The simplest way to transfer money to savings
If your checking and savings accounts are at the same bank, you can move money between them in minutes using your bank's website, mobile app, or by calling the bank directly. Most banks let you set this up yourself without visiting a branch. The money usually arrives in your savings account the same day or within one business day.
If your accounts are at different banks, the transfer takes longer — typically two to three business days — but the process is still straightforward. You'll give your savings bank the routing number and account number from your checking account, or you'll give your checking bank the details of your savings account. Either way works; the direction doesn't matter as much as making sure the numbers are correct.
Key Takeaways
- Transfers between accounts at the same bank usually complete the same day and can be done through your bank's app, website, or by phone.
- Transfers between different banks take two to three business days and require the routing number and account number of the account you're sending money to or from.
- A routing number is a nine-digit code that identifies your bank; your account number identifies your specific account within that bank.
- Set up a transfer once and most banks will let you repeat it on a schedule, so you can move money automatically each payday without thinking about it.
Transferring between accounts at the same bank
Log into your bank's website or open the mobile app. Look for a link or button labeled "Transfer," "Move Money," or "Between My Accounts." You'll select your checking account as the source and your savings account as the destination, enter the amount, and confirm. That's the whole process.
If you prefer not to use the app or website, call your bank's customer service number — it's on the back of your debit card or on your bank statements. Tell them you want to transfer a specific amount from checking to savings. They'll ask you to confirm the amount and may ask security questions to verify you're the account holder. The money moves right away or by the next business day.
Some banks also let you walk into a branch and ask a teller to transfer money for you, though this is slower than doing it yourself online. There is no fee for moving money between your own accounts at the same bank.
Transferring between banks
You have two main options: set up the transfer from your checking bank, or set up the transfer from your savings bank. Both work equally well.
From your checking bank: Log into your checking account's website or app and look for "Transfer," "Send Money," or "External Transfer." You'll be asked for the routing number and account number of the savings bank where you want the money to go. Your savings bank's routing number is a nine-digit code that identifies that specific bank. You can find it on your savings account statements, on the bank's website, or by calling the bank and asking. Your savings account number is printed on your savings account statements or visible in your savings account login. Enter both numbers, the amount you want to transfer, and confirm.
From your savings bank: Log into your savings account and look for "Transfer," "Receive Money," or "Link External Account." You'll enter the routing number and account number of your checking bank. The process is the same, just in reverse.
Either way, the transfer typically takes two to three business days. Some banks offer faster transfers for a small fee, but standard transfers are free. You'll see the money leave your checking account right away, but it won't appear in your savings account until the receiving bank processes it.
Setting up automatic transfers
Once you've done a transfer once, most banks let you save it as a recurring transfer. This means you can set it to happen automatically on a schedule — every payday, the first of the month, or any date you choose.
To set this up, look for "Recurring Transfer," "Scheduled Transfer," or "Automatic Transfer" in your bank's transfer menu. You'll select the transfer you want to repeat, choose how often it should happen, and confirm. From then on, the money moves on its own. This is useful if you want to build savings without having to remember to transfer money each month.
You can change or cancel a recurring transfer at any time through your bank's website or app, or by calling customer service. There's no penalty for stopping it.
What information you need before you start
For a transfer between accounts at the same bank, you only need to know which account is which. Your bank already has all the information it needs.
For a transfer between different banks, you need the routing number and account number of the account you're sending money to. The routing number identifies the bank itself; the account number identifies your specific account within that bank. Both are nine digits or longer.
You can find both numbers 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. You can also find them on your account statements, in your online banking login, or by calling the bank's customer service line.
Double-check these numbers before you confirm a transfer. If even one digit is wrong, the money may go to the wrong account or the transfer may fail. If you make a mistake, contact your bank right away; they can sometimes stop the transfer or help you recover the money.
Why transfers take different amounts of time
Transfers between accounts at the same bank are fast because the bank is moving money within its own system. It's like moving cash from one drawer to another in the same store.
Transfers between different banks are slower because the banks have to communicate with each other through a system called the ACH network (Automated Clearing House). This network processes millions of transfers every day, and it takes time to sort, verify, and deliver each one. That's why it typically takes two to three business days. Weekends and bank holidays don't count as business days, so a transfer you start on Friday afternoon might not arrive until Wednesday.
Some banks offer faster options — like same-day transfers or next-day transfers — but these usually cost a small fee. Standard transfers between banks are free.
Common mistakes to avoid
The most common mistake is entering the wrong routing number or account number. Even one digit off sends the money to the wrong place. Before you confirm, read the numbers back to yourself or compare them to your statements. If you're unsure, call the bank and ask them to confirm the numbers are correct.
Another mistake is assuming the money has arrived when it hasn't. If you transfer money between banks on a Friday, don't assume it's there on Saturday. Check your savings account balance a few days later to confirm the transfer went through. If it doesn't show up after three business days, contact your bank.
A third mistake is forgetting that transfers between banks take time. If you need the money in your savings account by a specific date, start the transfer earlier than you think you need to. Don't wait until the last minute.
Frequently Asked Questions
Is there a limit to how much I can transfer?
Some banks limit how much you can transfer in a single day or per month, especially for transfers between different banks. Check your bank's website or call to ask about limits on your account. The limits vary by bank and sometimes by account type.
Can I transfer money to someone else's savings account?
Not through a standard transfer between your own accounts. If you want to send money to another person, you'll need to use a different method like a wire transfer, a payment app, or writing a check. Your bank can explain which options are available and what they cost.
What if the transfer fails?
If a transfer fails, the money stays in your original account and you'll usually get a notification from your bank explaining why. Common reasons include incorrect account numbers, closed accounts, or a mismatch between the account number and the bank's routing number. Contact your bank to fix the problem and try again.
Do I need to do anything special to transfer money if I'm new to banking?
No. The process is the same whether you're new to banking or have been banking for years. If you're uncomfortable doing it online, call your bank and ask a representative to walk you through it or do it for you over the phone.
Can I set up a transfer if I don't have online banking?
Yes. Call your bank's customer service number and tell them you want to set up a transfer. They can do it for you over the phone. You can also visit a branch in person and ask a teller to help you.