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Each of us has our own agenda in terms of what makes stashing our cash away worthwhile. For some of us, it’s the anticipation of doing something fun or buying something beautiful. For others, it’s all about using our money to secure some quality of life and peace of mind.

Regardless of what gets you saving, whether you’re stashing funds to buy a new computer, a used convertible, a house, or even retirement funds to ensure your future, you’ll be honing your saving skills and likely boosting your financial wellness as well.

Why Saving Is Important

The importance of saving cannot be overstated; it’s a very big part of successful money management. Consistently putting away cash can make a major difference over time, especially in your quality of life. By planning and prioritizing what expenses to fund, you’ll have the means to achieve your goals. It’s incredibly rewarding when you make a plan for your money and then realize it.

To jumpstart your savings, try one or more of these creative strategies.

•   Budget first. The mere mention of the word budget can stress some people out, but a budget is simply a plan for how you will spend your money. Having a strategy in place can really help keep your spending and savings on track. There are a number of methods you can use to budget, including the good old cash envelopes system and the 50/30/20 rule, as well as a number of mobile apps. Research your options online, and find the one that works best for you.

•   Automate savings. One of the easiest ways to ensure you’re saving toward your goal may be to automate your savings. This can take much of the stress out of saving. For instance, you could set up an automatic bank transfer from your checking to your savings account every payday.

•   Save consistently. Once you open a bank account, over time, you have a great chance of meeting your goal. Maybe it’s only $5 or $25 a pop, but contributing to your savings account regularly is vital. Be consistent and trust the process.

•   Save bonuses, tax returns, and other unexpected windfall amounts. These extras can give your savings account a tremendous boost.

•   Match your own purchases. For every amount that you spend on a treat, transfer that same amount into savings.

•   Save every $5 bill. By setting aside every $5 bill you encounter (as change from a purchase, from an ATM, etc.), you can save quite a bit in a year’s time.

•   Use the 30-day rule to control impulse purchases. Write down that shiny new thing you want, whether it’s a pricey new mobile phone or a designer bag, and wait 30 days to see if you still want it. You may find that your urge to spend on it has passed. If so, you can put the money you save this way into savings to fund something that’s on your wishlist.

Recommended: How Much of Your Paycheck Should You Save?

25 Smart Items to Save Up for

Spending money according to your own personal preferences — whether it’s a vacation, a new car, or a comfortable home for your family — should be the driving force behind your saving goals. This is how to make saving fun: Make a list of cool things to save up for. Create a vision board if you prefer; the idea is to entice yourself to perhaps pass up some unnecessary spending (takeout meals, a multitude of streaming services, and so on) and achieve those things you really crave. Not sure what to start saving for? Here are 25 ideas to get you going.

1. Vacations

You may have heard that vacations are good for both your physical and mental health. Even the act of looking forward to a vacation can improve your happiness. Whether the vacation you crave is a week at a nearby beach, a long weekend with your college besties, or a jaunt through Europe, the prospect of travel can be great motivation to save money.

2. Brand New Electronics

Buying new electronics isn’t just a leisure pursuit. New electronics can help with your productivity and ability to earn an income (or a higher one). It may be worth it to you to save for and invest in tools, such as a new laptop or video equipment, that can make your life better.

3. Starting a Business

If starting a business and becoming your own boss is a dream of yours, savings can go a long way toward making it happen. In fact, 82% of small businesses fail because of cash flow problems. Start accumulating capital so you can hopefully avoid becoming part of that statistic.

4. Home Maintenance

Keeping your home in tiptop shape can not only make living in it more enjoyable and enhance its looks and curb appeal, it can be helpful when you decide to sell it. Maintenance can include such things as getting your furnace and air conditioner checked regularly and getting your carpets cleaned, to lawn care, landscaping, and painting.

5. Weddings

This is a popular motivation to save. Most people dreaming of their big day know that it doesn’t come cheap. The average cost of a wedding in 2024 was about $33,000, according to one survey. Saving for this expense means you can celebrate the special day with loved ones, just the way you want to, while minimizing money stress.

6. Pet care

Owning a pet is enjoyable and rewarding, but it can also be expensive: The annual costs of owning a dog can run anywhere from $1,000 to more than $5,000. Pet care costs include, food, treats, veterinary bills, toys, grooming, and supplies such as beds, collars and leashes. Saving up for these expenses can help you enjoy your furry family member without being stressed out about paying for the things they need.

7. Brand New Car

Most people need wheels to get around, but cars aren’t just about function. Maybe you are dreaming of a low-slung sports car or an SUV that’s ready to offroad. When you get the keys to a new car, you’ll likely know that your time and energy spent saving was worth it.

8. Down Payment on a Home

Saving for a home is a top priority for many and for good reason. Home prices will typically rise 18% to 20% in the next five years, based on historical averages, meaning the value of your home will rise and likely continue to do so. Aside from the potential financial benefits, owning your dream home is a major boost to your and your family’s quality of life.

💡 Quick Tip: Want a simple way to save more each month? Grow your personal savings by opening an online savings account. SoFi offers high-interest savings accounts with no account fees. Open your savings account today!

9. Clothing and Shoes

There’s something about fresh clothes and shoes that can give you a psychological boost. For a household, costs averaged $1,434 for apparel for the year. Saving a little toward making yourself look good is one of the fun things you can save up for. It could be a whole wardrobe upgrade or a special splurge piece, but clothes can be excellent saving motivation.

10. Hobbies

If there’s something you enjoy doing in your free time, be sure to save enough money to fully invest yourself in the activity. Do you want a new acoustic guitar or perhaps a pottery wheel? Save for it. You may even be able to monetize your hobby or start a business from it.

11. A Quality Mattress and Mattress Accessories

According to the Centers for Disease Control and Prevention (CDC), one out of three Americans don’t get enough sleep. Being deprived of sleep can have a major impact on how you feel and function. Which is all the more reason to save for the comfiest mattress you can find.

12. Exercise Equipment

The right exercise equipment can help you make your health a priority and work out regularly. It’s not cheap, though. Equipment can cost less than $20 for a kettlebell or thousands for a top-of-the-line rowing machine, exercise bike, or Pilates equipment.

13. Professional Lessons (Sports, Dancing, Cooking, etc.)

Whether you want to dance more smoothly or perfect your golf swing, saving toward developing those skills can bring a lot of joy and satisfaction.

14. College

So many people feel the thrill of pride and achievement when earning a college degree, and it can help fuel a career. But college is expensive. As of 2024, the average cost of college in the U.S. is more than $38,000 per student per year, according to the Education Data Initiative. Saving toward these expenses, whether for yourself or your dependents, can help them get the education they need and dampen the blow of the cost of education.

15. Quality Home Appliances

Maybe you’d like to remove that old eyesore of a dishwasher and replace it with a top-notch new one, or swap out your old washer/dryer for an eco-friendly new model. Or, say, a professional-grade stove is calling to you to live out your gourmet dreams. Once you get the appliance you were dreaming about, you’ll likely feel that saving for it was worthwhile.

16. Home Security

While it may not exactly be a cool thing to save up money for, a home security system can give you peace of mind. As a bonus, you may have fun doorbell footage to look at once you buy your system.

17. Jewelry

If you love shiny baubles, they can certainly be worth saving for. Maybe there’s a dream piece you’ve been pining for. With the cost of some custom jewelry ranging from about $500 to $10,000 or more, you’ll definitely want to have a plan to save for it.

18. Home Furniture

If you value updated and stylish furniture, you’ll want to put it on your list. New furniture can uplift the comfort, function, and look of your home. Not to mention, when (or if) you sell your home, it can possibly help your place fetch a higher sales price.

19. Events & Special Occasions (Concerts, Dinners, Sports Games, etc.)

Many of us look forward to making lifelong memories at special events, from a Taylor Swift concert to the Super Bowl to a local gala. These occasions can both entertain and help you feel connected to the people who accompany you. Indulging in tickets every now and then is an incredibly fun and cool thing to save up for.

20. Home, Car and Health Insurance

Putting money toward insurance premiums may not always be fun, but it may give you peace of mind. It helps you know that you’re covered in case of accidents, unexpected health problems, and natural disasters. Saving up to afford a policy is wise if you are, say, planning to buy a house or car or are prepping for a big live event, like marriage or becoming a parent.

21. Retirement

Saving for retirement is a critical part of your financial health. A Federal Reserve survey found that only 34% of adults felt their retirement savings were on track. If you want to give yourself a healthy cushion for some of the most vulnerable years of your life, you may want to add to your retirement savings. While it doesn’t give you a tangible payoff now, you may rest easier knowing you’re prepared for tomorrow.

22. Anniversaries

Have someone (or something) special you want to celebrate? Put aside some money to do it up right, especially if it’s a nice round number that’s coming up. It’s up to you whether the funds go towards a gift, a trip, or a special night out with friends and family.

23. Repairs and Remodels

Home improvements can make your home more comfortable and functional but they are likely a major expense. With the average remodel topping $41,600 in 2024, it will take quite a chunk of change to make it happen. Saving for this type of cost can help you turn your place into the showplace you know it can be.

24. Birthdays

Celebrating birthdays is a fantastic way to nurture the relationships in your life. Maybe it’s with a candlelit dinner or tickets to a show, but it can be a great excuse to save and then spend some cash.

25. Holidays

Creating holiday memories is important for many of us. Saving up for the holidays and seeing your vision for your family come to life can be incredibly rewarding. Americans spend around $866 each holiday season, according to data from the National Retail Federation; 71% of that goes toward gifts. Stashing some cash in advance can help alleviate stress during the most wonderful time of the year.

Banking With SoFi

Focusing on a wish-list item can give you the motivation and discipline to start saving. Of course, the savings goal will vary with each person. One person may want a trip to Bali, another may need a new car, and a third may be focused on getting a down payment together for a home.

Whatever the goal, opening a bank account and consistently depositing your cash into it to save for an important purchase can be a great way to help build your financial skills, improve your financial foundation, and elevate your quality of life.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How can I develop the mindset to save long-term?

To develop a mindset to save for the long term, be sure to start with a goal. Brainstorm some important, meaningful things to save up for. Then, automate regular transfers to your savings account. If you don’t see that money in your checking account, you likely won’t spend it.

Is saving money long-term hard?

Saving can be hard, and even a small amount stashed regularly can make a big difference in your financial wellness. The Federal Reserve Bank of St Louis reports that the personal savings rate in April 2024 was 3.6%. It may not be a huge amount, but it can be a good start.

How do I make saving money easier?

Saving money is easier when you have a plan in place. Automating money transfers to your savings account when your paycheck hits is one easy way to start saving towards a goal. You can also experiment with different budgeting methods to help “find” more money to put into your savings.

Photo credit: iStock/Borislav

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

3.30% APY
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.

SOBK-Q224-1927549-V1

You can typically remove yourself from a joint bank account, but financial institutions’ policies on this may vary. It’s wise to check with your bank about how to separate yourself from a shared account.

Joint bank accounts can work well for many banking customers. Spouses may find it easier to budget together with a joint bank account, and parents may open a bank account with a child to help them learn how to manage their money. But what happens when you no longer want to be on the joint bank account?

Read on to learn more about your options.

What Is a Joint Bank Account?

A joint bank account is a checking or savings account that is shared between two or more people. Each person has full access to the money, meaning they can withdraw, deposit, and spend funds without having to get the other account holder’s approval.

The account holders are equally liable for the checking or savings account, including any debts and fees it incurs. For instance, if the account goes into overdraft, the joint account will incur fees, even if only one party was responsible.

Reasons to Remove Yourself From a Joint Bank Account

As time passes, joint account holders may no longer need or want to share an account. Here are a few reasons why someone would want to remove themselves from a joint account.

Separation or Divorce

When breaking up with a partner or divorcing a spouse, you’ll likely want total control of your own money.

That means you’ll need to close any joint bank accounts (and joint credit cards) and start anew — or simply remove yourself from the account and start your own while your ex maintains the existing account, if allowed by the bank.

End of Business Partnership

If you and a business partner are closing your enterprise and going your separate ways, you will want to shut down your business checking account and/or business savings account. If you’re stepping down from the business but the partner is going to continue running it, it might be possible to remove your name from the account rather than close it completely.

Child Getting Their Own Account

Some parents may choose to be a joint account holder on their child’s first bank account. This can help parents teach a child about money management and monitor financial decisions closely. When children go to college, this can be an easy way to ensure they have enough money for food, rent, books, and other expenses.

But at a certain point, it makes sense for a parent to remove themself from the child’s checking account.

Recommended: Married Couple With Two Roth IRAs

Reduction of Financial Ties

There are other specific scenarios where joint account holders may want to sever their financial ties. For instance, if the other account holder (non-spouse) is being sued, you may want to remove them from the account to protect the assets. Removing someone else from a joint account, however, typically requires that individual’s consent and may depend on bank policy or state law.

Steps to Remove Yourself From a Joint Bank Account

In terms of how to remove yourself from a joint bank account, some banks will allow one party to exit, often with the other person’s consent. Other banks, however, may require the account to be closed in full, rather than remove a single account holder.

Assuming your bank allows you to remove yourself from the joint account and you have alerted the other account holder(s), here are the steps you’ll typically need to follow:

Request Account Closure or Complete Paperwork

The first step to removing yourself from a joint bank account is reading your bank’s policy or reaching out to a customer service representative to understand the process. In some cases, the bank may simply require you to close the account entirely. State laws and individual bank policies typically require all joint bank account holders to approve the closure before you can move forward.

In the event that the bank will let you remove your name from a joint account, follow the bank’s guidelines, which may require one or both individuals to visit a local branch or fill out a form online.

Pay Fees

Before a joint account can be closed, a bank will require you to pay any outstanding fees. But in the case of simply removing yourself from a joint account but keeping it open in the other account holder’s name, you should work out if you’re responsible for paying off any account debts before taking yourself off the account.

Withdraw Remaining Funds

You and the joint account holder should review the current balance and determine how much, if any, of the funds you should withdraw for yourself. This will need to be addressed whether you are closing the account or removing your name from the joint bank account.

You won’t have access to withdraw money once your name is taken off, so make sure you know how to withdraw money from any checking account and savings account you share before moving forward.

Required Documentation

Your bank will spell out specific documentation required when removing yourself from a joint bank account. Typically, you will need to provide:

•   Proof of identification

•   Proof of account ownership, like a bank statement and debit card

•   Written approval from the other joint account holder(s), as noted above

Recommended: Should Married Couples Have Joint Bank Accounts?

Issues to Be Aware Of

When removing yourself from a joint bank account (or closing the account entirely, if the bank doesn’t allow a single account holder to remove themselves), there are a few things you’ll want to consider.

Outstanding Checks and Automatic Payments

If you’ve written any checks or have any transactions that are currently processing, you’ll want to make sure those go through before you withdraw your portion of the funds from the account. Similarly, if you have automatic bill payments set up, you’ll need to switch these to your new bank account before removing yourself.

Otherwise, the remaining joint account holder will inadvertently pay your next set of bills. Or, if the joint account needs to be closed, you could wind up with a slew of returned (unpaid) payments.

Direct Deposits

Similarly, if you have direct deposit set up with your employer or a government entity (such as for Social Security benefits or tax refunds), make sure you redirect those to your new bank account. This ensures you don’t miss any money sent to you.

Remaining Account Holder Approval

Before taking yourself off a joint bank account, you’ll need to let the other account holder know. Banks that allow one account holder to take their name off the account may require you to submit written approval from the other account holder or might even require that all parties visit a local branch in person.

Potential Bank Fees

Your bank may charge a fee to remove your name from a joint bank account. When speaking with a bank representative about the process, ask about these fees so you know what to expect.

Alternative to Removal

If a bank does not allow you to remove your name from a joint bank account for some reason, the main alternative is to close the account altogether. You’ll need the consent of all account holders to close the account.

You can follow the steps for how to close a joint bank account if this is the route you need to take.

The Takeaway

Opening a joint bank account can add flexibility for people with shared financial goals and responsibilities. However, there may come a time when you no longer want to be on a joint bank account. While some banks may permit you to remove one of the account holders, others may require that you close the account entirely, with each joint member then opening their own new account, if they like.

Looking for a new bank account, whether solo or joint?

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Can one person remove themselves from a joint bank account?

Some banks may allow one person to remove themself from a joint bank account, but there are typically clear guidelines for how to go about this. That may include written permission from the other account holder. In some scenarios, banks and credit unions may require that the account be closed and each person start fresh on their own.

Do I have to notify the other person on the account?

If you plan to remove yourself from a joint bank account, you need to let the other person know. In fact, banks that allow you to remove your name from a joint account without closing it may require written permission from the other account holder.

What if other owners don’t approve the removal?

If you would like to be removed from a joint bank account but the other account holder won’t approve, work with your financial institution to determine the next steps, as they may vary from bank to bank and state to state. Sharing money can be hard enough, but when account holders aren’t seeing eye to eye, things can get tricky.

Photo credit: iStock/zamrznutitonovi

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBK-Q224-1890780-V1

They may seem old-fashioned compared to digital payment methods, but checks are still very much a part of many people’s financial lives. In fact, there are a whopping 14.5 billion checks circulating every year in the U.S.

If you receive checks, you have options in terms of how to deposit them, including in person at a bank, at an ATM, or via a mobile app. Here’s what you need to know about the different methods for depositing a check and the easiest way to get the job done.

How To Deposit a Check in 5 Steps

Typically, depositing a check involves these five simple steps (unless of course you automate the process with direct deposit). Follow these guidelines to successfully get a check into your bank account where you can then use it.

1. Select Your Preferred Method

Your financial institution may have different ways you can deposit a check, including in person, at an ATM, or through their mobile app. The method you choose will affect the specifics of what you need to do to deposit your check. If you choose to go in person, double check the bank’s open hours. For mobile apps, you will need to download the app. Most ATMs will let you deposit a check as long as the machine is in your bank’s network.

2. Gather What You Need

Aside from your paper check, the exact type of documentation you’ll need will depend on how you go about depositing a check:

•   In person: This procedure can vary depending on your financial institution. At some banks, you may be able to use your debit card at a teller’s window to deposit a check, no deposit slip required.

In other cases, you may need to get and fill out a deposit slip. This piece of paper outlines how much you want to deposit and to which account. Information you will need to fill out includes your name, account number, and deposit amount. In many cases, banks may also need to see a government-issued photo ID when you make the deposit.

•   Mobile app: You will need to log into your bank’s mobile app on your device. Be prepared to take a photo of the front and back of the check. Typically taking a photo against a dark background helps the app take a clearer photo.

•   ATM: When heading to the ATM, you’ll need your debit card. Check to see if the ATM accepts check deposits for your financial institution (SoFi, for example, only offers ATM withdrawals at this time). Also, a few ATMs still require that checks be put into envelopes (provided at the machine) for deposit.

3. Endorse Your Check

Endorsing your check means to sign your name on the back of it in the appropriate place (it typically says “Endorse here” or provides a line to sign on). You can write “for deposit only” on the back when making a deposit so that the money can only go to your account.

Some checks also have a box you can tick if you’re making a mobile deposit. Or your bank may request that mobile deposit checks are endorsed with your name and a phrase like, “for electronic deposit at [bank]” or “for mobile deposit at [bank].”

4. Confirm Deposit Amount

If you deposit a check in person, you may need to indicate the amount on the deposit slip. If you’re using your bank’s mobile app, you may have to enter in the payment amount of your check. Same goes if you deposit it at an ATM.

Before confirming your deposit, make sure you have indicated the correct information. Being even one digit off from your account number, for example, could result in delays to access the funds you’ve deposited.

5. Wait for Confirmation

Once you’ve successfully deposited a check in person, the bank teller may give you a confirmation slip reflecting the transaction or you can request one. You can also check your bank’s website or app to see the pending deposit.

With mobile deposits, you may receive a pop-up confirmation message or an email acknowledging receipt of the check. Some banks may show the pending transaction in the app right away.

At an ATM, you usually receive a receipt of the transaction. Hang onto this piece of paper until you confirm that the deposit has indeed been posted to your account.

In terms of how long it will take for the check to deposit and be cleared, that will vary depending on such factors as how you deposited it, the amount, and the bank it’s drawn on. It could take between one and several days.

💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.

Ways of Depositing a Check

When it comes to depositing a check, the method you choose will depend on what your bank offers and what feels most convenient for you.

In Person

Though not always convenient, you can take your check to your local bank and deposit it into your account. (Worth noting: Some banks may allow you to cash checks without an account there, but you may have to pay a fee.)

Mobile App

Many banks and credit unions offer mobile apps for their customers. A popular feature is mobile check deposit, which allows you to snap a photo of the check with your device and deposit it remotely…no trip to a bank or ATM required.

ATM

Traditional and some online-only banks offer the convenience of depositing a check at an ATM, whether to your checking or savings account. Read your account’s fine print or contact customer service to see if this needs to be at an ATM in your bank’s network.

💡 Quick Tip: Want a new checking account that offers more access to your money? With 55,000+ ATMs in the Allpoint network, you can get cash when and where you choose.

Keeping Safety in Mind When Depositing Checks

No matter which method you choose, it’s important to be safe when depositing checks. Keep these safety tips in mind:

•   One key step is to make sure a check is valid and comes from a legitimate source. If you’re not expecting a payment and receive a check in the mail, you’re not wrong to be suspicious. It could be part of a scam. The same holds true for checks you were expecting but that arrive for a higher amount of money than you anticipated.

•   If you want to verify a check, or see if it’s legitimate, hold the check up to the light to see if there are any watermarks (which are a good thing) or if there’s any evidence that it’s been tampered with (a bad thing). In addition, get a feel for the paper the check is printed on; if it feels thin, like the paper you put in a printer, it may be fraudulent.

•   Checks also have a safety feature called an MICR (magnetic ink character recognition) line. Located at the bottom of the check, this usually shows details like the issuing bank’s routing number. The ink should look flat and dull. If it looks shiny when you hold it under the light, it may be a fake check.

Think you have a fake check in hand? Talk to your bank about how to proceed, and you may want to report it to the Federal Trade Commission (FTC) or the Better Business Bureau (BBB), which has a Scam Tracker department.

One last suggestion: You might also keep in mind that mobile deposit and even direct deposit (bypassing checks altogether) are often good options in terms of safety. These techniques can be preferable to looking for a bank branch or ATM that can accept your check, especially at night or in bad weather.

Recommended: Cashier’s Check vs Certified Check

The Takeaway

Depositing a check typically involves five simple steps: Select a deposit method, gather materials, endorse the check, confirm its amount, and be sure that it’s hit your account.

While checks are a common, time-honored way to receive funds, you have plenty of options today to send and receive money. Check out what different banks offer (and how much services cost) to make sure you have the right banking partner for you.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How do you deposit a check into your account?

You can deposit a check in your account either in person, through your bank’s mobile app, or at an ATM. Once you decide on a method, you gather what you need, endorse the check, confirm its amount, and receive acknowledgement that it’s in your account.

How do you deposit a check at an ATM?

You can deposit a check at an ATM by going to a machine that will accept your deposit — your bank may stipulate which ones are acceptable. Insert your debit card and enter the correct PIN number, then follow the prompts to deposit your check.

How do you deposit a check without going to the bank?

You can deposit a check without going to the bank by doing it through your bank’s mobile app or at an ATM.

Photo credit: iStock/AndreyPopov

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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Saving money for the future might be a financial priority for you, but putting intention into action can be challenging. Perhaps you have multiple goals: an emergency fund, money for next year’s big vacation, and saving toward the down payment on a house. You may wonder how much to put towards each and how to keep those savings separated but growing steadily.

Enter the vault bank account. This kind of sub-savings account can help you stash cash for different dreams and needs while staying organized. Read on to learn more about vault bank accounts and how they can help you make steady progress toward your money goals.

What Are Vault Bank Accounts?

Also known as a sub-savings account, a vault bank account is a digital banking feature that allows you to safely tuck away money towards multiple goals. This cash is usually tracked separately from your main savings account balance, making it easy to keep tabs on your different savings targets.

However, these accounts are not available at all banks. What’s more, banks that do offer them vary in what they call them, and they may have slightly different nuances in how they function. The main purpose is to provide an easy way to set aside and track funds for your various savings goals. For instance, you could have a general savings account balance, a vault for your emergency fund, and a vault for cash that’s earmarked to buy a new laptop.

With a vault bank account, you can typically name each sub-account. You might call one “Paris trip” and another “Emergency fund.” In many cases, you can set target dates (by when you’ll have accrued a certain amount) and automate savings into the sub-accounts. That means a specific amount can be automatically transferred into the vault at a preset frequency.

The Advantages of Using a Vault Bank Account?

As you might imagine, a number of pluses come with a vault bank account.

•   Easy tracking of savings goals. Instead of having all your savings pooled into a single balance, your vault funds can be tracked separately from your main savings account balance.

For instance, you can create separate vaults for holiday gifts, vacations, home improvements, or to save for a car or home. A vault bank account makes it easy to see exactly how much you’ve saved for each goal. You can tell at a glance how much progress you’ve made by saving.

•   Streamlined savings. Besides making it easy to track your different goals, vault accounts mean you won’t have to open multiple bank accounts — which can be labor-intensive and involve various account fees and requirements.

•   Ability to automate your finances. By using recurring transfers, as noted above, you don’t have to fret about whether you’re steadily saving for that vacation, mountain bike, or wedding fund. Automating your savings keeps you moving right along to achieve your goals as your money grows via additional deposits and interest.

•   A motivation boost. Easily keeping tabs on your progress can keep you motivated to continue saving. When you see how much progress you’ve made after months of saving consistently, you’ll likely feel your sense of financial security soar.

•   Accessibility of your funds. When you’re ready to tap into your funds, a savings vault makes it simple to move the money from your vault to your checking account.

How to Transfer Funds Into and Out of Vaults

While it depends on the financial institution you have a savings vault with, moving money in and out of vaults should be pretty straightforward. Depending on the bank, you usually can transfer funds in and out of your vault to your checking account, main savings account, or external linked account.

For instance, you might first select the vault sub-savings account you’d like to move your funds into, then hit “Transfer,” and choose a linked account. You can typically pick either a one-time or recurring transfer when choosing your transfer. Then, click on “Next” to continue and complete the transaction.

Recommended: How Do Savings Accounts Work?

Are Vault Bank Accounts Secure?

As vault bank accounts are extensions of your savings account, they are protected up to the insured limits, just like with another deposit account, in the very rare instance of a bank failing. If your vault savings account is with a bank, it’s most likely insured by the Federal Deposit Insurance Corporation (FDIC), which covers up to $250,000 per depositor, per account ownership category, per insured institution. Savings vaults with credit unions are typically protected by the National Credit Union Administration (NCUA) up to $250,000 per depositor, per account ownership category, per insured institution.

Vault bank savings accounts are considered sub-accounts or accounts within an account. In turn, all the different funds within your savings are protected as a single account and are insured up to $250,000.

In addition, most banks have advanced, state-of-the-art security measures in place, such as encryption. You will likely be offered two-factor authentication, and it can be wise to use that feature.

Vault Bank Account Fees and Pricing

Pricing and fees for a vault bank savings account depend on the financial institution. Some may charge a monthly account fee and require you to keep a minimum balance in your savings account. There might also be inactivity fees and overdraft fees, among others. However, some vault accounts are free and carry no fees.

Recommended: Best IRAs for Young Adults

The Takeaway

A vault bank account can be a simple, streamlined way to save for different goals. It has sub-accounts you can dedicate funds towards for, say, rainy day expenses, a down payment on a house, or a big purchase, like new furniture. When shopping for a vault account, it’s important to be mindful of potential fees or account balance minimums. By finding one with no or minimal fees, more funds can be put toward your savings. For this reason, SoFi’s savings vaults can be a good option.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What is a vault bank account?

A vault savings account is one that has sub-accounts you can use to set up separate savings goals. The money in these savings goals is separate from your main savings account balance, and you can typically label them and set target savings dates.

How can I transfer money from my vault to my available balance?

Moving money from your vault to your checking account is usually straightforward and quickly executed. This can easily be done through your mobile banking app.

Are vault bank accounts secure?

While no bank account is 100% secure, vault bank accounts are very safe. They’re usually backed by either FDIC or NCUA insurance, plus the security measures the bank deploys to protect your identity and finances.

Can I have multiple vaults in my bank account?

You can have multiple sub-accounts or vaults in your savings account, if your bank offers this feature. The maximum number of vaults varies by the bank, with some allowing up to 20 active vaults at one time.

Are there any fees for using a vault bank account?

Depending on where you bank, your financial institution might charge such fees as a monthly account fee, among others. Some might require that you keep a minimum balance. However, there are also banks that provide this type of account with no or low fees, so it can be wise to shop around and read the fine print.

Photo credit: iStock/HuiLiu

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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