There are several ways to pay cash and cheques into your bank account – and people can also transfer money to you directly. This guide explains the different options and how to use them.
- Ways to put money into your account
- Cheque imaging
- When can you get hold of the money?
- What your bank will do when you receive a payment
- Things to look out for on payments into your account
- Find out more
Ways to put money into your account
Pay in cash and cheques made out to you
- Over the counter at your local branch. Complete a paying-in form and give it to the cashier along with the cheque or cash.
- Deposit machines at your local branch. These machines give you a receipt.
- The self-service paying-in box at your local branch – complete a paying-in form, put it into an envelope and put it in the box. Be careful – you don’t get a receipt when you do this, so if there’s a dispute about the amount paid in, it might not be easy to sort it out.
- By post – cheques only. Send in cheques by post using a paying-in form, which you can get from your bank – they’re sometimes included at the back of your chequebook too.
- Some banks let you pay in cheques using their mobile banking app.
- Always get a receipt if you can, and keep it somewhere safe.
- Never send cash in the post.
Receive money into your account automatically
Salary, benefits and other payments are usually paid into your account automatically, usually under a system called:
- BACS (Bankers’ Automated Clearing Services), or
- CHAPS (Clearing House Automated Payment System).
Your employer, or whoever is paying money into your account, will need the following bank details:
- Your sort code
- Your account number
Note: to receive a payment you don’t need to share the long number across the front of your debit card.
If the payment is coming from abroad, you’ll need to provide:
- BIC (Bank Identification Code)
- Your IBAN (International Bank Account Number)
You can usually find all these details on your bank statement, or by asking your bank.
Online, phone and mobile payments
You can also make and receive payments over the phone and online.
Paym lets you make payments to registered mobile numbers, without needing to know their bank account number.
Some banks let you pay in a cheque using their mobile banking app by taking a photo of the cheque and submitting some details. Money typically clears on the next day Monday to Friday, but can take longer over the weekend or on public holidays.
Paying in a cheque in the normal way would take up to six days, so doing it digitally on an app is much quicker.
When can you get hold of the money?
If you pay cash into your account it’s available for you to spend on the same day, as long as you pay it in on a weekday before the cut-off time your bank specifies, for example 3.30pm.
Automated payments are available the day you receive them.
This can be up to three business days after someone sends them to you, or often more quickly with the Faster Payments Service.
If you pay a cheque into your account, you’ll be able to use the money four working days later – but you won’t be sure the cheque has cleared (the money is really yours) until six working days after you’ve paid it in.
If you use the money in the meantime, you might have to pay it back.
- You pay in the cheque on Monday
- You can use the money on Friday
- You’re sure the cheque hasn’t been rejected on the next Tuesday
If you pay a cheque into a savings account the money is available six business days later.
Even though you can’t access it, you start receiving interest on your money a little earlier – on the second business day after you pay in the cheque.
If you used cheque imaging to pay in your check, the money will be available inside two working days, and often the next working day.
Whichever way you paid in a cheque, remember to add an extra day when there is a bank holiday.
If you pay in the cheque late in the day, you might have to wait an extra day.
What your bank will do when you receive a payment
With most banks or building societies there’s no charge for receiving payments – if they do charge they have to tell you.
Most banks or building societies don’t charge for receiving payments – if they do they have to tell you.
Your bank will give you the details of the payment, on your statement or in your online account.
- the amount of the payment
- the date the payment was credited to the account
- any charges or interest that you owe or that is owed to you
- the name of the payer and any details they provided (like a payment reference)
- if it was originally in a different currency, the original amount and the exchange rate.
Things to look out for on payments into your account
- Some cheques paid in late in the day might not be processed until the next working day.
- If money is paid into your account by mistake, the bank or building society can take it back again – you don’t have the right to keep it. It’s worth contacting them to let them know.
Find out more
To learn about making payments out of your account or about running your bank account, choose one of the links below.
This article is provided by the Money Advice Service.
Some important information about Rest Less Money
We want you to understand the positives, but also the limitations of using our site. We operate in a journalistic manner and therefore all information, guidance or suggestions provided are intended to be general in nature, and you should not rely on any of the information on the site in connection with the making of any financial decision.
When we set out to build Rest Less Money, we wanted to be a trusted place where you could find helpful information about financial matters affecting the over 50s. As a free to use resource, we try hard to provide the best information we can, but we cannot guarantee that we won’t occasionally make mistakes. So please note that you use the information on our site at your own risk, and we can’t accept liability if things go wrong.
Key things to remember when using Rest Less Money:
We do not offer financial advice – As a journalistic site, it’s important to know that we do not provide financial advice. You should always do your own research before choosing any financial product so that you can be certain it is right for you and your specific circumstances. If you are in any doubt, please seek professional financial advice from a regulated financial advisor.
No Liability – please note that you use the information on Rest Less Money at your own risk and we can’t accept liability for how you choose to use the information given on our site. We will often provide links to content or products and services available on other third-party websites. These are provided purely for your convenience and we cannot be held responsible for any content, or any of the products and services offered on any website that we link to.
Accuracy of Information – We try to make sure that all the information provided on Rest Less Money is correct at the time of publishing as we want it to be the most helpful resource possible. Sadly, we are not perfect however, and so we can make no guarantees as to the completeness, accuracy, adequacy or suitability of the information available on the site.
Whilst we work hard to try and provide accurate information, deals and prices can change, so whilst they may be correct at the time of writing, providers may subsequently decide to alter them later – so always double check first.
A final note on the Rest Less Community Forums – always remember that anyone can post their opinion on the Rest Less Community Forums, so it can be very different from our own opinion and may not be factual or well researched. Always be wary of any content posted on the forums and be sure to do your own research and due diligence on anything suggested.