Best Online Banking Services That Accept Cash Deposits [2025]: Avoid Fees, Stay Flexible

Traditional brick-and-mortar banks are no longer the only option for managing your finances. Online banks and fintechs have grown in popularity, offering convenient, fee-free banking in the palm of your hand. Online banks can be very attractive because of their minimal fees and other perks like high-yield savings accounts. But what if you want to deposit physical cash?

Thankfully, there are online banks and financial services providers that accept cash deposits. They usually do so by partnering with retailers like CVS or Walgreens or through the Green Dot system. But cash deposits to online accounts aren't necessarily free, and some can cost as much as $4.95 per transaction.

Online banking options that accept cash deposits

• Chime®
• SoFi®
• Current
• Varo

Chime®

Chime is not a bank ¹ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> but a financial technology company that provides online banking services without some of the fees you would get at a traditional bank. There are no monthly fees, no overdraft fees, or minimum balance requirements. Chime enables you to handle all your checking and saving accounts online or through its mobile app.

You can deposit cash into your Chime checking or savings for free at any Walgreens store in the U.S. How much cash you can deposit per day ranges from $20 - $1,000, depending on the retail location. Chime partners with other retailers where you can make cash deposits too, like Walmart and CVS. However, these other locations may charge a small fee.² <p>Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.</p>

Chime can be most beneficial if you struggle with living paycheck-to-paycheck and your bills always seem to be due before your paycheck has hit your account. Its SpotMe® overdraft protection will cover you for up to $200 without charging you a fee.³ <p>SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.</p> You can also access up to $500 of your paycheck before payday⁴ <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p> with Chime's MyPay™ feature.⁵ <p>To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See <a href="https://www.chime.com/policies/bancorp/mypay/">Bancorp MyPay Agreement</a> or <a href="https://www.chime.com/policies/stride/mypay/">Stride MyPay Agreement</a> for details.</p> However, to take advantage of these benefits, known as Chime+, you'll need to direct deposit at least $200 into your account each month.

Visit Chime | Learn more in our Chime review

SoFi®

When you open a checking account with SoFi, you automatically get a savings account, and both are interest-bearing accounts. SoFi offers one of the best checking accounts, earning 0.50% (as of 01/24/25) APY⁶ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> . This is a nice benefit because, while many online finance companies offer high-yield savings accounts, not many provide interest on checking accounts. SoFi's savings account earns 3.80% APY. ⁶ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>

But, SoFi may not be your best bet among the companies listed here. SoFi does accept cash deposits through Green Dot, but those deposits may cost you a fee of up to $4.95, depending on the retailer. Cash deposits are limited to $500 per transaction and $1,000 per day.

As with many online account providers, SoFi Checking and Savings has no monthly, overdraft, or minimum balance fees⁷ <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> . There are also no convenience fees on foreign transactions, but you will still be charged a 0.2% foreign conversion fee by Mastercard.

Visit SoFi | Learn more in our SoFi review

Current

Current is not a bank. ¹¹ <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC.</b>.</p> Current is a fintech company that offers banking services ideally designed for people who want to build their credit. It doesn't require a check of your credit score or credit history to open an account. It provides you with a secured credit card that acts more like a debit card than a credit card.

Unlike most secured credit cards that require you to pay a security deposit, Current's Build Card¹² <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC</b>. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.</p> connects to your Current account. So, when you add money to your account, the amount you can spend on your Build Card is updated.

The Current app you use for your account includes a map of the different retailers where you can make cash deposits. Some retailers that partner with Current for cash deposits are CVS and Walmart, but not every location participates, so it's best to check the app first. Cash deposits aren't free; they will cost you $3.50 per transaction.

Current also enables you to get paid up to two days faster¹³ <p>Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.</p> and provides payday advance loans up to $750. However, to use these features, you must set up direct deposit.

Visit Current | Learn more in our Current review

Varo

Varo partners with CVS to offer free cash deposits for users of its online banking services. The free cash deposits can be made at any stand-alone CVS location, but they don't include those within Target, military bases, or hospitals. The cash deposits are done through Green Dot, so there are other retailers that take them, but there may be a fee of $4.95 per transaction.

A nice benefit to Varo that you don't get with many online banks is its cashback bonuses on transactions made with your Varo debit card and Believe secured credit card. Cashback rewards are limited to $200 per month and are only available at select retailers. Varo also offers one of the best savings accounts with a 5.00% (as of 12/11/24) APY on up to $5,000 with direct deposit.

Like many online banks, Varo offers minimal fees, a high-yield savings account, and cash advances of up to $500. However, a flat fee for cash advances ranges from $1.60 to $40, depending on the loan amount.

Learn more in our Varo review

Online vs. traditional banking

Deciding whether to work with an online bank or a traditional bank depends on what matters to you and what service level you are looking for in your bank. Online banks and fintechs often offer lower fees and higher interest rates because they operate entirely through websites and mobile apps, requiring significantly less overhead than brick-and-mortar banks. On the other hand, you'll get more face-to-face customer service and in-person transactions at a traditional bank, but there also may be more fees and limitations.

When to go with an online bank

If you really don't care about having face-to-face communication with someone at your bank, then online banking is a good option for you. Online banks typically offer better interest rates on savings accounts and fewer charges for things like overdraft protection and monthly maintenance fees.

When to go with a traditional bank

Some people just feel better talking to someone face-to-face for their banking needs. If this sounds like you, you may want to stick with a traditional bank — traditional banks can offer more personalized service than online banks do. This can be especially helpful if you run a small business or have complex financial needs. Plus, it can be nice working with a bank where you are on a first-name basis with the people who help manage your money.

FAQs

Bottom line

Choosing the right online bank or fintech account provider that accepts cash deposits comes down to your financial needs. Some companies offer free cash deposits through retail partners, while others charge small fees or have deposit limits. Understanding these details can help you avoid unnecessary costs and ensure easy access to your money when you need it.

The ability to make cash deposits and how much they cost should be one of the things to look at when considering what online banking option to use. If you usually make a lot of cash deposits, you'll want an account that doesn't have fees. But, if it is a service you wish to have but don't plan on using often, a small fee may not be a big deal compared to the other features offered on the provider's accounts. For example, I think the interest offered on SoFi's checking account outweighs the small cash deposit fee. But, I also don't make a lot of cash deposits.

By weighing deposit fees, limits, and other banking features, you can find the best online bank for you.

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FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

High APY of up to 3.80%⁶ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with direct deposit

Paycheck access up to 2 days early¹⁴ <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>

No monthly maintenance or overdraft fees⁷ <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>

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹⁵ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>