The fastest way depends on where your money is now
If your checking and savings accounts are at the same bank, you can transfer money between them in minutes using your bank's app, website, or phone line. If they are at different banks, the transfer takes one to three business days and goes through the ACH network — a system that moves money between financial institutions. The method you choose affects how fast the money arrives and whether you pay a fee.
Same-bank transfers are usually free and instant. Different-bank transfers are also usually free but slower. Wire transfers are fast (same day or next day) but cost $15 to $50 and should only be used when speed matters more than cost.
Key Takeaways
- Same-bank transfers move money in minutes through your bank's app or website and cost nothing.
- Different-bank transfers use ACH and take one to three business days but are free.
- Wire transfers arrive the same day or next day but cost $15 to $50 and require you to visit a branch or call.
- You will need your savings account number and routing number to set up a transfer from another bank.
- Transfers initiated on weekends or after business hours will process on the next business day.
Transferring between accounts at the same bank
Log into your bank's app or website and look for a link labeled "Transfer," "Move Money," or "Between My Accounts." Select your checking account as the source and your savings account as the destination. Enter the amount and confirm. The money will appear in your savings account within minutes, usually instantly.
If you prefer not to use digital banking, call your bank's customer service line and ask to transfer money from checking to savings. Provide your account numbers and the amount. The representative will process it over the phone, and it will post the same day or next business day.
Some banks let you set up automatic transfers on a schedule — for example, $100 every Friday. This is useful if you want to build savings without thinking about it each time. Set this up in the "Recurring Transfers" or "Automatic Transfers" section of your bank's app.
Transferring from a different bank using ACH
ACH stands for Automated Clearing House, a network that moves money between banks. To start an ACH transfer, log into your current bank's app or website and select "Transfer to Another Bank" or "External Transfer." You will be asked for your savings bank's name, your savings account number, and the routing number for that bank.
Your savings bank's routing number is a nine-digit code that identifies the bank within the ACH system. You can find it on a check, on your bank's website, or by calling the bank. Enter the amount you want to transfer and confirm. The money will leave your checking account within one business day and arrive in your savings account within one to three business days total.
The first time you transfer to a new bank, some banks verify the account by depositing two small amounts (usually under $1 each) and asking you to confirm the deposits. This takes an extra day or two but happens only once per account. After that, transfers to the same savings account are faster.
When to use a wire transfer instead
A wire transfer moves money the same day or next business day and is the fastest option available. However, wire transfers cost $15 to $50 depending on your bank and whether the transfer stays within the United States or goes abroad. Use a wire transfer only when you need money to arrive urgently and the fee is worth it to you.
To send a wire transfer, call your bank or visit a branch in person. You will need your savings account number and routing number. The bank will ask you to confirm the amount and the destination account. Wire transfers cannot be reversed once they leave your account, so double-check the account number before you confirm.
Some banks allow wire transfers through their app, but most require you to call or visit a branch. Ask your bank whether wire transfers are available online or only by phone and in person.
What happens if you transfer on a weekend or holiday
Banks and the ACH network do not process transfers on weekends or federal holidays. If you initiate a transfer on Saturday, it will not leave your account until Monday. If you initiate it on Monday but after your bank's cutoff time (usually 2 p.m. or 5 p.m., depending on the bank), it will not process until Tuesday.
Check your bank's website or app to see what time transfers must be initiated to process the same business day. If you need money to arrive by a specific date, count backward from that date and initiate the transfer at least one business day earlier.
Fees and limits on transfers
Most banks do not charge a fee for ACH transfers between different banks or for transfers between your own accounts at the same bank. However, some banks charge a fee ($3 to $10) if you exceed a certain number of transfers per month — often six transfers. Check your bank's fee schedule or ask a representative whether you will be charged.
Some banks also set a daily or monthly limit on how much you can transfer. For example, you might be able to transfer up to $10,000 per day or $50,000 per month. If you need to transfer more than your limit, contact your bank to request a higher limit or to arrange a transfer by phone.
Wire transfer fees are separate from ACH fees and apply every time you send a wire. Incoming wire transfers (money coming into your account) are usually free.
Troubleshooting a transfer that did not arrive
If you sent an ACH transfer and it has not arrived within three business days, log into your checking account and confirm the transfer was actually sent. Look for a confirmation number or a record showing the transfer as "pending" or "completed." If the transfer shows as completed but the money is not in your savings account, contact your savings bank first — the money may have arrived but not posted yet.
If the transfer shows as pending after three business days, contact your checking bank and ask for the status. Provide the confirmation number. The bank can tell you whether the transfer is stuck in the system or whether there was an error with the account number or routing number.
If you entered the wrong account number or routing number, the transfer may be rejected and returned to your checking account within five to ten business days. You will see a notification from your bank explaining why it was rejected. Correct the information and send the transfer again.
Frequently Asked Questions
Can I transfer money to a savings account at a bank where I do not have a checking account?
Yes. You can transfer money from your checking account at Bank A to a savings account at Bank B, even if you have never banked at Bank B before. You will need the savings account number and routing number for Bank B. The transfer works the same way as transferring between your own accounts at different banks.
What is the difference between ACH and a wire transfer?
ACH transfers take one to three business days and are free. Wire transfers take the same day or next business day and cost $15 to $50. Use ACH for routine transfers and wire transfers only when you need money urgently. Wire transfers also cannot be reversed once sent, while ACH transfers can sometimes be recalled if you contact your bank quickly.
Do I need to tell my savings bank that money is coming?
No. The transfer will arrive automatically once it clears the ACH system. You do not need to notify the savings bank in advance. However, if this is the first time you are transferring to that account, the bank may hold the money for a day or two while it verifies the deposit.
What if I accidentally transfer money to the wrong account?
Contact your bank immediately. If the transfer has not yet posted to the other account, your bank may be able to stop it. If it has already posted, your bank can contact the other bank and request a reversal, but the other account holder must cooperate. The sooner you report the error, the better your chances of recovering the money.
Can I transfer money using my phone number or email address instead of an account number?
Some banks offer services like Zelle or Venmo that let you send money using a phone number or email, but these are designed for peer-to-peer transfers, not for moving money to your own accounts. To transfer to your own savings account, you will need the account number and routing number. Ask your bank whether it offers any phone-number-based transfer options.