Checking accounts are the backbone of many people’s finances. They’re often where you deposit your paycheck, pay your rent or mortgage, and handle hundreds of other transactions, so it’s useful to have a decent chunk of cash in them.
Generally, you can put as much money into a checking account as you want. You can also leave as much money in your account as you want. But it’s worth being aware of FDIC insurance limits and the potential to earn interest elsewhere. And if you plan to deposit large sums of cash, the government may want to know about it.
Additionally, some banks have limits on how much you can deposit within a certain period of time. Some don’t allow cash deposits at all, and others may have restrictions on how much you can deposit at an ATM.
Current account deposits and the law
For cash deposits, the magic number is $10,000. If you make one or more deposits of $10,000 or more, your bank must report it under the Bank Secrecy Act and the USA PATRIOT Act. The reason? Authorities want to make it harder for criminals to launder money from illegal activities.
Our pick of the best high-yield savings accounts of 2024
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Capital One 360 Performance Savings 
APY 4.25%
Price info
For the most current rates, visit Capital One’s website. The advertised annual percentage rate (APY) is variable and is effective April 11, 2024. Rates are subject to change at any time before or after account opening.
Member of the FDIC. |
APY 4.25%
Price info
For the most current rates, visit Capital One’s website. The advertised annual percentage rate (APY) is variable and is effective April 11, 2024. Rates are subject to change at any time before or after account opening. |
Min. to earn $0 |
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UFB Portfolio Savings Account 
APY 5.15%
Price info
To ensure you continue to receive the highest interest rate with UFB, you need to keep an eye on their interest rates. Occasionally, the bank opens new accounts with higher interest rates. Existing accounts will need to contact the bank to request to be transferred to one of these new accounts.
Member of the FDIC. |
APY 5.15%
Price info
To ensure you continue to receive the highest interest rate with UFB, you need to keep an eye on their interest rates. Occasionally, the bank opens new accounts with higher interest rates. Existing accounts will need to contact the bank to request to be transferred to one of these new accounts. |
Min. to earn $0 |
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American Express® High-Interest Savings 
APY 4.25%
Price info
4.25% annual percentage rate from August 27, 2024
Member of the FDIC. |
APY 4.25%
Price info
4.25% annual percentage rate from August 27, 2024 |
Min. to earn 1 dollar |
Therefore, if you make a cash deposit of more than $10,000, you will be asked to provide additional information or documentation. This may include your ID and social security number. You may also be required to explain where you got the money and provide supporting documents.
You may think you can avoid the hassle by splitting your deposits to stay under the limit, or by splitting payments and putting some of the money into savings or investment accounts. Don’t do that. It’s called structuring and it’s a crime. As long as you have a legitimate reason for doing so, you won’t get in trouble if you make a large deposit. However, you will get in trouble if you try to circumvent the rules and hide your activities.
Business owners must also report large transactions. Let’s say you’re a used car dealer and someone pays you cash for a vehicle. You must fill out Form 8300 within 15 days to notify the IRS of the payment.
What it means for your banking
Considering how often you use your checking account each day, it’s helpful to know your deposit limits. Here’s what to consider when deciding how much to put into your checking account—and how much to leave there.
Bank-specific rules
In addition to the rules for reporting cash deposits over $10,000, each bank has different rules for deposits, cash or otherwise. Check with your bank to see what rules apply. If you’re looking to open a new account, look for a bank that fits your banking habits.
For example:
- Ally Bank does not accept cash deposits at all. It only allows check deposits of up to $50,000 per day and $250,000 every 30 calendar days using Ally eCheck Deposit℠.
- Axos Bank limits mobile deposits to $10,000 per business day and sets a rolling 30-day limit of $50,000.
- SoFi® Money only allows two cash deposits per day. There is a maximum of $500 per cash deposit transaction. Additionally, total cash deposits are limited to $1,000 per day, $3,000 per week, and $5,000 per month.
FDIC limits
FDIC insurance protects your money if your bank goes bankrupt. All major banks are members of the FDIC. If you plan to deposit large amounts into your checking account, you should learn about FDIC insurance limits.
For each bank you use, the FDIC will protect up to $250,000 per depositor per ownership category. Ownership categories are things like an individual account or a joint account. So if you had both an individual account and a joint account at the same bank, both would qualify for FDIC protection. The joint account would be protected up to $500,000 because there are two depositors.
Interest-bearing opportunities
Many checking accounts don’t offer much interest, especially when compared to some of the high-yield savings accounts on the market today. It’s important that you deposit enough money into your checking account to meet the minimum balance requirements and avoid accidental overdraft fees.
At the same time, you could be losing money if your checking account is not earning interest. For example, $5,000 in a savings account with an annual interest rate of 5.00% could earn $250 in interest in one year. Be careful to see if your money is really working as hard for you as it could.
Think about where you want to keep your money
If you have legitimate reasons for making cash deposits of over $10,000, no one is going to stop you. The only real limits on how much you can deposit into your checking account are those set by your bank.
Just because you can put a lot of money in your checking account doesn’t mean you should leave it there. Actively manage where you keep your money so you can earn the highest possible interest and benefit from full FDIC protection.
