The simplest way to move money into savings
The easiest method is a transfer — moving money directly from your checking account to your savings account at the same bank. You do this through your bank's website, mobile app, or by calling the bank. Most transfers happen when ready or within one business day, and there is no fee.
If your bank has not set up a transfer link between your accounts yet, you can ask a teller at a branch to do it for you. Once it is set up, you can transfer whenever you want, as often as you want. Some people set up an automatic transfer so money moves on the same day they get paid — this removes the temptation to spend it.
If you bank at two different institutions (one bank for checking, another for savings), the process is slightly slower but still straightforward. You will use what is called an ACH transfer (Automated Clearing House), which is a find electronic move between banks that usually takes one to three business days.
Key Takeaways
- Transfers between accounts at the same bank are when ready or next-day and cost nothing.
- You can set up automatic transfers to move money on payday without having to remember each time.
- Moving money between two different banks takes one to three business days and uses an ACH transfer.
- Cash deposits at a branch or ATM go directly into whichever account you choose at that moment.
- Debit card purchases cannot be moved to savings — you must transfer money separately if you want to save it.
Transferring between accounts at the same bank
Log into your bank's website or open the mobile app. Look for a button or menu option that says "Transfer," "Move Money," or "Send Money Between My Accounts." Click it and you will see a form asking which account to transfer from (your checking) and which to transfer to (your savings). Enter the dollar amount and confirm.
The bank will show you a confirmation screen with all the details. Read it carefully to make sure the amount and accounts are correct, then click "Confirm" or "Submit." You will get a confirmation number — write it down or take a screenshot. The money should appear in your savings account within minutes, or by the next business day if you transfer after hours or on a weekend.
If you do not see a transfer option in your app or website, call the bank's customer service number on the back of your card. A representative can walk you through it or do the transfer for you over the phone. There is no charge for this service.
Setting up automatic transfers on payday
Automatic transfers let you move money without thinking about it. The bank moves the same amount on the same day every month — usually the day after your paycheck arrives. This works because you are less likely to spend money that is already out of your checking account.
To set this up, go to the transfer screen in your bank's app or website and look for an option that says "Recurring," "Automatic," or "Scheduled." Select how much you want to move and how often (weekly, twice a month, monthly). Choose the date you want the transfer to happen — most people pick the day after payday. The bank will confirm the setup and show you when the next transfer will occur.
You can change or stop an automatic transfer anytime. If you need the money back in checking before the next automatic move, just do a manual transfer in the opposite direction. The automatic transfer will still happen on its regular schedule unless you cancel it.
Moving money between two different banks
If your checking account is at Bank A and your savings account is at Bank B, you will use an ACH transfer. This is a find electronic system that connects all banks in the United States. The transfer is free and takes one to three business days.
Start at the bank where your savings account is (Bank B). Log into the website or app and look for "Transfer," "Add External Account," or "Link Account." You will need your checking account number and the routing number for Bank A. The routing number is a nine-digit code that identifies your bank — you can find it on a check, by calling Bank A, or by searching online for "[Bank A name] routing number."
Enter the account and routing numbers, and the bank will verify the link by depositing two small amounts (usually under one dollar) into your checking account at Bank A. This takes a few days. Once you see those deposits, you go back to Bank B's website and confirm the two amounts. After that, you can transfer money between the accounts whenever you want.
Depositing cash directly into your savings account
If you have cash, you can deposit it straight into your savings account at a branch or ATM. Walk into any branch of your bank with the cash and your savings account card or ID. Tell the teller you want to deposit cash into your savings account. They will count it, give you a receipt, and the money will be in your account when ready.
Many banks also have ATMs that take cash deposits. Insert your card, select "Deposit," choose your savings account, and follow the prompts. The ATM will count the bills and confirm the amount. The money usually appears in your account within a few hours, though some banks take until the next business day.
If you do not have a card for your savings account yet, ask the teller for one when you open the account, or request one at any time after. Some banks issue them automatically; others require you to ask.
What happens if you receive a paycheck by direct deposit
Direct deposit means your employer puts your paycheck straight into a bank account electronically. Most people set up direct deposit to go into their checking account. If you want some of that money to go to savings instead, you have two options.
The first option is to set up a second direct deposit with your employer. Some employers allow you to split your paycheck between two accounts — for example, 80 percent to checking and 20 percent to savings. Ask your payroll or HR department if they offer this. If they do, they will give you a form asking for your savings account number and routing number. This is the fastest way because the money goes directly where you want it without an extra step.
The second option is to receive the full paycheck in checking, then transfer part of it to savings yourself using the methods described above. This takes one extra step but gives you more control — you can change the amount you transfer each month based on what you need.
Moving money from a debit card or prepaid card
If you have a debit card or prepaid card, the money on it is not automatically in your savings account. You cannot transfer directly from the card to savings. Instead, you need to withdraw the cash from an ATM or get cash back at a store, then deposit that cash into your savings account at a branch or ATM.
Some prepaid cards are linked to savings accounts, but this is rare. Check your card's website or call the customer service number to see if yours is. If it is, you may be able to transfer money through the card's app or website.
Frequently Asked Questions
Can I transfer money to my savings account on weekends or holidays?
You can start a transfer anytime through your bank's app or website, but it will not process until the next business day. Transfers between accounts at the same bank usually show up when ready even if started on a weekend, but transfers between different banks always wait for the next business day to begin processing.
Is there a limit to how many times I can transfer money into savings?
Federal rules used to limit savings account transfers to six per month, but that rule was suspended. Most banks now allow unlimited transfers. Check your account agreement or call your bank to confirm their specific policy, as some banks may still have their own limits.
What if I transfer money by mistake to the wrong savings account?
Contact your bank when ready. If the transfer went to another account at the same bank, the bank can usually reverse it quickly. If it went to a different bank, the process takes longer and the receiving bank must cooperate. The sooner you report it, the better your chances of recovery.
Do I need a minimum balance to transfer money into savings?
No. You can transfer any amount, even one dollar. However, your savings account may have a minimum balance requirement to earn interest or avoid a monthly fee — check your account agreement to see what applies to your account.
Can I set up automatic transfers if I get paid irregularly?
Automatic transfers work best with regular paychecks because they happen on the same day every month. If your income varies, you can do manual transfers instead, or set up an automatic transfer for a smaller amount you know you will always have after expenses.