Yes, you can transfer money from your savings account to another bank

You can move money from a savings account at one bank to a savings account, checking account, or money market account at a different bank. The transfer is straightforward, but the method you choose determines how long it takes and what information you need on hand. Most transfers happen through ACH (Automated Clearing House), a system that moves money electronically between banks over one to three business days. You can also use a wire transfer for faster movement, though wire transfers cost money and cannot be reversed once sent.

The receiving bank needs your account number and routing number — not your Social Security number or password. You initiate the transfer from either your current bank or the new bank, depending on which method you use. Neither bank charges you for a standard ACH transfer, though some banks charge for wire transfers or may charge if you exceed a certain number of transfers per month from a savings account.

Key Takeaways

  • ACH transfers take one to three business days and are free, but wire transfers move money the same day and cost $15 to $50.
  • You can start a transfer from your current bank's website or app, or ask the new bank to pull the money using your routing and account numbers.
  • The receiving bank needs only your account number and routing number, which you can find on a check or in your online banking portal.
  • Savings accounts are limited to six transfers per month under federal rules, though this limit applies to transfers out of the account, not transfers in.
  • If the transfer fails, check that your routing number is correct and that you have not exceeded your monthly transfer limit.

ACH transfers: the standard method

An ACH transfer is the most common way to move money between banks. The money moves electronically through the Federal Reserve's system, which processes batches of transfers at set times during the day. A transfer initiated on a Monday morning might land on Tuesday or Wednesday, depending on when your bank submits the batch and when the receiving bank processes it. Weekends and federal holidays add an extra day.

To start an ACH transfer, log into your current bank's website or mobile app and look for "Transfer Funds," "Send Money," or "External Transfer." You will enter the receiving bank's routing number, your account number at that bank, and the amount. The receiving bank's routing number is a nine-digit code specific to that bank's location — not to your account. You can find it on a check, by calling the bank, or by searching the bank's name on the Federal Reserve's routing number database.

Some banks require you to verify the new account before the transfer goes through. This verification usually happens through a small deposit (often $0.01 to $0.99) that the bank sends to the new account. You then log back in and confirm the amount, which proves you control that account. This step can add one to two business days.

Wire transfers: faster but irreversible

A wire transfer moves money the same business day, usually within hours. You initiate it through your bank's website, app, or by calling. Wire transfers cost between $15 and $50 depending on your bank, and the receiving bank may charge a fee as well. Once the money leaves your account, you cannot cancel or reverse it — if you send it to the wrong account, you have to contact the receiving bank and ask them to return it, which they are not required to do.

To send a wire, you need the receiving bank's routing number, your account number at that bank, your name as it appears on the account, and the receiving bank's name and address. Some banks also ask for a SWIFT code if the receiving bank is outside the United States. Call your bank if you are unsure whether you have all the information correct — it is worth the five minutes to avoid sending money to the wrong place.

Transfers initiated by the receiving bank

You can also have the new bank pull the money from your savings account instead of pushing it from your current bank. This method is called an ACH debit or a "pull" transfer. You give the new bank your current bank's routing number and your account number, and they initiate the transfer on your behalf. This takes the same one to three business days as a standard ACH transfer.

This approach is useful if your current bank's website is down or if you want to move money after your current bank's customer service has closed. The new bank handles the entire process, so you do not have to log into your old account. You will still need to verify the account, which usually means confirming a small deposit or answering security questions.

The six-transfer limit and how it works

Federal rules limit you to six transfers or withdrawals per month from a savings account, money market account, or money market deposit account. This limit does not apply to checking accounts. The limit counts transfers out of the account — transfers in do not count against it. If you exceed six transfers in a month, your bank may charge a fee (usually $10 to $25 per excess transfer) or convert your savings account to a checking account.

The limit applies to all transfers combined: ACH transfers, wire transfers, and transfers you make through your bank's app all count toward the six. Withdrawals at an ATM or in person at a branch do not count. If you regularly need to move money out of savings, ask your bank about a checking account or a money market account with higher transfer limits, or space out your transfers so you stay under six per month.

What to do if a transfer fails or takes too long

If an ACH transfer does not arrive within three business days, log into your bank account and check the transfer status. Most banks show whether the transfer is pending, completed, or failed. If it failed, the most common reasons are an incorrect routing number, an incorrect account number, or exceeding your monthly transfer limit. Correct the information and try again, or contact your bank's customer service to confirm the details.

If the transfer completed on your end but the receiving bank says they never got it, ask your bank for a trace. Your bank can contact the receiving bank and track down where the money went. This process takes five to ten business days. In the meantime, the money is still in limbo — you cannot spend it and the receiving bank has not received it. Once the trace is complete, your bank will either resend the money or return it to your account.

Wire transfers rarely fail, but if one does, contact your bank immediately. Wire transfer failures usually mean the receiving bank rejected the transfer because the account number or name did not match their records. Your bank can resend the wire with corrected information, though you may be charged another wire fee.

Security and fraud protection

ACH transfers and wire transfers are both secure, but they work differently if something goes wrong. With an ACH transfer, if you send money to the wrong account by mistake, you can contact your bank and ask them to recover it. The receiving bank is not required to return it, but many will if you explain the error quickly. ACH transfers also have some fraud protection — if someone transfers money out of your account without permission, you can dispute it within 60 days and your bank will investigate.

Wire transfers have no fraud protection once the money leaves your account. If you send a wire to a scammer or to the wrong account, the money is gone. For this reason, always double-check the routing number and account number before you confirm a wire transfer. If someone calls you asking you to wire money urgently, hang up and call the organization back using a number you know is real — this is a common scam.

Frequently Asked Questions

How long does it actually take to transfer money between banks?

ACH transfers take one to three business days. If you initiate a transfer on Friday after 5 p.m., it will not start processing until Monday, so it may not arrive until Wednesday or Thursday. Wire transfers move the same business day, usually within a few hours. Weekends and federal holidays add extra time to both methods.

Do I need to tell my current bank I am moving money to another bank?

No. You can transfer money without notifying your current bank. However, if you are closing the account, most banks ask you to move your money first or they will close it with a zero balance. If you have automatic deposits or payments set up, update those before you transfer the money.

What if the routing number I found online is wrong?

If you use an incorrect routing number, the transfer will either fail or go to the wrong bank. Your bank will catch most errors and reject the transfer, but not all. Always verify the routing number by calling the receiving bank or checking their official website, not a third-party site.

Can I transfer money from savings to a different type of account?

Yes. You can transfer from a savings account to a checking account, money market account, or any other account type at another bank. The process is the same — you need the routing number and account number of the receiving account.

What happens if I exceed the six-transfer limit?

Your bank may charge a fee for each transfer over six in a month, usually $10 to $25 per excess transfer. Some banks convert your savings account to a checking account instead. Check your account agreement or call your bank to find out what they do. If you regularly need more transfers, ask about switching to a checking account or a money market account with higher limits.