The fastest way depends on your bank and how soon you need the money there
If both accounts are at the same bank, you can move money between them in seconds using your bank's app or website—usually under a "Transfer" or "Move Money" button. The money lands immediately or within one business day, depending on whether you're moving it during business hours. If your accounts are at different banks, the transfer takes one to three business days and requires the receiving bank's routing number and account number. Some banks also let you set up automatic transfers on a schedule, so money moves without you having to do anything each time.
The method you choose matters because it affects speed, fees, and whether the transfer is reversible. A same-bank transfer through your app is nearly instant and free. A wire transfer between different banks is faster than ACH but costs $15 to $30. An ACH transfer is free but slower. Knowing which one to use saves you time and money.
Key Takeaways
- Same-bank transfers through your app or online banking are free and complete within seconds to one business day.
- Different-bank transfers use ACH (one to three business days, free) or wire transfer (same day or next day, $15 to $30 fee).
- You need the receiving bank's routing number and your account number to transfer between banks.
- Automatic transfers let you move money on a schedule without logging in each time, and most banks allow at least one free transfer per month.
- Transfers between your own accounts are not reversible in the same way a payment dispute is—once the money lands, it is there.
Same-bank transfers: the fastest option
If your checking and savings accounts are both at the same bank, log into your account on the bank's app or website and look for a button labeled "Transfer," "Move Money," or "Send Money Between My Accounts." You will enter the amount, select the account you are sending from (checking) and the account you are sending to (savings), and confirm. The money moves immediately or within one business day, depending on the time of day and your bank's processing schedule.
Most banks process same-bank transfers instantly if you initiate them during business hours on a weekday. If you transfer on a weekend or after 5 p.m., the transfer may not process until the next business day. There is no fee for transferring between your own accounts at the same bank, and you can do it as many times as you want.
If you do not have online access set up, you can also call your bank's customer service line and ask them to move the money for you. They will verify your identity and process the transfer over the phone. This takes longer than using the app but works if you do not have internet access or prefer to speak to someone.
Different-bank transfers: routing numbers and account numbers
To move money from a checking account at one bank to a savings account at another bank, you need two pieces of information about the receiving account: the receiving bank's routing number and your account number at that bank. The routing number is a nine-digit code that identifies the bank. Your account number is unique to your savings account. Both appear on the bottom left of a check, or you can find them by logging into your savings account online or calling the bank.
Once you have both numbers, log into your checking account at the first bank and look for "Transfer," "Send Money," or "External Transfer." Enter the receiving bank's routing number, your account number at that bank, and the amount. The bank will ask you to verify the transfer, and then it processes. Most banks send the money using ACH, which takes one to three business days. Some banks offer faster options like same-day ACH or wire transfer, but these may have fees.
The first time you transfer to a new external account, some banks hold the transfer for 24 hours as a fraud check. This means the money does not leave your checking account until the next day, even if the receiving bank processes it faster. After the first transfer clears, future transfers to the same account usually process without the hold.
ACH transfers versus wire transfers
An ACH transfer is the standard way to move money between different banks. It is free, but it takes one to three business days because the banks process ACH transfers in batches at set times during the day. If you initiate an ACH transfer on a Friday afternoon, the money will not leave your checking account until Monday, and it may not arrive at your savings account until Wednesday. ACH transfers are also reversible—if you send money to the wrong account by mistake, you can contact your bank and ask them to recall it, though the receiving bank has to cooperate.
A wire transfer is faster but costs money. Wire transfers move the same day if you initiate them before the bank's cutoff time (usually 2 or 3 p.m.), or the next business day if you miss the cutoff. Your bank will charge you $15 to $30 to send a wire, and sometimes the receiving bank charges a fee too. Wire transfers are nearly irreversible—once the money lands, the receiving bank has to agree to send it back, and they are not required to do so. Use a wire transfer only if you need the money the same day and the fee is worth it to you.
For moving money between your own accounts, ACH is almost always the right choice. It is free, and the one- to three-day wait is usually not a problem. Wire transfer makes sense only if you are moving a large amount and need it urgently, or if your bank does not offer ACH to the receiving bank for some reason.
Automatic transfers on a schedule
Most banks let you set up an automatic transfer that moves money from checking to savings on a schedule you choose—weekly, biweekly, monthly, or on a specific date each month. This is useful if you want to build savings automatically without having to remember to transfer money each time. Log into your checking account, find "Automatic Transfer," "Recurring Transfer," or "Scheduled Transfer," and enter the amount, the receiving account, and how often you want it to happen.
Automatic transfers between accounts at the same bank are free and instant. Automatic transfers to a different bank use ACH and take one to three business days, just like a one-time ACH transfer. You can change or cancel an automatic transfer at any time by logging back into your account and editing the schedule. If you cancel, future transfers will not happen, but any transfer that has already processed will not be reversed.
Many banks allow at least one free automatic transfer per month. If you set up more than that, some banks charge a small fee per extra transfer. Check your bank's fee schedule or ask customer service how many automatic transfers you can make for free.
What happens if you transfer to the wrong account
If you accidentally transfer money to the wrong savings account—whether at your bank or someone else's—the outcome depends on whether the receiving account belongs to you or someone else. If it is your own account at a different bank, you can simply transfer the money back. If it is someone else's account, contact your bank immediately and explain the mistake. Your bank can try to recall the transfer, but the receiving bank is not required to reverse it.
For same-bank transfers, your bank can usually reverse the transfer within a few hours if you catch the mistake right away. For ACH transfers between different banks, your bank can file a recall request, but the receiving bank has to agree to send the money back. If the receiving bank refuses or the account holder has already spent the money, you may not get it back. This is why it is important to double-check the routing number and account number before you confirm the transfer.
Wire transfers are almost impossible to reverse. Once a wire lands, the receiving bank controls the money. If you wire money to the wrong account, contact your bank and the receiving bank immediately, but be prepared that you may not recover the money. This is one reason wire transfers are risky for large amounts—use them only when you are certain of the receiving account details.
Fees and limits on transfers
Transfers between your own accounts at the same bank are free and have no limit. You can move money as many times as you want. Transfers to a different bank using ACH are also free, but some banks limit you to a certain number of free transfers per month—often three to six. If you exceed the limit, the bank may charge $1 to $3 per extra transfer. Wire transfers cost $15 to $30 per transfer, and sometimes the receiving bank charges an additional fee.
Some savings accounts have a limit on how many withdrawals or transfers you can make per month. This is a federal rule that used to apply to all savings accounts, but it was relaxed in 2020. Many banks have removed the limit, but some still enforce it. If your savings account has a withdrawal limit, transferring money out of it counts toward that limit. Check your account agreement or call your bank to learn about your savings account has a limit.
If you regularly move large amounts between accounts, ask your bank whether they offer a higher tier of account with no transfer fees or higher limits. Some banks waive fees if you maintain a minimum balance or set up direct deposit.
Frequently Asked Questions
Can I transfer money from checking to savings on a weekend?
Yes, you can initiate the transfer through your app or website anytime, but it will not process until the next business day. Same-bank transfers initiated on a weekend usually land Monday morning. ACH transfers to a different bank initiated on a weekend will not leave your checking account until Monday and may not arrive until Wednesday or Thursday.
What if I do not know my savings account number?
Log into your savings account online or call the bank's customer service line. Your account number appears in your online account summary, on statements, and on the bottom right of a check if you have a checkbook for that account. You will also need the routing number, which is the nine-digit code on the bottom left of a check or available through online banking.
Is there a limit to how much I can transfer?
Same-bank transfers have no limit. ACH transfers between different banks may have a daily or monthly limit set by your bank—often $5,000 to $25,000 per day. Wire transfers usually have higher limits but cost more. Contact your bank to find out your specific limits, or try to transfer and your bank will tell you if you have hit a limit.
Do I have to pay taxes on money I transfer to my own savings account?
No. Transferring money between your own accounts is not a taxable event. You only owe taxes on interest your savings account earns, not on the money you deposit or transfer into it.
How do I know if my transfer went through?
Log into your checking account and look at the transaction history. You should see the transfer listed with a date and status. For same-bank transfers, the status will show "Complete" or "Processed" within hours. For ACH transfers, the status will show "Pending" until the money lands at the receiving bank, which takes one to three business days. You can also log into your savings account and check whether the money has arrived there.