The basic steps to transfer money to an online savings account
To move money into an online savings account, you need three things: the account number and routing number of your online savings account, access to the account where the money currently sits (usually a checking account at another bank), and a way to initiate the transfer. Most people do this in one of two ways: by setting up an ACH transfer (a bank-to-bank electronic transfer that takes one to three business days) or by logging into their online savings account and pulling the money in directly.
The fastest route is usually to log into your online savings account, find the "transfer" or "move money" section, and add your other bank as an external account. You'll enter that bank's routing number and your account number there, then request the transfer. The online savings bank will verify those details (usually by depositing two small test amounts into your account, which you then confirm), and once verified, you can transfer money whenever you want.
If you prefer to push money out rather than pull it in, you can log into your checking account at your original bank and set up a transfer to your new online savings account using the same routing and account numbers. Both methods work; the difference is which bank's website you're using to start the process.
Key Takeaways
- You will need your online savings account number and routing number, which you can find in your account settings or by calling the bank.
- ACH transfers between banks take one to three business days and are free, whether you push money out or pull it in.
- Most online banks verify external accounts by depositing two small test amounts; you confirm the amounts to unlock transfers.
- Once an external account is verified, you can transfer money as often as you want with no additional steps.
- Transfers initiated late in the day or on weekends typically process the next business day.
Finding your account and routing numbers
Your account number is unique to your specific savings account at that bank. Your routing number is the same for everyone at that bank and tells the financial system which institution to send the money to. Both appear on the bottom left of any check you have from that account, or you can find them by logging into your online account and looking in the account settings, "account details," or "transfer information" section.
If you can't find them online, call the customer service number on the back of your debit card or on the bank's website. Have your account number ready when you call, and they'll give you the routing number in under a minute. Write both numbers down before you start setting up the transfer—you'll need them exactly right, or the transfer will fail and bounce back to your original account.
The verification step: why banks send test deposits
When you add an external account for the first time, your online savings bank will deposit two small amounts (usually between $0.01 and $0.99 each) into that account. This is a security step: it proves you actually own or have access to the account you're claiming to transfer from. You'll see these deposits appear in your checking account within one to two business days.
Once you see them, log back into your online savings account and find the section where you added the external account. You'll be asked to confirm the exact amounts of those two deposits. Enter them correctly, and the account is verified. After that, you can transfer money freely without repeating this step. If you enter the amounts wrong, you'll usually get two more attempts before the system locks you out temporarily.
This verification only happens once per external account. If you later add a different checking account, you'll go through the same process for that new account, but your original verified account will stay set up and ready to use.
How long transfers actually take
An ACH transfer between two different banks takes one to three business days. "Business days" means Monday through Friday, excluding federal holidays. If you initiate a transfer on a Friday afternoon, it typically won't start processing until Monday, and may not complete until Wednesday or Thursday.
The exact timing depends on when each bank processes transfers. Some banks process them in batches at specific times of day; others process throughout the day. Your online savings bank will usually tell you an estimated completion date when you confirm the transfer. That estimate is usually accurate, though delays can happen if there's a problem with the account number or routing number you entered.
If you need money faster, some online savings banks offer when ready transfers to linked accounts for a small fee (usually $0.50 to $1.00), though this is less common than it was a few years ago. Check your bank's transfer options to see if this is available.
What to do if a transfer fails or gets stuck
If a transfer doesn't go through, the most common reason is a typo in the account number or routing number. The money will bounce back to your original account within a few business days. Check the numbers against your bank statements or account settings, correct any mistakes, and try again.
If the transfer shows as "pending" for longer than the estimated completion date, contact your online savings bank's customer service. They can see where the transfer is in the system and whether it's waiting on something from your original bank. Sometimes the original bank needs to approve the transfer; sometimes there's a hold on the account. Customer service can usually tell you what's happening and how long it will take to resolve.
If you're transferring a large amount and your bank has daily or monthly transfer limits, the transfer may be rejected or split into multiple smaller transfers. Check your account settings for any limits before you transfer, or call customer service to ask whether your amount will hit a limit.
Recurring transfers and automatic savings
Once your external account is verified, most online savings banks let you set up recurring transfers—automatic transfers that happen on a schedule you choose, like every payday or the first of each month. This is useful if you want to build savings without thinking about it each time.
To set this up, look for an option like "schedule a transfer" or "recurring transfer" in your online savings account. You'll choose the amount, the frequency (weekly, biweekly, monthly, etc.), and the start date. The bank will then move that amount automatically on the schedule you set. You can change or cancel a recurring transfer anytime by logging back in and editing it.
Recurring transfers are free, just like one-time transfers. They follow the same one- to three-day processing time as regular ACH transfers.
Security and what to watch for
ACH transfers are protected by federal law, so if someone fraudulently transfers money out of your account, you have the right to dispute it and get your money back. That said, the best protection is to only add external accounts you recognize and to monitor your account regularly for transfers you didn't authorize.
When you're entering account numbers and routing numbers, make sure you're on your bank's real website or app, not a phishing site. Check the URL in your browser—it should match your bank's official website. If you're unsure, close the browser, go to your bank's website directly, and log in from there instead of clicking a link in an email.
Never share your account number or routing number with someone you don't trust. These numbers are printed on checks and are technically public, but combined with your name, they can be used to set up unauthorized transfers. If you suspect fraud, contact your bank when ready.
Frequently Asked Questions
Can I transfer money out of my online savings account the same way?
Yes. Once an external account is verified, transfers work in both directions. You can pull money in from your checking account, or push money out to it. The process and timing are the same either way.
What if I don't have a check to find my routing number?
Log into your online account and look for "account details," "transfer information," or "bank information." If you can't find it there, call customer service. They'll give you the routing number over the phone in under a minute.
Do I have to wait for the test deposits before I can transfer money?
Yes. You can't complete a transfer until you've confirmed those two small test deposits. Once confirmed, future transfers are when ready to set up—you just enter the amount and click transfer.
What happens if I enter the wrong account number?
The transfer will fail and bounce back to your original account within a few business days. Check the number against your bank statement, correct it, and try again. The money doesn't go to someone else's account; the system rejects it if the number doesn't match.
Can I transfer money on weekends or holidays?
You can initiate a transfer anytime, but it won't process until the next business day. If you start a transfer on Saturday, it will begin processing on Monday and typically complete by Wednesday.