The fastest way depends on where the money is going
If you are moving money to another account at the same bank, the transfer usually completes within hours or by the next business day. If you are sending it to a different bank, it takes one to three business days through the standard ACH system, or you can pay a fee for a same-day wire transfer. Moving money to a person (rather than an account you control) requires their bank details and typically takes the same one to three days.
The method you choose matters because it affects speed, cost, and what information you need to have ready. A transfer between your own accounts at one bank is nearly always free and instant. A transfer to someone else's account at a different bank is also usually free but slower, unless you choose an expedited option that costs money.
Key Takeaways
- Transfers between your own accounts at the same bank usually complete within hours and cost nothing.
- Transfers to a different bank take one to three business days through ACH and are free, or same-day through wire transfer for a fee of roughly $15 to $30.
- You will need the receiving account number and routing number (for ACH) or the full bank details (for wire), and the receiving bank's name and address.
- Transfers initiated on a weekend or holiday begin processing the next business day, so timing matters if you need the money by a specific date.
- Once a transfer leaves your account, you cannot cancel it if it has already been processed; contact your bank immediately if you need to stop it.
Transfers between your own accounts at one bank
Log into your bank's website or mobile app and look for "Transfer Funds," "Move Money," or a similar option in the main menu. Select your savings account as the source and the destination account (checking, money market, or another savings account) as the recipient. Enter the amount and confirm the transfer.
Most banks process these transfers instantly or within a few hours, even if initiated outside business hours. There is no fee. The money appears in the destination account immediately or by the next morning, depending on the bank's processing schedule. You will receive a confirmation number; save it in case you need to reference the transfer later.
Transfers to a different bank using ACH
ACH (Automated Clearing House) is the standard system for moving money between banks. It is free and takes one to three business days. To set one up, log into your savings account online and select "Send Money to Another Bank" or "External Transfer."
You will need the receiving account number, the receiving bank's routing number (a nine-digit code unique to each bank), and the name on the receiving account. You can find the routing number on the receiving bank's website, by calling them, or by looking at a check from that account (it appears at the bottom left). Enter the amount and confirm. The transfer will begin processing the next business day if you initiate it after hours or on a weekend.
Some banks require you to verify a new external account before the transfer goes through. This verification usually involves the bank depositing two small amounts (under $1 each) into the receiving account, which you then confirm in your banking app. This step can add two to three business days to the first transfer, but subsequent transfers to that same account are faster.
Same-day transfers using wire or faster payment systems
If you need the money to arrive the same day, ask your bank whether it offers same-day ACH, wire transfer, or a faster payment system like Zelle or FedNow. Same-day ACH and wire transfers both cost money—typically $15 to $30 per transfer—and have cutoff times (usually 2 p.m. or 5 p.m. on business days). Transfers initiated after the cutoff process the next day.
Wire transfers require the receiving bank's name, address, routing number, the receiving account number, and the name on the receiving account. Provide this information carefully, because wire transfers cannot be reversed once they leave your bank. If you send money to the wrong account, recovery is difficult and not may provide.
Zelle and similar peer-to-peer systems are faster and free but work only between people, not to business accounts, and have daily limits (often $500 to $2,000 per day, depending on your bank). If the receiving person does not have Zelle set up, they can still receive the money, but it may take longer.
What happens when you initiate a transfer on a weekend or holiday
Banks do not process ACH transfers on weekends or federal holidays. If you initiate a transfer on Friday evening, Saturday, or Sunday, it will not begin processing until Monday morning. The same applies to holidays like Thanksgiving, Christmas, and New Year's Day. This means a transfer you start on Friday afternoon may not arrive until Wednesday or Thursday, not Tuesday.
If you have a specific deadline, initiate the transfer on a business day before 2 p.m. (or your bank's cutoff time). If you miss the cutoff, the transfer will not start until the next business day. Check your bank's website for its exact cutoff times and holiday schedule.
Canceling or stopping a transfer
If you realize you made a mistake immediately after initiating a transfer, contact your bank right away. If the transfer has not yet been processed—which is usually within a few minutes to a few hours—your bank may be able to cancel it. Once the transfer has been sent to the receiving bank, cancellation is no longer possible.
For ACH transfers, you have until the end of the business day to request a cancellation, but your bank must act quickly. For wire transfers, cancellation is almost never possible once the transfer has left your bank. If you sent money to the wrong account via wire, contact your bank and the receiving bank immediately to report the error, but recovery is not may provide.
If money arrives in the wrong account and the recipient refuses to return it, you may need to file a dispute with your bank or pursue legal action. This is why double-checking the account number and routing number before confirming is critical.
Fees and limits on savings account transfers
Transfers between your own accounts at the same bank are free and unlimited. Transfers to a different bank via ACH are also free, though some banks limit how many external transfers you can make per month (often five to ten). Exceeding this limit may trigger a fee or temporarily restrict your account.
Wire transfers and same-day ACH transfers cost $15 to $30 per transfer. Some banks waive these fees for customers with premium accounts or high balances. Check your account terms or call your bank to learn what applies to you.
Savings accounts themselves may have withdrawal limits set by federal regulation or by your bank's terms. These limits vary by bank and account type, so review your account agreement or call your bank if you are unsure whether a large transfer will be restricted.
Frequently Asked Questions
Can I transfer money from my savings account to someone else's account at a different bank?
Yes. You will need their account number, routing number, and the name on their account. The transfer takes one to three business days via ACH and is free. If you need it faster, ask your bank about same-day options, which usually cost $15 to $30.
What if I enter the wrong account number?
If the account number does not exist or belongs to someone else, the transfer may be rejected and returned to your account within a few business days. If the account number is valid but belongs to the wrong person, the money will arrive in their account and recovery is difficult. Always double-check the account number before confirming.
How long does a transfer take if I initiate it on Friday?
If you initiate it after your bank's cutoff time (usually 2 p.m.) on Friday, processing does not begin until Monday. A standard ACH transfer then takes one to three business days, so the money may not arrive until Wednesday or Thursday. For a specific deadline, initiate transfers on a business day before the cutoff.
Is there a limit to how much I can transfer from my savings account?
Limits vary by bank and account type. Some banks have no limit on transfers between your own accounts. Transfers to external banks may be limited to a certain amount per day or per month. Check your account agreement or contact your bank to learn your specific limits.
Can I reverse a transfer after it has been sent?
For ACH transfers, you can request a cancellation on the same business day, but only if your bank acts quickly. For wire transfers, cancellation is almost never possible once the transfer has left your bank. Contact your bank immediately if you need to stop a transfer.