The three ways to deposit money into Discover
You can move money into your Discover savings account through a bank transfer from another bank, a wire transfer, or by mailing a check. Bank transfer is the slowest but free. Wire transfer is fastest but costs money. Mailing a check falls somewhere in between. Which one you use depends on how quickly you need the money there and whether you have another bank account to transfer from.
Discover does not have physical branches or ATMs, so you cannot walk in and hand over cash. You also cannot deposit checks by taking a photo on your phone the way some banks let you do. Your options are limited to what you can do from home or online.
Key Takeaways
- Bank transfers from another account you own are free and take one to three business days, making them the cheapest option for most people.
- Wire transfers arrive the same day or next business day but cost between $15 and $30, depending on whether you initiate the transfer from Discover or from your other bank.
- Mailing a physical check takes five to seven business days and requires you to include a deposit slip that Discover provides.
- You will need your Discover account number and routing number to set up a transfer from another bank, or to give your employer for direct deposit.
Bank transfers: the free option that takes a few days
A bank transfer moves money electronically from your account at another bank into your Discover savings account. It is free and straightforward, but it is not when ready. Most transfers take one to three business days, depending on the other bank and the time of day you initiate the transfer.
To set up a bank transfer, log into your Discover account online or through the mobile app. Go to the Transfers section and select "Transfer from another bank." Discover will ask you for the name of your other bank, your account number there, and your routing number. You can find your routing number by logging into your other bank's website, calling their customer service line, or searching for it online using your bank's name.
Once you provide that information, Discover may verify the account by depositing two small amounts (usually under $1 each) into your other bank account. You will then need to confirm those amounts in your Discover account to prove you own both accounts. This verification step can add a day or two, but you only have to do it once per account.
Wire transfers: fast money that costs you
A wire transfer is an electronic transfer that moves money the same day or next business day. It costs money — usually between $15 and $30 — but it is much faster than a bank transfer if you need the money urgently.
You have two ways to send a wire transfer to Discover. You can initiate it from your Discover account by going to Transfers and selecting "Wire transfer in." Discover will give you the wire instructions to provide to your other bank. Or you can call your other bank directly and ask them to wire money to Discover on your behalf. Either way, you will need to give your other bank Discover's routing number and your Discover account number.
Wire transfers sent before 2 p.m. Eastern Time on a business day usually arrive the same day. Transfers sent after 2 p.m. or on weekends and holidays arrive the next business day. Ask your other bank what they charge for outgoing wire transfers — some banks charge $15 to $30, while others charge more.
Mailing a check: the slowest method
You can mail a physical check to Discover, though this is the slowest option. The check takes several days to arrive in the mail, and then Discover takes another few days to process it. Plan for five to seven business days from the time you drop the check in the mail.
To mail a check, log into your Discover account and request a deposit slip. Print it out and write your check to "Discover Bank." Include the deposit slip with your check and mail both to the address Discover provides. Do not mail cash — it can be lost or stolen in the mail.
Setting up direct deposit from your employer
If you receive a paycheck, you can have your employer deposit it directly into your Discover savings account instead of mailing a check or using a transfer. This is free and the money usually arrives on payday without any extra steps from you.
Ask your employer's payroll department for a direct deposit form. You will need to provide your Discover account number and Discover's routing number. The routing number for Discover is the same regardless of which account you use. Once your employer has this information, your paycheck will go directly into your Discover account on your regular payday.
What information you need before you start
Before you set up any deposit method, gather your Discover account number and routing number. You can find both by logging into your Discover account online or through the app. Your account number appears on statements and in your account settings. The routing number is the same for all Discover customers and is also listed in your account settings or on any paperwork Discover sent you when you opened the account.
If you are setting up a bank transfer, you will also need the routing number and account number from your other bank. If you are mailing a check, you will need to request a deposit slip from Discover first.
Frequently Asked Questions
How long does it take money to show up after I transfer it?
Bank transfers take one to three business days. Wire transfers arrive the same day or next business day if sent before 2 p.m. Eastern Time on a weekday. Mailed checks take five to seven business days. Direct deposit from your employer arrives on payday, which is usually the same day as your paycheck.
Can I deposit cash into my Discover account?
No. Discover has no physical locations or ATMs, so you cannot deposit cash directly. You can withdraw cash from an ATM using your debit card, but to put money in, you must transfer it from another bank account, wire it, mail a check, or set up direct deposit from your employer.
What if I make a mistake on the deposit slip when mailing a check?
Discover can usually still process the check if your account number is correct, even if other information is wrong. If you are worried about an error, call Discover customer service before mailing to confirm what information is required on the deposit slip.
Do I have to pay a fee to deposit money?
Bank transfers and direct deposit are free. Wire transfers cost money — usually $15 to $30 depending on your other bank. Mailing a check costs only the price of a stamp. Discover itself does not charge a fee to receive deposits.
Can I set up multiple bank accounts to transfer from?
Yes. You can link as many bank accounts as you own to your Discover account. Each one requires the same verification process the first time, but after that you can transfer from any of them whenever you want.