Yes, you can transfer money between savings accounts, and it usually takes one to three business days
You can move money from one savings account to another at the same bank or at different banks. The transfer happens through your bank's system, and the money leaves your first account and arrives in the second. How fast it moves depends on whether both accounts are at the same institution and which transfer method you use.
If both accounts are at the same bank, the transfer often completes the same day or within hours. If the accounts are at different banks, the transfer typically takes one to three business days because the banks have to communicate through an intermediary system called the Automated Clearing House (ACH). Some banks offer faster options, but they usually cost money or require you to set them up in advance.
Key Takeaways
- Same-bank transfers between your own savings accounts usually complete within hours or the same day, with no fee.
- Transfers between different banks use ACH and take one to three business days, with no fee if you initiate them through your bank's website or app.
- Wire transfers move money faster (same day or next day) but cost $15 to $50 and are meant for larger amounts or urgent situations.
- You must own both accounts or have authorization to transfer from the sending account; banks verify this before processing.
- Weekends and bank holidays pause the clock—a transfer initiated Friday evening may not arrive until Tuesday.
Same-bank transfers: fastest and free
If you have two savings accounts at the same bank, you can transfer money between them through your online banking portal, mobile app, or by calling the bank. The money moves within the bank's own system, so it usually arrives within a few hours or by the end of the same business day. There is no fee.
Log into your account, find the transfer or move money option, select the sending account and the receiving account, enter the amount, and confirm. The bank will show you the expected arrival time. Some banks let you schedule the transfer for a future date if you want to move money on a specific day.
Transfers between different banks: ACH is standard and free
To move money from a savings account at one bank to a savings account at another bank, you initiate an ACH transfer through your sending bank's website or app. You provide the receiving bank's routing number, the account number of the receiving account, and the amount. The sending bank then sends the request through the ACH network, which is a system that processes transfers between thousands of banks.
ACH transfers take one to three business days. The clock starts when you submit the transfer, but weekends and bank holidays do not count as business days. If you submit a transfer on Friday at 5 p.m., it will not begin processing until Monday, and it may not arrive until Wednesday or Thursday. There is no fee when you initiate the transfer from your bank's website or app.
Some banks also let you add the receiving account as a linked external account. Once linked, you can transfer to it as easily as you would to an account at the same bank, though the timing remains one to three business days.
Wire transfers: faster but more expensive
If you need money to arrive the same day or next business day, you can request a wire transfer instead of an ACH transfer. Wire transfers move through a different network (usually the Federal Reserve or SWIFT for international transfers) and are processed faster. However, wire transfers cost money—typically $15 to $50 depending on your bank and whether the transfer is domestic or international.
To send a wire, you will need the receiving bank's routing number, the account number, and the account holder's name. Call your bank or use their app or website to initiate the wire. Most banks require you to do this during business hours or before a certain time in the afternoon for same-day processing. If you submit a wire request after the cutoff, it will process the next business day.
Wire transfers are harder to reverse than ACH transfers, so use them only when you need the speed and can verify the receiving account details are correct.
What information you need to provide
For a same-bank transfer, you only need to select the accounts from a dropdown menu in your banking app or website. The bank already has all the details.
For a transfer to a different bank, you need:
- The receiving bank's routing number (a nine-digit code specific to that bank)
- The account number of the receiving account
- The name on the receiving account (must match the account holder)
- The amount you want to transfer
You can find the receiving bank's routing number on their website, by calling them, or by looking at a check from that account. The account number is also printed on checks or shown in the account holder's online banking portal.
Verification and fraud protection
Banks verify that you own or have authorization to transfer from the sending account. If you are transferring from your own account to another account in your name, the bank will confirm the account details match your identity.
If you are transferring to an account in someone else's name, the bank may ask for additional information or may decline the transfer if it looks unusual. This is a fraud prevention measure.
Once a transfer is submitted, you cannot cancel it immediately. For ACH transfers, you have until the end of the business day you submit it to cancel, but after that the transfer is in process and cannot be stopped. For wire transfers, cancellation is much harder and may not be possible at all once the money has left your bank. Always double-check the receiving account details before you confirm.
What to do if a transfer is delayed or doesn't arrive
If an ACH transfer does not arrive within three business days, contact your sending bank. Provide them with the date you submitted the transfer, the amount, and the receiving account details. The bank can trace the transfer through the ACH network to see where it is or whether it was rejected.
Common reasons for delays or rejection include a wrong routing number, a wrong account number, a name mismatch, or insufficient funds in the sending account. If the transfer was rejected, the money returns to your sending account within one to three business days.
If a wire transfer does not arrive within one business day, contact your bank immediately. Wire transfers move faster and are harder to reverse, so time matters. Your bank can contact the receiving bank to confirm whether the money arrived and where it is.
Frequently Asked Questions
Can I transfer money from a savings account to a checking account?
Yes. The transfer process is the same whether the receiving account is a savings account or a checking account. You provide the routing number and account number of whichever account you want to receive the money, and the bank processes it the same way.
Is there a limit to how much I can transfer?
Some banks limit the number of transfers you can make from a savings account per month (often six), but they do not usually limit the dollar amount per transfer. Check your account agreement or call your bank to confirm their limits. Wire transfers may have higher dollar limits than ACH transfers.
What if I transfer money to the wrong account by mistake?
If you sent the money to the wrong account at a different bank, contact your bank immediately. If the transfer has not yet been processed (still within the same business day), your bank may be able to cancel it. If it has already been processed, your bank can contact the receiving bank and ask them to reverse it, but the receiving bank is not required to do so. If the receiving account holder refuses to return the money, you may need to pursue it through your bank's dispute process or legal action.
Do I pay taxes on money I transfer between my own accounts?
No. Transferring money between accounts you own is not a taxable event. The money is yours in both accounts, so moving it does not create income. However, any interest the receiving account earns is taxable.
Can I set up automatic recurring transfers between accounts?
Yes. Most banks let you schedule recurring transfers—for example, moving $100 from savings to checking every payday. Set this up through your online banking portal or app. You can usually change or cancel a recurring transfer at any time.