Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press , USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Reviewed by Kathleen Burns Kingsbury Kathleen Burns Kingsbury
Wealth psychology expert and coach Kathleen Burns Kingsbury, founder of KBK Wealth Connection and host of the Breaking Money Silence podcast, is an internationally published author and speaker. As an expert on financial psychology, Kathleen has appeared on television and her work has been featured in The New York Times, The Wall Street Journal, "PBS NewsHour," Money magazine, Today Money, Forbes and CNBC. Kathleen served as an adjunct faculty member at the McCallum Graduate School at Bentley University from 2009 to 2019 and currently teaches at Champlain College.
At NerdWallet, our content goes through a rigorous editorial review process. We have such confidence in our accurate and useful content that we let outside experts inspect our work.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
How long a check takes to clear: Quick summaryHere’s how long it generally takes for a check to clear:
Usually within two business days for personal checks but up to seven for some accounts.Usually one business day for government and cashier’s checks and checks from the same bank that holds your account.
The first $200 or so of a personal check is usually available one business day after the day you deposited the check.
When a check clears, it means that the funds have moved from the payer’s bank to the payee’s bank, and usually the funds become available to the payee not long after.
The length of time that it takes for a check to clear will depend on whether your account is in good standing, and how long you’ve been a customer of the bank. Most types of checks clear within two business days, though some banks and credit unions are speedier ( jump to a list of banks that clear checks faster ). Usually the first $200 of a check is made available the business day after the bank receives the check.
A business day is a weekday that isn't a bank holiday. For any deposit, the clock starts on the business day a check is received, before the institution's cutoff time. It varies by bank, but for checks deposited at physical locations, a bank's cut-off time must be 2 p.m. or later; for those deposited at ATMs or elsewhere, a bank's cutoff must be noon or later. Here's an example of the two-day standard:
Day of deposit: You deposit a $1,000 check.
First business day: $200 of the check is available.
Second business day: The rest of the check ($800) is available.
Cashier’s and government checks, along with checks drawn on the same financial institution that holds your account, usually clear faster, in one business day.
Cash Management Money Market A savings account is a place where you can store money securely while earning interest. A savings account is a place where you can store money securely while earning interest. Learn MoreSoFi Checking and Savings
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Min. balance for APY Read reviewEverBank Performance℠ Savings
Min. balance for APY Learn MoreBarclays Tiered Savings Account
Min. balance for APYThese cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
Learn Moreon Wealthfront's website
Min. balance for APY Learn Moreon Betterment's website
Betterment Cash Reserve – Paid non-client promotion
*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APYCDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Read reviewMarcus by Goldman Sachs High-Yield CD
4.70% APY (annual percentage yield) as of 08/30/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Annual Percentage Yield (APY) is accurate as of 09/10/2024
Discover® Cashback Debit
Chase Total Checking®
Deposits are FDIC Insured
Monthly fee Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
In some cases, checks can be held for up to seven business days. (For example, if you deposited on a Monday, the check might take until Wednesday of the following week.) Delays usually occur because:
You’re depositing a large amount in checks — generally more than $5,500 — in a single day. Your account has been open for less than 30 days. Your account has repeated overdrafts in the past six months. Your bank believes the check won’t be paid, for whatever reason.Your bank or credit union should tell you if it’s holding your check for an extended time. If you aren’t sure when the money will be available, check the deposit receipt or ask the teller if you’re depositing in person. Even with a hold, generally the first $200 of a check is credited to your account after one business day, so you can have earlier access to at least some of your money.
To process a check, your bank or credit union needs to acquire the money from the payer’s checking account. If the account is at another financial institution, the check is typically sent to a clearinghouse that handles the request.
The process can take a few days. If the check isn’t deemed “risky” — it’s less than $5,525, your bank account has been open for more than 30 days, there isn’t a history of multiple overdrafts, and there’s no reason to believe the check is fraudulent — your financial institution may decide to credit your account before the check technically clears.
If it later learns the check can’t clear — because the payer’s account is overdrawn, for example — your institution could take the money back out of your account. Be sure to read your deposit agreement and disclosure forms for your institution's policies.
Some banks and credit unions make funds available faster than the two-day standard. Here are some of the larger institutions with same-day or next-business-day availability on personal checks. This assumes the checks aren’t being held for one of the reasons above.
Bank of America
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Generally next business day up to $5,525 . Cutoff times are when the branch closes and 8 p.m. local time for ATMs. Cutoff times for mobile deposits are 9 p.m. Eastern time if you’re in the Eastern and Central time zones or 8 p.m. Pacific if you’re in the Mountain or Pacific zones.
Capital One 360
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Next business day up to $5,525 . Cutoff is branch closing, or 9 p.m. Eastern time, for Capital One ATMs.
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Next business day for up to $225. Business day cutoff time is 10:30 p.m. Eastern time for all ATMs.
Consumers Credit Union
NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Same-day availability for in-branch deposits made during regular business hours.
For Consumers Credit ATMs, the first $225 of the deposit is available on the next business day, and the rest after the seventh business day. Non-Consumers ATM deposits may take up to five business days.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Same-day availability for the first $100 , and next business day for the remaining amount, up to $50,000.
Cutoff is 10 p.m. Eastern time for mobile deposits and PNC Bank ATMs, 3 p.m. Eastern time for non-PNC ATMs and branch closing hours for in-person deposits.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Same day for up to the first $400 if deposited at a branch or a Wells Fargo ATM. Cutoff time varies by branch but is generally 9 p.m. local time for ATMs.
The time it takes for a check to clear depends on the check itself and the status of the bank account. But it’s usually a matter of days, not minutes.
Direct deposits, wire transfers and P2P transfers are generally faster. Consider asking the payer for direct deposit or to wire the funds if you’re expecting a large amount. You could also ask the payer to send you money using a mobile peer-to-peer payment app. Transactions are inexpensive and fast — and unlike checks, there’s no need for pen and paper.
Get a new bank account - and $100 in rewardsBecome a Nerdwallet+ member, open an eligible bank account, and make a direct deposit within 45 days to start racking up rewards.
GET STARTED
You’re following Margarette Burnette
Visit your My NerdWallet Settings page to see all the writers you're following.
Margarette is a NerdWallet authority on savings. Her work has been featured in USA Today and The Associated Press. See full bio.
On a similar note.
Download the app
Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product's site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution's Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.
NerdUp by NerdWallet credit card: NerdWallet is not a bank. Bank services provided by Evolve Bank & Trust, member FDIC. The NerdUp by NerdWallet Credit Card is issued by Evolve Bank & Trust pursuant to a license from MasterCard International Inc.
Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
NerdWallet Compare, Inc. NMLS ID# 1617539
California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812
Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses
NerdWallet™ | 55 Hawthorne St. - 10th Floor, San Francisco, CA 94105
