Best Online Banks That Take Cash Deposits

Using an online-only bank often means you’ll earn higher rates and pay fewer fees than you would with a brick-and-mortar bank. However, a potential downside of not having access to bank branches is that it’s more difficult to deposit cash into your account. In fact, some online banks don’t even allow for cash deposits.

Workers who earn tips, such as bartenders, servers and hair stylists, may frequently need to deposit cash. Many business owners who are paid in cash also commonly need to put it in the bank.

Luckily, some online banks have alternative channels for adding cash into your account.

Best online banks for cash deposits

To get around the lack of physical branches while still reaping the benefits of online banking, let’s look at several online banks and credit unions that allow you to deposit cash into your account at places like ATMs and stores.

Alliant Credit Union

Members of Alliant Credit Union have access to more than 80,000 surcharge-free ATMs, and some of them allow for cash deposits. The credit union’s ATM search webpage lets you search specifically for its ATMs that accept deposits.

Axos Bank

Customers of Axos Bank can deposit cash at participating ATM locations throughout the country. The bank also partners with the Green Dot Network to allow customers to deposit cash into their accounts at various retailers nationwide, such as 7-Eleven, CVS, Dollar General, Walgreens, Walmart, Kroger, Rite Aid, Safeway and ACE Cash Express.

To make a deposit at one of these stores, just stop by the register and ask the cashier to add the money to your Axos debit card. You can add any amount between $20 and $500 at any of these locations, and some Walmart and ACE Cash Express locations allow you to add more.

Axos doesn’t charge a fee for a cash deposit, though participating stores may charge up to a $4.95 service fee.

Capital One

While Capital One does maintain branches in nine states, many of the bank’s customers live elsewhere and only access their accounts online. Cash deposits can be made at branches, Capital One Cafés, any Capital One-owned ATM and at select Allpoint locations. While Capital One provides customers with fee-free access to ATMs in the Allpoint and MoneyPass networks, the bank’s customers aren’t able to deposit cash at any MoneyPass location.

Cash can also be added to a 360 Checking account at CVS and Walgreens/Duane Reade locations.

Chime

Chime is a neobank that doesn’t operate branches, yet customers can deposit cash into their checking accounts at stores by handing the money and their debit card to a cashier. Participating retailers include 7-Eleven, CVS, Walgreens and Walmart. While there are no fees to deposit cash at Walgreens, the other stores may charge a fee for this service.

Chime customers aren’t able to deposit cash into their accounts at an ATM.

Current

Similar to Chime, customers of the neobank Current can deposit cash at various stores throughout the country, including participating 7-Eleven, CVS, Dollar General and Family Dollar locations. To deposit funds, customers hand the money to the cashier and have them scan a barcode in the Current mobile app. The money is then available instantly in the account.

Discover

Discover Bank offers a popular cash-back checking account. To deposit cash into the account, customers can bring their debit card and cash to any Walmart and ask the cashier to add it to their account. The transaction will typically post within 10 minutes, according to the Discover site.

LendingClub

Customers of online-only bank LendingClub can deposit cash into their accounts at any NYCE Shared Deposit ATMs and MoneyPass Deposit Taking ATMs.

Pentagon Federal Credit Union

While Pentagon Federal Credit Union does maintain nearly 40 branches across 12 states and Washington, D.C., those who live elsewhere can still open accounts and access them entirely online. Members of the credit union have fee-free access to more than 85,000 ATMs in the U.S., some of which accept cash deposits.

SoFi

SoFi is a personal finance company and online bank with products that include checking and savings accounts. Like Axos Bank, SoFi allows its customers to deposit cash at retail locations that offer Green Dot services. These include ACE Cash Express, CVS, Walgreens, Walmart and 7-Eleven.

USAA

Customers of USAA Federal Savings Bank can deposit cash at ATMs owned by the bank. You can find ATMs that take cash — and checks — on the bank’s ATM locator page.

Varo Bank

While Varo Bank customers are unable to deposit cash using an ATM, they can do so at the cash register at participating Green Dot locations, including some Walmart, Walgreens, 7-Eleven, Albertsons, Safeway and Kroger stores. The money is usually added to your account balance within 10 minutes, although at some locations it can take up to an hour. Stores may charge a fee of up to $4.95 for the service.

How to deposit cash at an online bank

• Deposit cash at ATMs: Online banks may allow for cash deposits at some or all of their ATMs. On some banks’ ATM locator web pages, customers can check a box so only the ATMs that accept cash will be listed. It’s also important to find out whether the bank imposes any limits on the amount of cash — or the number of dollar bills — it will take per ATM transaction.
• Deposit cash at retailers: Various online banks partner with the Green Dot Network, which enables you to deposit cash into your bank account at participating stores such as 7-Eleven, CVS, Dollar General, Walgreens and Walmart. To do so, just hand the money to the cashier. You’ll also need to either present your debit card to the cashier or have them scan a barcode in your bank’s mobile app. (The process may vary depending on each bank’s rules.)
• Use a prepaid debit card: Some online banks allow you to transfer funds from a prepaid debit card to your account. You can load cash onto a prepaid card at participating retailers, then use your bank’s app or website to move the money into your online account. Be sure to check for any fees or limitations associated with loading and transferring funds.
• Buy a money order or check: If direct cash deposit isn’t available, you can purchase a money order or cashier’s check with your cas at places like post offices, grocery stores or convenience stores. Then, use your online bank’s mobile app to deposit it by taking a photo of the money order or check. Watch out for deposit limits and processing times.

Are there fees for depositing cash at online banks?

Most banks don’t charge customers a fee for depositing cash into their accounts at the bank’s ATMs. While some banks also allow account holders to deposit cash at out-of-network ATMs, they may charge customers a fee for these transactions. (In addition, the owner of the out-of-network ATM may also charge a fee for such a transaction.)

Deposits made to your bank account at retailers through the Green Dot Network may incur a fee of up to $4.95 per transaction.

Bottom line

The benefits of an online bank often include higher rates of return and fewer fees than those of a brick-and-mortar bank. For anyone who prefers an online bank and plans to make frequent cash deposits, it can pay to shop around for a bank that allows you to put cash into your account at ATMs or retailers.