Yes, you can transfer money between your own savings accounts
You can move money from one savings account to another as long as both accounts are in your name. The transfer is straightforward — you initiate it through your bank or credit union, and the money moves into the receiving account. The process takes anywhere from same-day to a few business days, depending on how you send it and whether the accounts are at the same bank or different banks.
The main thing to understand is that moving money between accounts you own is different from sending money to someone else. Banks treat transfers between your own accounts as internal movements, not payments. This matters because it affects how fast the money arrives and what information you need to provide.
Key Takeaways
- Transfers between your own accounts at the same bank usually happen the same day or next business day.
- Transfers between accounts at different banks take one to three business days and require the receiving account's routing number and account number.
- You can set up a transfer through your bank's website, mobile app, or by calling customer service.
- Some banks charge a fee for transfers between different banks, though many do not — check your account agreement or call to ask.
Transferring between accounts at the same bank
If both savings accounts are at the same bank, the transfer is the fastest and simplest option. Log into your online banking or mobile app, find the transfer section (usually labeled "Transfer Money" or "Move Money"), select the account you want to send from and the account you want to send to, enter the amount, and confirm. The money typically arrives the same day or by the next business day.
You can also call your bank's customer service line and ask them to move the money for you. Have your account numbers ready. Some banks also allow transfers at the branch in person — you can walk in, speak to a teller, and complete the transfer on the spot.
Banks do not charge a fee for moving money between your own accounts at the same institution. This is one of the reasons it is the easiest route if you have a choice.
Transferring between accounts at different banks
Moving money to a savings account at a different bank takes longer because the banks have to communicate through a system called the Automated Clearing House (ACH). This is a network that processes transfers between different financial institutions. An ACH transfer usually takes one to three business days, depending on when you initiate it and how quickly each bank processes it.
To set up an ACH transfer, you will need the receiving account's routing number (a nine-digit code that identifies the bank) and account number. You can find both on a check from that account, or call the bank and ask. Log into your current bank's website or app, select the transfer option, choose "transfer to another bank," and enter the receiving bank's routing number and your account number there. Enter the amount and confirm.
Some banks charge a small fee for outgoing ACH transfers to other banks — typically $1 to $3 — though many banks waive this fee entirely. Check your account agreement or call your bank to ask whether they charge. The receiving bank almost never charges you to receive a transfer.
Using wire transfers for faster movement
If you need the money to arrive faster than an ACH transfer allows, you can use a wire transfer. A wire transfer moves money the same day or within one business day, but it costs more — usually $15 to $30 per transfer. Wire transfers are also harder to reverse if you make a mistake, so they are best used only when speed matters and you are certain of the receiving account details.
To send a wire transfer, call your bank or visit a branch in person. You will need the receiving bank's name, routing number, and your account number at that bank. The bank will walk you through the process and collect the fee at the time of transfer.
Setting up automatic recurring transfers
If you move money between the same two accounts regularly — for example, moving a set amount from checking to savings each month — you can set up an automatic transfer. Most banks let you do this through their website or app. You choose the amount, the frequency (weekly, monthly, etc.), and the start date, and the bank handles the rest.
Automatic transfers between your own accounts are free and happen on schedule without you having to remember to initiate them each time. This is useful if you are trying to build savings and want the money to move before you have a chance to spend it.
What information you need before you start
For a transfer between accounts at the same bank, you only need to know which account you are sending from and which account you are sending to. Your bank already has all the details.
For a transfer to a different bank, gather the receiving account's routing number and account number. You can find both on a check from that account — the routing number is the first set of numbers on the bottom left, and the account number is the second set. If you do not have a check, call the receiving bank and ask for both numbers. Have the account holder's name ready as well, since some banks ask for it to confirm the account is in your name.
Common reasons transfers get delayed
ACH transfers sometimes take longer than the standard one to three business days. If you initiate a transfer after business hours or on a weekend, it may not process until the next business day. If you initiate it on a holiday, processing may not start until the day after the holiday. Some banks also have cutoff times — if you initiate a transfer after 5 p.m., it may not process until the next day.
Transfers can also be delayed if there is a mismatch between the account number you entered and the account at the receiving bank. If the receiving bank cannot match the account number to an account in your name, the transfer may be rejected and sent back to your original account. This is why it is important to double-check the routing number and account number before you confirm.
Frequently Asked Questions
Can I transfer money from a savings account to a checking account?
Yes. The process is the same whether you are transferring to another savings account or to a checking account. The receiving account just needs to be in your name. If it is at the same bank, it usually happens the same day. If it is at a different bank, it takes one to three business days.
What happens if I enter the wrong account number?
If the account number does not match an account at the receiving bank, the transfer will be rejected and the money will be returned to your original account. This usually takes a few business days. If the account number matches an account that is not in your name, the money may go to that account, which is why it is critical to verify the account number before you send.
Is there a limit to how much I can transfer?
Some banks limit the amount you can transfer in a single transaction or per day, especially for online transfers. Call your bank or check your account agreement to find out what your limits are. You can usually request a higher limit if you need to move a larger amount.
Do I pay taxes on money I transfer between my own accounts?
No. Transferring money between accounts you own is not a taxable event. Taxes only explore to income you earn, not to money you move around. The money was already yours, so moving it does not create new income.
Can I transfer money from a savings account to someone else's account?
Not directly through a transfer. If you want to send money to someone else, you would use a different method like a wire transfer, a payment app, or a check. A transfer function is only for moving money between accounts in your own name.