Put your finances on the fast-track to growth with deposits at Core Bank. Here is help knowing all the different ways you can deposit money into your bank account, along with the how-tos. Equipped with this knowledge, you can be even more ready to get your hard-earned dollars socked away.
4 Ways to Deposit Cash in a Local Bank Account
There are multiple ways to get cash safely into your account. You could go the old-school way and deposit bills in person or take advantage of all the mobile transactions available.
- Using a Mobile Deposit- You can deposit your checks remotely. It’s super simple and you don’t have to leave home, which is one of the benefits of mobile deposits. All you need to do is take a picture of the front and the back of the check and deposit it via the Core Bank mobile app.
- ACH Transfer – You can also get money deposited directly into your account by what are known as ACH (or Automated Clearing House) transfers. These can be set up to go into your account on a recurring basis, too. For example, you can have your HR department deposit your paychecks into your account, and you can do the same with government benefits if you enroll in the program to get your money this way.
- Transferring from Another Bank Account – Another option is to transfer funds from another bank account. Whether you keep multiple bank accounts at one financial institution or divide them between different banks, you can send money from one account to an online account simply. You can likely use the transfer feature in your bank’s app, add the necessary bank account and routing number, and get the money heading where you want it.
- Deposit Cash at an ATM or ITM – An ATM or ITM can be found at our various Core Bank locations. ATMs can also be found at any MoneyPass location. ITMs are Interactive Teller Machines that bridge the gap between online banking and visiting a branch, delivering convenient, efficient and personalized banking. Physically, the machine looks similar to an ATM, but with a video screen and other added technological elements.
Options for Savings
Aside from the old-school savings and checking options, there are other options that allow you to save and withdraw cash. If you have just been parking your funds in a basic bank account for all these years, it’s worth your while to explore the benefits of CDs and Money Market accounts.
When you open a CD, it’s clear exactly how much money you’ll earn in interest by the end of the CD term. It’s just a matter of applying the interest rate and doing simple math as your rate won’t change during the CD term. Put your money into a high-rate certificate of deposit and reap the rewards of our special offer interest rates. If you put $5,000 into a 5-year CD with a 4.75% interest rate, by the end of the CD’s term you’ll have earned $1,305.80 in interest for a total balance of $6,305.80.
A Money Market may offer higher interest rates than a traditional savings account although there could be limited withdrawals. A Core Money Market offers six free debits per statement cycle and a low maintenance fee if you ever drop below the minimum required balance. Money market accounts are FDIC insured.
In general, Money Market accounts offer relatively lower risk for investors than other types of investments because they are insured by the Federal Deposit Insurance Corporation. These accounts would typically offer higher interest rates than traditional savings accounts because the funds can be invested into government securities, certificates of deposit (CDs), and other vehicles.
Depending on your financial goals, when you’re managing a savings account, one of your savings account options may be the ability to link it to other accounts for easy transfers, overdraft protection, and withdrawals. With Core Bank’s online banking and mobile app, it’s easy to manage your accounts.
Core Bank is local and community-focused with philanthropic outreach and civic service. Our personal banking philosophy is that every customer should have an option that suits their needs and goals. Our Core Savings and Core Money Market account options each have unique benefits. Our expert staff members would be happy to pair you with the account that suits you best. To find out the current rates offered by Core Bank call us at 1-877-968-7672.