The basic steps depend on which bank holds your savings account
If your savings account is at the same bank as your checking account, you can transfer money between them in minutes using your bank's app, website, or by calling customer service. If your savings account is at a different bank, the transfer takes one to three business days and requires your savings account number and routing number. The fastest option is usually your bank's mobile app, which shows you the transfer status in real time.
The method you choose affects how quickly the money arrives and whether you need any information ahead of time. Most banks let you set up transfers without visiting a branch, and many let you schedule transfers to happen automatically on a date you choose.
Key Takeaways
- Transfers between accounts at the same bank usually complete within minutes and can be done through the app, website, or phone.
- Transfers to a savings account at a different bank take one to three business days and require your routing number and account number.
- You can set up automatic transfers to move money on a schedule, such as every payday or the first of each month.
- Some banks charge a fee for transfers between accounts, though most do not — check your account agreement or call to confirm.
Transferring between accounts at the same bank
Log into your bank's app or website and look for a link labeled "Transfer," "Move Money," or "Between My Accounts." Select your checking account as the source and your savings account as the destination. Enter the amount you want to transfer and confirm. The money usually appears in your savings account within minutes, though some banks process transfers at the end of the business day.
If you prefer not to use the app, you can call your bank's customer service line and ask a representative to move the money for you. Have your account numbers ready. You can also visit a branch in person, though this is slower than using the app and offers no advantage.
Some banks let you set up a standing transfer that repeats automatically — for example, $200 every Friday or $500 on the first of each month. This is useful if you want to build savings without having to remember to transfer money yourself. You can usually change or cancel the transfer at any time through the app or by calling customer service.
Transferring to a savings account at a different bank
You will need your savings account number and routing number. Your routing number is a nine-digit code that identifies your bank; you can find it on the bottom left of a check, on your bank's website, or by calling the bank. Log into your checking account's app or website and select "Transfer to Another Bank," "External Transfer," or "Add a Payee." Enter your savings account number and routing number, then confirm the account details.
The transfer usually takes one to three business days. Some banks offer faster transfers for an extra fee, typically $10 to $15, though this is not common for routine transfers. During the transfer, the money leaves your checking account when ready but does not arrive in your savings account until the receiving bank processes it — usually the next business day or the one after.
Once you have added your savings account as a payee, you can transfer to it again without re-entering the account details. The account stays in your system until you remove it.
Setting up automatic transfers
Most banks let you schedule a transfer to happen on a date you choose, or to repeat on a schedule. In your bank's app or website, look for "Schedule a Transfer" or "Recurring Transfer." Select your savings account as the destination, enter the amount, and choose whether the transfer should happen once or repeat weekly, twice a month, or monthly.
Automatic transfers are useful for building savings because the money moves before you have a chance to spend it. If you get paid every two weeks, you might set up a transfer for the day after payday. If you get paid monthly, you might transfer money on the first of each month. You can pause or cancel any automatic transfer at any time.
Make sure you have enough money in your checking account on the transfer date, or the transfer will fail and may trigger an overdraft fee. If you are unsure whether the money will be there, set the transfer for a few days after you expect your paycheck to arrive.
What to do if the transfer fails or takes too long
If a transfer between accounts at the same bank fails, the money stays in your checking account and you will see an error message in the app. Common reasons include insufficient funds, a typo in the account number, or a temporary system issue. Try the transfer again, or call customer service to ask what went wrong.
If a transfer to another bank takes longer than three business days, contact the receiving bank first — they can tell you whether the transfer has arrived on their end. If it has not, contact your sending bank and provide them with the transfer date, amount, and receiving account number. They can trace the transfer and tell you where it is.
If money disappears from your checking account but never arrives in your savings account, and both banks say they have no record of the transfer, contact your sending bank when ready. They can file a trace and may be able to recover the money, though this process can take several weeks.
Fees and limits on transfers
Most banks do not charge a fee for transfers between your own accounts, whether they are at the same bank or different banks. However, some banks charge a small fee — typically $1 to $3 — for external transfers or for transfers above a certain number per month. Check your account agreement or call your bank to find out whether you will be charged.
Some banks limit how many transfers you can make from a savings account per month, often to six. This limit applies to transfers out of the savings account, not transfers into it, so moving money from checking to savings usually does not count against the limit. If you exceed the limit, the bank may charge a fee or temporarily freeze the account. Call your bank if you are unsure about your limits.
If you transfer money frequently, ask your bank whether a money market account or checking account with higher interest might be a better fit than a traditional savings account.
Frequently Asked Questions
Can I transfer money to someone else's savings account?
Not directly through a transfer between accounts. You would need to transfer the money to your own checking account first, then send it to the other person through a payment app like Venmo or PayPal, or through your bank's bill pay or person-to-person transfer service. Some banks let you send money to another person's account if you have their account and routing number, but this is less common.
What if I enter the wrong account number?
If you enter the wrong account number at your own bank, the transfer will fail and the money stays in your checking account. If you enter the wrong account number at a different bank, the money may go to someone else's account. Contact your bank when ready if this happens — they can sometimes recover the money, but the process takes time and is not may provide.
How do I know if my transfer went through?
Check your bank's app or website — the transfer should show up in your transaction history within minutes if it is at the same bank, or within one to three business days if it is at a different bank. You can also call customer service or visit a branch to confirm the transfer was processed.
Can I transfer money on a weekend or holiday?
Transfers between accounts at the same bank usually process when ready, even on weekends. Transfers to another bank are processed during business days only, so a transfer initiated on Friday evening or over a weekend will not arrive until Monday or Tuesday at the earliest.
What is the maximum amount I can transfer?
Most banks do not have a maximum transfer amount, but some limit transfers to $10,000 or $25,000 per day for security reasons. If you need to transfer a larger amount, call your bank to ask about their limits or to request a higher limit for a one-time transfer.