How do you deposit cash or change into your bank account?

The days of needing to line up at your local bank to deposit actual cash and change is long gone. However, that doesn’t mean Australians aren’t frequently accruing coins and notes that they’d prefer to deposit back into their accounts.

Put simply, most banks will let you deposit change or cash into your bank account by:

• Visiting a branch and doing so in person; or
• Using a deposit ATM.

According to the Reserve Bank of Australia, many Australians may be storing their wealth by hoarding banknotes, despite significant changes in how we pay for transactions.

It’s less clear how many silver and gold coins may be gathering dust in biscuit tins, piggy banks, and swear jars around the country. A few may even be holding the old 1 and 2 cent coins, or paper banknotes that were switched for plastic money in the mid-90s.

So, if you’ve been using online banking or mobile payments for some time, or if you have never deposited currency before, this is your handy refresher of how this process works.

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The simplest way to deposit cash into your bank account would be to visit a branch. Bank tellers often have access to automatic coin-counting machines that can sort shrapnel in seconds and calculate their total value. Then with a wave of your debit card (or by providing some account information and identification) you can have this sum added to your bank balance.

Can you deposit cash at an ATM?

Some bank branches offer deposit ATMs that allow you to deposit cash at an ATM. These machines often only accept banknotes, though a few will also accept coins. This could allow you to deposit your shrapnel directly into your bank account, without an awkward interaction with a bank teller - instead, it’s just the other bank customers waiting in line who’ll see your coins tumble into the ATM.

How to put coins in a bank account

If you’ve accumulated a stash of loose change at home, you might be wondering how to convert it into funds in your bank account. Fortunately, several options are available:

• Branch Deposits: The most straightforward method is to visit your local bank branch. You can either hand over the coins to a teller for deposit or, if available, use a self-service coin deposit machine.
• Tamper-proof bags: Some banks, like NAB, provide tamper-proof plastic bags for organising your coins. After wrapping your coins, you can deposit them at designated collection points or directly at a branch. However, be sure to check for any restrictions on the types or quantities of coins your bank accepts.
• Deposit ATMs: If your bank offers deposit ATMs, some machines might also accept coins, allowing for a quick and convenient way to add funds to your account. However, the availability of this feature varies by bank, so it's advisable to verify this with your bank.

By using these methods, you can easily turn your spare change into accessible funds in your bank account. Make sure to check your bank's specific policies regarding coin deposits to avoid any inconvenience.

If your bank doesn’t have a branch or deposit ATM conveniently located near you, you may be able to use Bank@Post from Australia Post. By visiting one of 3500 participating post offices, you can receive basic financial services from over 80 participating banks, including withdrawals and deposits using cash or cheques.

If you don’t want to lug around a lot of heavy loose change, but still want to have cash on hand because we’re yet to reach a cashless future, you may be able to change your coins for notes. This service can often be done at a local branch of your bank.

You may also be able to get coins swapped for notes at branches of other banks or at Bank@Post offices, though fees may apply.

You may also be able to exchange your loose shrapnel for more manageable banknotes at bank branches and some post offices, though you may be charged a fee.

Generally speaking, this money (yes, even the discontinued denominations) could be put to better use in a bank account than sitting in a half-forgotten pile - even if you have to pay a fee.

Plus, money deposited in a bank may be safer than keeping it under the mattress, and may let you earn interest on your savings.