The basic steps to transfer money from savings

To transfer money from your savings account, you need three things: access to your account, the destination details (another account number, or a person's payment information), and a transfer method your bank offers. The actual movement of money takes between one business day and five business days, depending on which method you use and whether both accounts are at the same bank.

If both accounts are at the same bank—your savings and checking, for example—the transfer usually completes the same day or next business day. If you are sending money to a different bank, it takes longer because the banks have to coordinate through the Federal Reserve or a private clearing network.

You do not need to visit a branch. Most transfers happen online through your bank's website or app, by phone, or by setting up an automatic recurring transfer.

Key Takeaways

  • Same-bank transfers between your own accounts usually complete within one business day; transfers to other banks take one to five business days.
  • Online transfers through your bank's website or app are the fastest and most common method, and they cost nothing.
  • ACH transfers (the standard method for moving money between different banks) are free but slower than wire transfers, which cost $15 to $50 and move money the same day.
  • You can set up recurring automatic transfers on a schedule—weekly, monthly, or any interval your bank supports—without having to initiate each one manually.
  • If you are sending money to someone else's account, you will need their routing number and account number, or you can use services like Zelle or PayPal if both of you have those set up.

Transferring between your own accounts at the same bank

Log into your bank's website or mobile app and look for a link labeled "Transfer," "Move Money," or "Between My Accounts." Select your savings account as the source and the account you want to send to as the destination. Enter the amount and confirm.

Most banks show the money in the destination account by the next business day. Some banks, particularly larger ones, move it the same day if you initiate the transfer before a certain time—often 2 p.m. or 5 p.m. Eastern Time. Check your bank's website or call to find out the cutoff time.

There is no fee for transferring between your own accounts at the same bank. Federal Reserve rules used to limit you to six transfers per month from a savings account, but that rule was suspended in 2020 and has not been reinstated, so you can move money as often as you need to.

Transferring to a different bank using ACH

ACH stands for Automated Clearing House, and it is the standard way money moves between different banks in the United States. When you initiate an ACH transfer, your bank sends the request through the Federal Reserve's network to the other bank, which then deposits the money into the destination account.

To set up an ACH transfer, you will need the recipient's routing number (a nine-digit code that identifies their bank) and account number. If you are transferring to your own account at another bank, you can find both numbers on a check or by logging into that bank's website. If you are sending money to someone else, ask them for these details.

ACH transfers take one to three business days. Your bank will debit your savings account when ready, but the receiving bank may not credit the destination account until the second or third day. This delay exists because the Federal Reserve processes ACH transfers in batches, not in real time.

ACH transfers are free. Your bank will not charge you, and the receiving bank will not charge the recipient.

Wire transfers for same-day movement

If you need money to arrive the same day, a wire transfer is faster than ACH. Wire transfers move through SWIFT (for international transfers) or the Federal Reserve's wire system (for domestic transfers), and they settle within hours instead of days.

Wire transfers cost money—typically $15 to $50 depending on your bank and whether the transfer is domestic or international. Some banks charge less for online wire transfers and more for transfers you initiate by phone or in person.

To send a wire, you will need the same information as an ACH transfer (routing number and account number), plus the recipient's full name and address. If you are sending money internationally, you will also need the recipient's SWIFT code and the name and address of their bank.

Once you initiate a wire transfer, it cannot be reversed. If you enter the wrong account number, the money goes to that account, and you will have to contact the receiving bank to ask them to return it—a process that can take weeks. Double-check all details before confirming.

Using payment apps and digital wallets

Services like Zelle, PayPal, Venmo, and Square Cash let you transfer money from your savings account to another person's account without needing their routing and account numbers. Instead, you send money to their email address or phone number, and they receive it in their bank account or the app's wallet.

These services connect to your bank account through ACH, so transfers take one to three business days. Some services offer when ready transfers for a small fee—usually $0.50 to $2—if you want the money to arrive the same day.

Zelle is owned by a consortium of major banks and is built into many banks' apps and websites. PayPal, Venmo, and Square Cash are separate companies, but they all work the same way: you link your savings account, and the app handles the routing and account number details for you.

These services are free for basic transfers, but they may charge fees for when ready transfers, international transfers, or if you want to withdraw money to a debit card instead of a bank account.

Setting up automatic recurring transfers

If you transfer money on a regular schedule—$200 every two weeks to your checking account, for example—you can set up an automatic transfer instead of doing it manually each time.

Log into your bank's website or app, find the transfer or bill pay section, and look for an option to schedule a recurring transfer. Select your savings account as the source, enter the destination account details, set the amount and frequency (weekly, biweekly, monthly, or a custom interval), and choose a start date.

The bank will execute the transfer on the schedule you set. You can change or cancel the transfer at any time by logging back in. Automatic transfers are free and work the same way as one-time transfers—they use ACH if the destination is at a different bank, so they take one to three business days.

Automatic transfers are useful for building an emergency fund or moving money to a checking account before bills are due, because you do not have to remember to do it manually.

What happens if something goes wrong

If you initiate a transfer and the money does not arrive within the expected timeframe, contact your bank first. Ask them to confirm that the transfer was sent and check the status. Most banks can tell you whether the receiving bank has received it.

If you sent money to the wrong account number, the situation depends on the transfer type. For ACH transfers, contact your bank and the receiving bank when ready. The receiving bank may be able to reverse the transfer if it has not been claimed. For wire transfers, contact your bank right away—they can sometimes recall a wire within a few hours, but after that, you will have to ask the receiving bank to return the money voluntarily.

If you sent money to someone through Zelle, PayPal, or another app and they will not return it, contact the app's customer service. These services have dispute processes, but they are slower and less reliable than bank-to-bank disputes.

Keep records of every transfer you make—screenshots of the confirmation page, the date, the amount, and the destination account. If there is a dispute later, you will need proof that you initiated the transfer.

Frequently Asked Questions

How long does it take to transfer money from savings to checking at the same bank?

Same-day or next business day, depending on your bank and what time you initiate the transfer. Many banks process transfers submitted before 2 p.m. or 5 p.m. Eastern Time the same day. Call your bank or check their website to find the exact cutoff time.

Can I transfer money from my savings account to someone else's account at a different bank?

Yes. You will need their routing number and account number, or you can use an app like Zelle or PayPal if they have one set up. ACH transfers take one to three business days and are free. Wire transfers arrive the same day but cost $15 to $50.

What is the difference between ACH and a wire transfer?

ACH transfers are free and take one to three business days because they move through the Federal Reserve's batch processing system. Wire transfers cost $15 to $50 but arrive the same day because they move through a real-time network. Use ACH for routine transfers and wire transfers when you need money urgently.

Is there a limit to how much I can transfer from my savings account?

Your bank may set daily or monthly limits on transfers, but these vary by institution and account type. Log into your account or call your bank to find out what your limits are. You can usually request a temporary increase if you need to move a larger amount.

What information do I need to send money to someone else's bank account?

You need their full name, routing number (nine digits), and account number. If the transfer is international, you will also need their SWIFT code and their bank's name and address. If you are using an app like Zelle, you only need their email address or phone number.