Yes, you can transfer money to a savings account from almost any other account you own
Moving money from a checking account, money market account, or another bank into a savings account is one of the most straightforward transfers you can make. Most banks let you do this online, by phone, or in person, and it usually takes one to three business days. The main thing to understand is that your bank may limit how many transfers out of a savings account you can make per month — but transfers into a savings account have no such limit.
The reason this matters is straightforward: banks want to encourage you to keep money in savings rather than move it out constantly. So they restrict outgoing transfers but welcome incoming ones. This is true whether you are moving money from your own checking account at the same bank or sending it from a completely different bank.
Key Takeaways
- You can transfer money into a savings account from a checking account at the same bank, usually when ready or within one business day.
- Transfers from a different bank take one to three business days and require your savings account number and routing number.
- There is no limit on how many times you can transfer money into a savings account, though some banks limit transfers out of savings.
- Online transfers are the fastest and most common method, but you can also call your bank or visit in person.
- Make sure you are sending money to the correct account number — transfers cannot be reversed once they leave your bank.
Transferring from your checking account at the same bank
If both accounts are at the same bank, this is the easiest transfer you can make. Log into your online banking, find the transfer or move money option, select your checking account as the source and your savings account as the destination, enter the amount, and confirm. Most banks process this when ready or within a few hours.
You can also call your bank's customer service line and ask them to move the money for you — they will ask for the amount and confirm both account numbers before processing. If you prefer to do it in person, visit a branch with your ID and ask a teller to transfer funds between your accounts.
There is no fee for transferring between your own accounts at the same bank, and there is no limit on how many times you can do it. Some banks do restrict how many times per month you can transfer out of a savings account (the federal limit used to be six, though this has changed), but transfers into savings are not counted against that limit.
Transferring from a different bank
If the money is in an account at a different bank, you have two main routes: you can initiate the transfer from your new bank (the one where your savings account is), or you can initiate it from your old bank (the one where the money currently sits).
To transfer from your new bank, log into your online banking and look for an option like "Add External Account" or "Link Another Bank." You will enter the other bank's name, your account number there, and your routing number (a nine-digit code that identifies your bank). Your new bank will then verify the account by depositing two small amounts — usually under one dollar each — into that account. You confirm the amounts, and the link is complete. After that, you can transfer money from that external account into your savings account whenever you want. This method typically takes one to three business days per transfer.
To transfer from your old bank, log in there and look for an option like "Send Money" or "Pay to Another Account." You will enter your new bank's routing number and your savings account number there. This also takes one to three business days. The advantage of this method is that you do not have to wait for verification deposits — you can start when ready. The disadvantage is that you have to remember to log into your old bank to move the money, rather than doing everything from your new bank.
What information you need to provide
To transfer money from another bank into your savings account, you will need your routing number and your account number. Your routing number is a nine-digit code that identifies your specific bank branch. Your account number is the unique number assigned to your savings account.
You can find both of these on a check, in your online banking portal, or by calling your bank. If you are transferring from another bank, you will also need that bank's routing number. Do not confuse routing numbers — each bank has its own, and using the wrong one will send your money to the wrong place.
You do not need to provide your PIN, password, or Social Security number to set up a transfer. If someone asks for these, they are not legitimate.
How long transfers take and what can go wrong
Transfers between accounts at the same bank usually complete when ready or within a few hours. Transfers from a different bank take one to three business days, sometimes longer if the transfer happens over a weekend or holiday. Some banks show the money in your account before it is fully settled — this is called a "provisional credit" — but do not spend it until your bank confirms the transfer is complete.
The most common problem is sending money to the wrong account number. Once a transfer leaves your bank, you cannot reverse it. If you made a mistake, contact your bank when ready and explain what happened. They can sometimes contact the other bank and ask them to return the money, but this is not may provide. Always double-check the account number before you confirm a transfer.
Another issue is linking the wrong external account. If you are setting up a transfer from a different bank for the first time, make sure you enter the correct routing number and account number. Test with a small amount first if you are unsure.
Fees and limits
Transfers between your own accounts at the same bank are always free. Transfers from a different bank are also free in most cases, though some banks charge a small fee (usually one to three dollars) for incoming transfers from external accounts. Check your bank's fee schedule or ask before you transfer.
There is no limit on how many times you can transfer money into a savings account. However, some banks do limit how many times per month you can transfer out of a savings account. This limit varies by bank and account type — some allow six per month, others allow more, and some have no limit at all. Check your account agreement or call your bank to find out what applies to you.
Frequently Asked Questions
Can I transfer money to someone else's savings account?
No, not directly. You can only transfer money between accounts that you own. If you want to send money to someone else, you would need to use a service like a wire transfer, Venmo, or a cashier's check. Your bank can explain which option works best for your situation.
What if I transfer money by mistake to the wrong account?
Contact your bank when ready and explain the error. They can sometimes reach out to the other bank and ask them to return the money, but this is not may provide. The sooner you report it, the better your chances. Do not wait — the longer you wait, the harder it becomes to recover the money.
Do I need to have a minimum balance to transfer money in?
No. You can transfer any amount into a savings account, even if it is just one dollar. However, your savings account may have a minimum balance requirement to avoid a monthly fee. Check your account agreement to see if this applies to you.
Can I set up automatic transfers to my savings account?
Yes. Most banks let you schedule recurring transfers — for example, moving fifty dollars from checking to savings every payday. Set this up in your online banking under recurring transfers or automatic payments. This is a good way to build savings without having to remember to transfer money manually.
How do I know if my transfer went through?
Log into your online banking and check your account balance and transaction history. You should see the transfer listed with a date and status. If it shows as pending, it is still processing. If it shows as complete, the money has arrived. If you do not see it after three business days, contact your bank.