The fastest way depends on where your money is now
If your savings account is at the same bank as your checking account, you can move money between them in minutes using your bank's app, website, or by calling. If the accounts are at different banks, the transfer takes one to three business days and you'll use either an ACH transfer (the standard method) or a wire transfer (faster but usually costs money). The method you choose depends on how quickly you need the money there and whether you're moving a small amount or a large one.
Most people use ACH transfers because they're free and work between any two banks in the U.S. Wire transfers move money the same day but typically cost $15 to $30 per transfer. Same-bank transfers are when ready and free. Before you start, you'll need the routing number and account number of your savings account — or just log into both accounts if they're at the same institution.
Key Takeaways
- Same-bank transfers between your checking and savings accounts happen when ready through your bank's app or website and cost nothing.
- ACH transfers between different banks take one to three business days, are free, and require the receiving bank's routing number and your account number.
- Wire transfers move money the same business day but cost $15 to $30 and are best used only when you need funds urgently.
- You can set up automatic recurring transfers to move a fixed amount to savings on a schedule — weekly, biweekly, or monthly.
Transferring between accounts at the same bank
Log into your bank's app or website and look for a "Transfer" or "Move Money" button, usually in the main menu or under account services. Select your checking account as the source and your savings account as the destination. Enter the amount you want to move and confirm. The money appears in your savings account within minutes, sometimes when ready.
If you prefer to do this by phone, call the customer service number on the back of your debit card and give the representative the amount and the account you want to transfer to. They'll process it while you're on the call. This method works if you're not comfortable using the app or if you have questions about which account is which.
ACH transfers to a savings account at a different bank
An ACH transfer is the standard way to move money between banks. You'll need your savings account's routing number (a nine-digit code that identifies the bank) and your account number. Both are printed on the bottom left of any check, or you can call the savings bank and ask.
Log into your checking account's app or website and find the transfer or bill pay section. Choose "Transfer to Another Bank" or "External Transfer." Enter the savings bank's routing number, your account number at that bank, and the amount. Most banks ask you to verify the transfer by confirming a small deposit (usually under $1) that the savings bank sends back to your checking account within a few days. Once verified, the full transfer goes through, taking one to three business days total.
Some banks let you skip the verification step if you've already transferred to that account before. If you transfer regularly to the same savings account, the process gets faster each time because the bank remembers the details.
Wire transfers when you need money the same day
A wire transfer moves money the same business day (if you initiate it before your bank's cutoff time, usually 2 or 3 p.m.) but costs $15 to $30. Use this only when you need the money urgently — for example, if you're buying something and need to show proof of funds, or if you're moving money to cover an unexpected expense.
Call your bank or visit a branch in person to send a wire. You'll provide the savings bank's routing number, your account number, and the amount. The bank will confirm the details and charge the fee. The money arrives the same day or the next morning, depending on when the receiving bank processes it.
Wire transfers are permanent once sent, so double-check the account number and routing number before you confirm. If you make a mistake, the money goes to the wrong account and recovering it is difficult and slow.
Setting up automatic transfers to savings
Most banks let you schedule recurring transfers so money moves to your savings account on a fixed schedule without you having to do anything. This is useful if you want to build savings gradually — for example, moving $100 every payday or $50 every Friday.
In your bank's app or website, look for "Scheduled Transfers" or "Recurring Transfers." Set the amount, the frequency (weekly, biweekly, monthly), and the date you want it to start. The bank will move the money automatically on that schedule. You can change or cancel the transfer anytime, and most banks let you set up multiple recurring transfers to different accounts.
Automatic transfers work best when you set them up right after payday, so the money moves before you spend it. This removes the temptation to skip saving in months when money feels tight.
What to do if a transfer fails or takes too long
If a transfer doesn't go through, check that you entered the routing number and account number correctly — a single wrong digit will cause the transfer to fail or go to the wrong account. Call your bank and ask them to cancel the transfer if it's still pending. If the money went to the wrong account, contact your bank when ready; they can sometimes retrieve it, but the process is slow and not may provide.
If an ACH transfer is taking longer than three business days, call your bank's customer service line. Delays sometimes happen during holidays or if the receiving bank is processing a backlog. Your bank can check the status and tell you when to expect the money. If it's been more than a week, ask your bank to investigate whether the transfer was rejected by the receiving bank.
Limits on how much you can transfer
Banks set daily and monthly limits on how much you can transfer out of your checking account. These limits vary by bank and account type — some allow $5,000 per day, others allow $25,000 or more. If you're moving a large amount, check your bank's website or call to confirm your limit before you try to transfer.
If you hit your limit, you can either wait until the next day or the next month (depending on how the limit resets) and transfer the rest, or call your bank and ask them to increase your limit temporarily. Some banks will raise your limit for a single large transfer if you call and explain why you need it.
Frequently Asked Questions
How long does it take to transfer money to a savings account at a different bank?
ACH transfers take one to three business days. Wire transfers take the same business day if you initiate before your bank's cutoff time (usually 2 or 3 p.m.), though the receiving bank may not process it until the next morning. Weekends and holidays add extra days to both methods.
Do I need the account number if I'm transferring to my own savings account at another bank?
Yes, you need both the routing number and the account number of the savings account. These identify which specific account at which specific bank should receive the money. You can find both on a check or by calling the savings bank.
Can I transfer money to someone else's savings account?
Yes, but the process is the same — you provide their bank's routing number and their account number. The money goes directly to their account. Make sure you have the correct account number, because wire transfers and some ACH transfers cannot be reversed once sent.
What happens if I enter the wrong account number?
The transfer may fail and the money returns to your account after a few days, or it may go to a different account at the same bank. If it goes to the wrong account, contact your bank when ready. They can sometimes retrieve the money, but recovery is not may provide and can take weeks.
Is there a fee for transferring money to my own savings account?
No fee for ACH transfers or same-bank transfers. Wire transfers cost $15 to $30 depending on your bank. Some banks charge a fee if you exceed a certain number of transfers per month (usually six), though this rule is less common now.