Yes, you can transfer money to a savings account from almost any other account you own
You can move money into a savings account from a checking account, money market account, or another savings account at the same bank or a different one. The mechanics depend on which accounts you're moving between and whether they're at the same institution. Same-bank transfers usually happen within hours or the same day. Transfers between different banks take one to three business days because the money has to move through the banking network.
The real constraint is not whether you can do it, but how you do it and what happens to the money once it arrives. A savings account is a deposit account, which means the bank holds your money and pays you interest. When you transfer funds in, they sit there earning that interest rate until you withdraw them. Some savings accounts have limits on how many withdrawals or transfers out you can make per month—this varies by bank and account type, so check your account terms.
Key Takeaways
- Transfers from checking to savings at the same bank usually complete the same day or within a few hours.
- Transfers between different banks use the ACH network and take one to three business days.
- Your savings account may have a limit on how many times per month you can withdraw or transfer money out, though many banks have removed this restriction.
- Wire transfers and mobile payment apps move money faster but cost more or work only between accounts you control.
- The money you transfer in earns interest at your savings account's rate, which varies widely by bank.
Same-bank transfers: the fastest route
If both accounts are at the same bank, you can transfer money through online banking, a mobile app, or by calling the bank. Log into your account, select the transfer option, choose your savings account as the destination, enter the amount, and confirm. The money usually moves within hours, sometimes when ready depending on the bank's system.
Some banks let you set up recurring transfers—for example, moving $100 from checking to savings every payday. This is useful if you want to automate saving without thinking about it. You can change or cancel the transfer at any time through your online account or by calling the bank.
If you prefer not to use online banking, you can walk into a branch with your account information and ask a teller to move money between your accounts. This takes a few minutes and the transfer posts the same day.
Transfers between different banks: using the ACH network
Moving money from an account at Bank A to a savings account at Bank B requires the ACH (Automated Clearing House) network, which is the system that moves money between different banks electronically. To set this up, you need the routing number and account number of the savings account you're transferring into.
You initiate the transfer from your checking account's bank (the sending bank). Log into online banking, select "transfer to another bank" or "external transfer," enter the receiving bank's routing number and your savings account number there, and submit. The ACH network processes the transfer overnight, and the money arrives in one to three business days. Weekends and federal holidays add time—a transfer sent on Friday may not arrive until Tuesday.
The first time you transfer to a new external account, some banks hold the money for a day or two as a fraud check. After that, transfers to the same account usually move on the standard timeline. You can set up recurring ACH transfers the same way you would at a single bank.
Wire transfers: faster but more expensive
A wire transfer moves money between banks in hours rather than days. You initiate it through your bank's online system or by calling and speaking to a representative. You'll need the receiving bank's routing number, your account number at that bank, and sometimes the bank's address. The sending bank deducts a fee—typically $15 to $30—and the receiving bank may charge a fee as well.
Wire transfers are useful when you need money to arrive the same day or the next morning. They're also harder to reverse if you make a mistake, so double-check the account number and routing number before you confirm. If you send a wire to the wrong account, contact your bank when ready; they can sometimes recall it, but there's no may provide.
Most banks limit how many free wire transfers you can send per month. After that, each wire costs the fee. If you're moving money regularly, ACH transfers are cheaper.
Mobile payment apps and peer-to-peer transfers
Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to other people, but they can also move money between your own accounts if both are linked to the app. The process is straightforward: link your checking account and your savings account, select the amount, and transfer. Most apps complete the transfer within one business day, and many do it when ready.
These apps are free for transfers between your own accounts, but they're not designed for large amounts. Most have daily or monthly limits on how much you can transfer—Venmo's limit is $20,000 per week, for example. Check your app's terms to see what applies to you.
The main advantage is speed and convenience if you already use the app. The main disadvantage is that you're relying on a third-party company to move your money, not your bank directly. If the app has a technical problem or your account gets locked for security reasons, you may not be able to access your money for a few hours.
What happens to the money once it arrives
Once the transfer completes and the money lands in your savings account, it sits there earning interest. The interest rate varies widely—from nearly 0% at some traditional banks to 4% or higher at online banks, depending on current market rates and the bank's offer. The higher the rate, the more your money grows over time.
Interest is usually calculated daily and paid monthly. If you transfer $5,000 into a savings account earning 4% annual interest, you'd earn roughly $16.67 that month (the exact amount depends on the bank's calculation method). If you leave the money untouched for a year, you'd earn about $200.
Some savings accounts have restrictions on withdrawals or transfers out. Older accounts may limit you to six transfers per month; newer accounts often have no limit. Check your account agreement or ask your bank what applies to you. If you exceed the limit, the bank may charge a fee or convert your account to a checking account.
Timing and what to expect at each step
| Transfer Type | Timeline | Cost | Best For |
|---|---|---|---|
| Same-bank transfer (online or app) | Same day or when ready | Free | Moving money between your accounts at one bank |
| ACH transfer between banks | 1–3 business days | Free | Regular transfers between different banks |
| Wire transfer | Same day or next business day | $15–$30 per transfer | When you need money to arrive quickly |
| Mobile app transfer (own accounts) | when ready to 1 business day | Free | Quick transfers using an app you already use |
When you initiate a transfer, the sending bank deducts the money from your account right away. The receiving bank may not show the deposit when ready—it depends on when the transfer clears. For ACH transfers, the money is in transit for one to three days; during that time, it's not in either account. Once it arrives, it shows up in your savings account and starts earning interest.
If you need to cancel a transfer, do it as soon as possible. Same-bank transfers that have already posted cannot be reversed—you'd have to withdraw the money manually. ACH transfers that haven't cleared yet can sometimes be stopped if you contact your bank within a few hours. Wire transfers are nearly impossible to reverse once sent.
Frequently Asked Questions
Can I transfer money from a credit card to a savings account?
No, not directly. A credit card is a line of credit, not a deposit account. You can withdraw cash from a credit card at an ATM (called a cash advance), then deposit that cash into your savings account, but the credit card company charges a fee and interest starts accruing when ready. It's not a practical way to move money.
What if I transfer money to the wrong savings account by mistake?
Contact your bank when ready. If the transfer hasn't cleared yet, the bank may be able to stop it. If it has cleared, the bank can ask the receiving bank to return the money, but this takes time and isn't may provide. The receiving bank has no obligation to send it back unless the account holder agrees. Always double-check the account number and routing number before you confirm a transfer.
Do I have to pay taxes on money I transfer to a savings account?
No. Transferring your own money between accounts is not a taxable event. You only owe taxes on interest the savings account earns. If you transfer $10,000 to savings and earn $200 in interest over a year, you report that $200 as income on your tax return, not the $10,000.
Can I transfer money from a savings account to a checking account the same way?
Yes, the process is identical but in reverse. You initiate the transfer from your savings account, select your checking account as the destination, and the money moves on the same timeline. Some banks limit how many times per month you can transfer out of a savings account, so check your account terms.
Is there a limit to how much I can transfer?
Same-bank transfers usually have no limit. ACH transfers between banks may have daily or monthly limits set by your bank—commonly $10,000 to $25,000 per day, though this varies. Wire transfers have higher limits but cost more. Check with your bank about the limits on your specific account.