The simplest way to transfer money between your own accounts
If both accounts are at the same bank, you can move money from checking to savings in minutes using your bank's website, mobile app, or by calling the bank. Most banks let you set this up to happen automatically on a schedule — say, every payday — so the money moves without you having to remember.
The transfer is free and the money usually arrives the same day or next business day. You do not need to go to a branch or fill out any forms. The bank straightforward moves the funds from one account to the other in their system.
Key Takeaways
- Transfers between your own accounts at the same bank are free and take minutes through the bank's website, app, or phone line.
- You can set up automatic transfers to move money on a schedule, like every payday or the first of the month.
- If your accounts are at different banks, you will need to use your bank's external transfer tool, which may take one to three business days.
- Some banks limit how many times per month you can transfer out of a savings account, so check your account rules before setting up automatic moves.
Transferring through your bank's website or app
Log into your bank account online or open the mobile app. Look for a section called "Transfers," "Move Money," or "Send Money" — the exact name varies by bank. Select the account you want to transfer from (your checking account) and the account you want to transfer to (your savings account).
Enter the amount you want to move, review the details to make sure both account numbers are correct, and confirm the transfer. The money will move right away or by the next business day, depending on your bank's processing schedule. You will see the deduction in your checking account and the deposit in your savings account within your bank's system.
Setting up automatic transfers
Most banks let you schedule transfers to happen on a regular basis without doing anything each time. In the same "Transfers" section of your bank's website or app, look for an option like "Recurring Transfer," "Automatic Transfer," or "Schedule Transfer."
Choose how often you want the transfer to happen — weekly, twice a month, monthly, or on a specific date. Set the amount and confirm. From that point forward, the bank will move the money automatically on the schedule you chose. You can change or stop the transfer anytime by going back into that same section.
Automatic transfers are useful if you want to build savings without thinking about it. Many people set them up to move money the day after payday, so the savings happen before they have a chance to spend it.
Transferring between accounts at different banks
If your checking account and savings account are at two different banks, the process takes longer but works similarly. Log into the bank where your savings account is held. Look for "External Transfer," "Add External Account," or "Link Account" in the transfers section.
You will need to provide your checking account number and routing number (the nine-digit code that identifies your bank). Your savings bank will verify the account by sending small test deposits — usually two small amounts under a dollar — to your checking account. Once you confirm those amounts in your savings bank's system, the link is complete.
After that, you can transfer money from your checking account to your savings account the same way you would transfer between accounts at the same bank. The transfer typically takes one to three business days because the banks have to process it through the banking system. You will not pay a fee for this type of transfer.
Rules about how often you can transfer out of savings
Some banks limit the number of times per month you can transfer money out of a savings account. This rule comes from federal banking regulations, though not all banks enforce it the same way. The limit is often six transfers per month, but it varies by bank and account type.
If you hit the limit, the bank may refuse the transfer, charge a fee, or convert your account to a checking account. Before you set up automatic transfers, check your savings account agreement or call the bank to ask about transfer limits. If you plan to move money frequently, you might want a different type of account, like a money market account, which sometimes has fewer restrictions.
What to do if the transfer does not go through
If you try to transfer money and the bank rejects it, the most common reasons are a wrong account number, insufficient funds in your checking account, or hitting your monthly transfer limit. Check your bank's notification — it should tell you why the transfer failed.
If the account number was wrong, go back and enter the correct one. If you do not have enough money in checking, wait until funds arrive. If you hit your transfer limit, you will have to wait until the next month or use a different method, like a withdrawal and deposit. If you are not sure why it failed, call your bank's customer service line — the number is on the back of your debit card or on your bank statement.
Frequently Asked Questions
Does it cost money to transfer from checking to savings?
No. Transfers between your own accounts at the same bank are always free. Transfers between accounts at different banks are also free, though they take longer to process.
How long does a transfer take?
Transfers between accounts at the same bank usually happen the same day or by the next business day. Transfers between different banks typically take one to three business days because they go through the banking system.
Can I transfer money from savings back to checking the same way?
Yes. The process is identical — you just choose savings as the "from" account and checking as the "to" account. The same transfer limits may explore depending on your bank and account type.
What if I want to transfer money but do not have online banking set up?
You can call your bank's customer service number and ask them to process the transfer over the phone. You will need to provide your account numbers and the amount. Some banks also let you do this in person at a branch.
Can I set up automatic transfers if I do not know exactly how much I want to move each time?
Automatic transfers work best when you move the same amount on a regular schedule. If the amount changes, you would need to manually adjust the transfer each time, which defeats the purpose. In that case, doing it manually when you have extra money might work better for your situation.