requirement by making multiple cash deposits totalling $10,000 or more, even across multiple days or multiple banks. This tactic is known as "structuring". But federal prosecutors must prove that you intentionally structured your deposits to prevent your bank from reporting.

It's not a crime to make multiple cash deposits that add up to $10,000 or even to deposit more than $10,000 at once. But large deposits or suspicious patterns of deposits may trigger the IRS to take a closer look at your finances for signs of illegal activity. Keep in mind that most income is taxable, so you will need to report cash payments you receive to the IRS when you file your tax return. If you own a business that receives more than $10,000 in cash payments, you'll also need to file Form 8300 as soon as you reach the threshold.

FAQs

Bottom line

Walking into a bank branch may be the simplest way to make a cash deposit, but the best online banks typically offer at least one convenient and fee-free alternative for adding cash to your account. If your employer offers direct deposit and your friends pay you via a P2P payment app, you may not need to worry about cash deposit options. But if you regularly need to deposit cash, make sure to evaluate your options before opening an online bank account.

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SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.² <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly fees⁵ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early⁶ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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