The fastest way depends on where your money is now
If the money is already at your bank, you can transfer it to a savings account at the same bank in minutes using online banking or a mobile app—no fees, no waiting. If the money is at a different bank, the transfer takes one to three business days and usually costs nothing. If you need the money moved today and it's at another bank, you can withdraw cash and deposit it in person, but that exposes you to loss or theft and leaves no record of the transfer.
The method you choose depends on three things: whether both accounts are at the same bank, how soon you need the money there, and whether you want a paper trail. Most people use online transfer or ACH, which are free and automatic. Wire transfers are faster but cost money and are harder to reverse if something goes wrong.
Key Takeaways
- Transfers between accounts at the same bank happen instantly or within hours and cost nothing.
- ACH transfers between different banks take one to three business days and are free, but weekends and holidays add delay.
- Wire transfers move money the same day but cost $15 to $50 and cannot be reversed if you make a mistake.
- You need the receiving account number and routing number (for ACH) or the full account and bank details (for wire), and the account must be in your name or a joint account you own.
- Transfers from a third party's account to your savings account require their permission and may trigger fraud checks.
Same-bank transfers: the fastest and cheapest option
If both accounts are at the same bank, log into online banking or your mobile app, select the account you're transferring from, and choose "transfer to another account" or similar wording. Enter the receiving account number, the amount, and when you want it to happen. Most banks process these transfers immediately or within a few hours, even on weekends and holidays.
You will not pay a fee for same-bank transfers. The money moves through the bank's internal system, not through the ACH network or the wire system, so there is no intermediary cost. If you make a mistake—wrong amount, wrong account—you can usually reverse it the same day by logging back in and canceling the transfer before it settles.
Same-bank transfers are the right choice if both accounts are at the same institution and you are not in a rush. They are also the right choice if you are moving money regularly, because there is no delay and no cost.
ACH transfers between different banks: free but slower
ACH stands for Automated Clearing House. It is the system that moves money between different banks. When you initiate an ACH transfer from your checking account at Bank A to your savings account at Bank B, your bank sends the request through the ACH network. The receiving bank then pulls the money from your account and deposits it into the savings account.
ACH transfers take one to three business days. If you start a transfer on a Friday afternoon, it will not arrive until Monday or Tuesday, because the ACH network does not process on weekends or federal holidays. If you start it on a holiday, the clock does not start until the next business day. You will not pay a fee—ACH transfers are free at nearly all banks.
To start an ACH transfer, you need the receiving account number and the receiving bank's routing number. You can find the routing number on the bank's website, on a check, or by calling the bank. Log into your sending bank's online banking, select "transfer to another bank" or "external transfer," enter the receiving account and routing number, the amount, and when you want it to happen. Some banks let you schedule transfers in advance.
ACH transfers can be reversed, but only within a narrow window. If you notice a mistake within one business day, contact your bank immediately and ask them to recall the transfer. After that, the money has settled and you will need to ask the receiving bank to send it back—which they may refuse to do if the account is not yours.
Wire transfers: same-day but expensive and hard to undo
A wire transfer moves money the same business day, usually within hours. Your bank sends the money directly to the receiving bank using the SWIFT network (for international transfers) or the Fedwire system (for domestic transfers). The receiving bank deposits it into the account you specify.
Wire transfers cost money—typically $15 to $50 depending on your bank and whether the transfer is domestic or international. They are also nearly impossible to reverse. Once the money leaves your bank, it is in the receiving bank's hands. If you sent it to the wrong account or the wrong bank, you will have to contact the receiving bank and ask them to send it back, and they have no obligation to do so. If the account does not exist, the money may be returned to you after several days, but you cannot count on it.
Use a wire transfer only if you need the money the same day and you are certain the account details are correct. Verify the receiving account number and routing number twice before you confirm the transfer. Ask the receiving bank to confirm the account exists and is in the right name before you wire the money.
To wire money, call your bank or log into online banking and select "send a wire transfer" or "wire money." You will need the receiving account number, the receiving bank's routing number, the receiving bank's name and address, and the name on the receiving account. Your bank will charge the fee at the time of transfer.
What you need before you transfer
For a same-bank transfer, you need only the receiving account number. Your bank already has your information on file.
For an ACH transfer to a different bank, you need the receiving account number and the receiving bank's routing number. The routing number is a nine-digit code that identifies the bank. You can find it on a check from that account (it is the first nine digits at the bottom left), on the bank's website, or by calling the bank's customer service line.
For a wire transfer, you need the receiving account number, the receiving bank's routing number, the receiving bank's name and address, and the name on the receiving account exactly as it appears at the bank. If the name does not match, the receiving bank may reject the transfer or hold it pending verification.
The account you are transferring to must be in your name or a joint account you own. If you are transferring money to someone else's account, that person must authorize the transfer, and your bank may ask for written permission or a signed form.
When transfers fail or get delayed
A transfer can fail if the account number is wrong, the account does not exist, the account has been closed, or the receiving bank does not recognize the routing number. If a transfer fails, your bank will return the money to your account within one to three business days and will notify you of the reason.
A transfer can be delayed if the receiving bank is processing a high volume of transfers, if there is a holiday or weekend in the timeline, or if your bank or the receiving bank flags the transfer for fraud review. Fraud holds typically last 24 to 48 hours. If your transfer is held, your bank will contact you to confirm the transfer is legitimate.
If a transfer does not arrive when you expect it, log into your sending bank's account and check the status. Most banks show whether a transfer is pending, completed, or failed. If it shows completed but the money has not arrived at the receiving bank, contact your sending bank and ask them to trace the transfer. They can contact the receiving bank on your behalf.
Transfers from someone else's account to your savings account
If someone else is transferring money to your savings account, the transfer works the same way—they initiate it from their bank using your account number and routing number. You do not need to do anything except provide them with the correct account details.
However, if the transfer is large or unusual, your bank may place a hold on the money and ask you to verify that you authorized it. This is a fraud prevention measure. Your bank may ask for a copy of a check, a written authorization from the sender, or a phone call to confirm. The hold typically lasts 24 to 48 hours, after which the money is released.
If you receive a transfer from someone and you did not authorize it, contact your bank immediately. Do not spend the money. Your bank can reverse the transfer and return it to the sender's account, but only if you report it quickly—usually within 10 business days.
Frequently Asked Questions
Can I transfer money to a savings account at a different bank on the weekend?
You can initiate the transfer on the weekend through online banking or a mobile app, but the transfer will not process until the next business day. The ACH network does not operate on weekends or federal holidays, so the money will not arrive until Monday or Tuesday at the earliest.
What if I enter the wrong account number?
If you catch the mistake before the transfer settles, contact your bank immediately and ask them to cancel it. If the transfer has already settled, the money went to the wrong account. Contact your bank and ask them to recall the transfer—they can ask the receiving bank to return it, but the receiving bank is not required to comply. If the account belongs to someone else, you may need to contact that person directly to ask them to send the money back.
Do I pay a fee to transfer money to my own savings account at a different bank?
No. ACH transfers between your own accounts at different banks are free. Wire transfers cost $15 to $50. Same-bank transfers are always free. Some banks charge a fee if you exceed a certain number of transfers per month, so check your account terms.
How long does a wire transfer actually take?
Domestic wire transfers typically arrive the same business day, usually within two to four hours. International wire transfers take one to three business days depending on the receiving country and bank. The exact timing depends on when you initiate the transfer—if you wire money after 5 p.m., it may not process until the next business day.
Can I reverse a transfer after it has been completed?
For ACH transfers, you have one business day to ask your bank to recall it. After that, the money has settled and you will need to contact the receiving bank. For wire transfers, reversal is extremely difficult and usually not possible—the money is in the receiving bank's hands immediately. For same-bank transfers, you can usually cancel within a few hours if the transfer is still pending.