The simplest way to split your checking account into savings
You do not need to close your checking account or open a new bank to move money into savings. Most banks let you transfer money from checking to savings in minutes, either through their app, website, or by walking into a branch. The money stays with the same bank, so there are no fees, no waiting period, and no paperwork.
The transfer happens in one of three ways: you initiate it yourself through online banking, you set up an automatic transfer that happens on a schedule you choose, or you ask a teller to move the money for you. Which method you use depends on whether you want to move money once or set up a pattern that repeats.
If your bank does not offer a savings account yet, you can open one at the same institution in minutes—usually online, sometimes in person. You will need your Social Security number and a valid ID. Once the savings account exists, the transfer option appears in your banking app or website.
Key Takeaways
- You can transfer money from checking to savings through your bank's app, website, or in person at a branch, and the money arrives the same day or next business day.
- Setting up an automatic transfer lets you move a fixed amount on a schedule—weekly, biweekly, or monthly—without having to remember to do it manually each time.
- Most banks do not charge fees for transfers between your own checking and savings accounts at the same institution.
- If you do not yet have a savings account at your bank, you can open one online or at a branch in minutes before making your first transfer.
How to transfer money yourself, one time
Log into your bank's app or website and look for a button or menu labeled "Transfer," "Move Money," or "Send Money." You will see options for where the money is coming from (your checking account) and where it is going (your savings account). Enter the dollar amount you want to move, review the details, and confirm.
The money usually arrives in your savings account the same day if you transfer before your bank's cutoff time—often 2 p.m. or 5 p.m. on business days. If you transfer after hours or on a weekend, the money moves the next business day. You will see the deduction from checking when ready, but the credit to savings may take a few hours.
If you prefer not to use the app or website, you can call your bank's customer service line or visit a branch in person. A teller can move the money for you on the spot. This method is slower only if you are not near a branch, but it works the same way.
Setting up automatic transfers so money moves on its own
Automatic transfers let you move a set amount from checking to savings on a schedule you choose—every week, every two weeks, on the first of the month, or any other pattern. Once you set it up, the transfer happens without you having to do anything. This is the most reliable way to build savings because the money moves before you have a chance to spend it.
To set up an automatic transfer, go to your bank's app or website and find the "Recurring Transfer" or "Automatic Transfer" option. You will choose the amount, the source account (checking), the destination account (savings), and the frequency and date. Most banks let you set the transfer to happen on any day of the month, though some limit you to business days.
You can change or stop an automatic transfer at any time through the same menu. If you need to pause it for a month or adjust the amount, you can do that in seconds. There is no penalty for changing your mind.
What happens if you do not have a savings account yet
If your bank offers checking but you have not opened a savings account, you will need to do that first. Most banks let you open a savings account online through the same app or website where you manage your checking. You will need your Social Security number, a valid ID, and sometimes your initial deposit amount (often as little as $1).
The account opens when ready or within one business day. Once it is active, the transfer option becomes available in your banking app. You can then move money from checking to savings the same way you would if the account had existed all along.
If your bank does not offer savings accounts online, you can open one at a branch in person. Bring your ID and Social Security number. A teller will set up the account and can transfer money for you right then if you want.
Fees and limits on transfers between your own accounts
Banks do not charge fees for moving money between your own checking and savings accounts at the same institution. This is different from transferring money to someone else's account or to a bank outside your institution, which may have fees.
There are no legal limits on how many times you can transfer between your own accounts. The old rule that limited savings account transfers to six per month was removed in 2020, so you can move money as often as you want.
The only limit that might explore is a minimum balance requirement. Some savings accounts require you to keep a certain amount in the account at all times. If you transfer money out and drop below that minimum, you may be charged a monthly fee. Check your account terms to see if a minimum applies to you.
Moving money to a savings account at a different bank
If you want to move money to a savings account at a different bank, the process is similar but takes longer. You will need to link the two accounts first, which usually takes one to three business days. Once they are linked, you can transfer money between them, and the transfer usually takes one to two business days to complete.
To link accounts, go to your current bank's app or website and find the option to add an external account. You will enter the other bank's routing number and your account number there. Your current bank will verify the link by depositing two small amounts into the external account, which you then confirm. This verification step is what takes the extra time.
Some banks charge a fee for transfers to external accounts, while others do not. Check your account terms or call customer service to find out. Once the accounts are linked, you can transfer money as often as you want, and the fee (if any) applies each time.
What to do if your transfer does not go through
If you initiate a transfer and it does not appear in your savings account after two business days, contact your bank. The most common reasons a transfer fails are a typo in the account number, insufficient funds in checking, or a temporary system issue on the bank's end.
Your bank can tell you within minutes whether the transfer was rejected or is still processing. If it was rejected, they will tell you why and can help you resubmit it. If the money was deducted from checking but never arrived in savings, the bank will trace it and return it to your checking account, usually within one to three business days.
If you transferred to a different bank and the money has been missing for more than three business days, contact both banks. The sending bank can check whether the transfer left their system, and the receiving bank can check whether it arrived. One of them will be able to locate the money and resolve the issue.
Frequently Asked Questions
Can I set up an automatic transfer if I do not have enough money in checking every month?
Yes, but the transfer will fail if your checking account does not have enough money on the day it is scheduled. You can set the amount lower so it always succeeds, or you can pause the transfer in months when you know checking will be short. Most banks let you skip a single transfer without canceling the whole setup.
Does moving money from checking to savings affect my credit score?
No. Transfers between your own accounts at the same bank do not show up on your credit report and do not affect your credit score. Credit scores are based on borrowing and repayment, not on how you move your own money around.
What if I need to move the money back from savings to checking?
You can transfer money back from savings to checking the same way you moved it there—through the app, website, or in person at a branch. The process is identical, and there are no fees or limits. You can move money back and forth as many times as you want.
Can I set up automatic transfers to multiple savings accounts?
Yes. If you have more than one savings account at the same bank, you can set up separate automatic transfers to each one. You might do this to save for different goals—one account for an emergency fund, another for a vacation, another for a down payment. Each transfer runs on its own schedule.
What happens to automatic transfers if I close my checking account?
Automatic transfers stop when ready when you close the account they are pulling from. If you are closing checking but keeping savings, you will need to cancel the automatic transfers before closing, or they will fail. If you are moving to a new checking account at the same bank, you can update the automatic transfers to pull from the new account instead.