The fastest way depends on whether both accounts are at the same bank
If both savings accounts are at the same bank, you can move money between them in minutes through online banking, your mobile app, or by calling the bank. Log into your account, find the transfer or move money option, select the source account and destination account, enter the amount, and confirm. The money usually arrives instantly or within the same business day.
If the accounts are at different banks, the transfer takes longer — typically one to three business days — because the banks have to communicate through the Federal Reserve's automated clearing house (ACH) system. You will still start the transfer from your originating bank's website or app, but you will need to provide the receiving bank's routing number and your account number at that bank.
A third option, wire transfer, moves money the same day but costs $15 to $30 per transfer and is rarely necessary for moving your own money between accounts you control. Use it only if you need the money to arrive the same day and cannot wait for an ACH transfer.
Key Takeaways
- Same-bank transfers happen instantly or within hours through your online banking portal or mobile app.
- Transfers between different banks use the ACH system and take one to three business days.
- You will need the receiving bank's routing number and your account number to transfer between banks.
- Wire transfers cost $15 to $30 but deliver money the same business day if you need speed.
- Transfers initiated on weekends or holidays process on the next business day.
How to transfer money between accounts at the same bank
Log into your online banking account or open your bank's mobile app. Look for a button or menu option labeled "Transfer," "Move Money," "Send Money," or "Pay." Click it and you will see a form asking you to choose a source account (where the money comes from) and a destination account (where it goes). Both should be savings accounts you own at that bank.
Enter the dollar amount you want to move. Review the details to make sure the account numbers and amount are correct — once you confirm, most banks process the transfer immediately. You will receive a confirmation number. Check your destination account within a few minutes to a few hours to confirm the money arrived.
If you prefer not to use online banking, call your bank's customer service line and ask to speak with someone who can process an internal transfer. They will ask you to verify your identity, confirm the account numbers, and state the amount. This method takes longer — usually one business day — but works if you are uncomfortable with online transfers or do not have internet access.
How to transfer money between accounts at different banks
Start at the bank where your money currently sits (the originating bank). Log into online banking or your mobile app and select the transfer or send money option. You will see a choice to transfer to an account at another bank — select that option.
The system will ask you to enter the receiving bank's routing number and your account number at that bank. The routing number is a nine-digit code that identifies the receiving bank within the Federal Reserve system. You can find it on a check from the receiving account, by calling that bank, or by searching the bank's name and "routing number" online. Enter your full account number at the receiving bank — this is the number printed on your checks or visible in that bank's online portal.
Enter the amount you want to move and review all details before confirming. The originating bank will send the transfer request through the ACH system. The receiving bank will post the money to your account within one to three business days. You will receive a confirmation number from the originating bank; save this in case you need to track the transfer later.
If the transfer does not arrive within three business days, contact the originating bank with your confirmation number. They can check the status and, if needed, file a trace to locate the money. Delays sometimes happen if account numbers were entered incorrectly or if the receiving bank is processing a backlog.
What happens when you transfer on a weekend or holiday
Banks do not process ACH transfers on weekends or federal holidays. If you initiate a transfer on Saturday, Sunday, or a holiday like Thanksgiving or Christmas, the bank will hold it and process it on the next business day. The one- to three-day timeline starts from that business day, not from when you submitted the request.
Same-bank transfers initiated on weekends usually post instantly because they do not rely on the ACH system — they are internal bank transactions. Check your bank's website to confirm, since policies vary slightly by institution.
Using a wire transfer when you need money the same day
Wire transfers move money the same business day, but they cost money and cannot be reversed once sent. Use this method only if you need the funds urgently and cannot wait for an ACH transfer. Most banks charge $15 to $30 per outgoing wire transfer.
To send a wire, call your bank or visit a branch in person. You will need to provide the receiving bank's name, routing number, your account number at that bank, and the amount. The bank will verify your identity and process the wire. Money typically arrives within a few hours on the same business day, though some banks deliver wires by the end of the next business day.
Wire transfers are final — once the money leaves your account, you cannot cancel or reverse it. Make absolutely sure the account number and routing number are correct before authorizing the wire. If you send money to the wrong account, you will have to contact that bank and ask them to return it, which they are not required to do.
Fees and limits on moving money between savings accounts
Transfers between accounts at the same bank are free. ACH transfers between different banks are also free — your bank will not charge you to send money out, and the receiving bank will not charge you to receive it.
Wire transfers cost $15 to $30 per transfer, depending on your bank. Some banks charge less for incoming wires than outgoing wires, or waive the fee if you maintain a high balance or have a premium account type.
Some savings accounts have limits on how many transfers you can make per month. Federal Regulation D previously capped outgoing transfers at six per month, but that rule was suspended in 2020 and has not been reinstated. However, individual banks may still impose their own limits — check your account agreement or call your bank to confirm. If you hit a limit, the bank will either decline the transfer or charge a small fee (usually $5 to $10) for each transfer over the limit.
What to do if your transfer does not arrive
If a same-bank transfer does not appear within a few hours, log back into your account and check whether it is still pending. If it shows as completed but the money is not in the destination account, contact your bank immediately. This is rare but can happen if there was a system error or if the destination account number was wrong.
For ACH transfers between banks, wait at least three business days before contacting your bank. If the money has not arrived by then, call the originating bank with your confirmation number. They will file a trace, which means they contact the receiving bank to locate the transfer. The receiving bank will investigate and either confirm the money arrived (in which case it may be in a holding period) or report that it never received the transfer. If the receiving bank never received it, the originating bank will refund your money within five to seven business days.
The most common reason a transfer fails is an incorrect account number or routing number. Before contacting your bank, double-check both numbers against a recent check, a bank statement, or the receiving bank's website. If you entered the wrong account number, the money may have gone to someone else's account at that bank — in that case, you will need to contact that bank and ask them to return the funds.
Frequently Asked Questions
Can I transfer money from a savings account to a checking account?
Yes, the process is identical. Whether you are moving money to another savings account or to a checking account, you use the same transfer method — same-bank transfers are instant, and transfers between different banks take one to three business days through the ACH system.
Do I need to know the receiving account holder's name to transfer money?
No. Banks use the routing number and account number to route the transfer, not the account holder's name. However, if you are sending money to someone else's account, confirm the account number with them directly — if you send money to the wrong account number, it will go to whoever owns that account, and recovering it is difficult.
What is the maximum amount I can transfer at one time?
There is no federal limit on how much you can transfer between your own accounts. However, banks may set their own limits for security reasons — typically $10,000 to $25,000 per transfer for ACH transfers. If you need to move a larger amount, call your bank and ask whether you can increase the limit or split the transfer into multiple transactions.
Can I set up automatic transfers between my savings accounts?
Yes. Most banks allow you to schedule recurring transfers — for example, moving $100 from checking to savings every payday. Set this up in your online banking portal under recurring transfers or automatic payments. You can usually pause or cancel automatic transfers at any time.
Why did my transfer take longer than expected?
ACH transfers usually take one to three business days, but delays happen if you initiated the transfer on a weekend or holiday, if the receiving bank is processing a backlog, or if there was a system issue. Weekends and holidays do not count as business days. If your transfer is more than three business days old, contact your originating bank to file a trace.