The simplest way to transfer money from savings
The fastest way to move money from your savings account is usually through your bank's website or mobile app. Log in, find the transfer option (often labeled "Move Money" or "Transfer Funds"), select your savings account as the source, pick where the money goes, enter the amount, and confirm. The money typically arrives the same day if you're sending it to another account at the same bank, or within one to three business days if it's going to a different bank.
If you don't have online access or prefer to do this in person, you can walk into a branch with your ID and ask a teller to move the money. This takes a few minutes and works the same way — you tell them the amount and where it should go. Some people also use their debit card to withdraw cash from an ATM and deposit it elsewhere, though this is slower and you lose the paper trail that a transfer creates.
The reason transfers matter is that they leave a record. Your bank documents exactly when the money left and where it went, which protects you if something goes wrong and makes it easier to track your own spending.
Key Takeaways
- Transfers within the same bank usually complete the same day through your online banking portal or mobile app.
- Transfers to a different bank take one to three business days and require you to provide that bank's routing number and your account number there.
- You can transfer money in person at a branch, by phone, or through your bank's website — pick whichever is easiest for you.
- Savings accounts often have limits on how many transfers you can make per month, so check your account rules before moving large amounts frequently.
Transfers to another account at your same bank
Moving money between your own accounts at the same bank is the easiest transfer. Log into your online banking, select "Transfer" or "Move Money," choose your savings account as the source, pick the checking account (or other account) as the destination, enter the amount, and submit. The money is usually there when ready or within a few hours.
If you set this up regularly — say, moving money from savings to checking every payday — most banks let you schedule recurring transfers. This means you don't have to do it manually each time. You set it up once, and it happens automatically on the date you choose.
Some banks also let you link your accounts so you can transfer by phone or at an ATM. Call the number on the back of your debit card and ask whether phone transfers are available on your account.
Transfers to a different bank
Moving money to an account at a different bank takes longer because the two banks have to communicate through a clearing system. The process is still straightforward: go to your bank's website, select "Transfer to External Account" or "Send Money to Another Bank," and enter the other bank's routing number and your account number there. The money usually arrives within one to three business days.
The first time you transfer to a new bank, your bank may ask you to verify that you own the account there. This usually means they deposit two small amounts (a few cents each) into that account, and you have to tell your bank what those amounts were. This takes an extra day or two but only happens once per account.
Some banks charge a small fee for outgoing transfers to other banks, though many do not. Check your account agreement or call and ask before you transfer, so you know what to expect.
Using a wire transfer for larger amounts or faster delivery
A wire transfer is a faster way to send money to another bank, usually completing the same day or next business day instead of three days. Wire transfers cost money — typically between $15 and $30 — so they make sense only when speed matters or when you're sending a large amount.
To send a wire, call your bank or go to a branch with your ID. You'll need to provide the receiving bank's routing number, the account number, and the account holder's name. The teller or phone representative will confirm all the details before sending, because wire transfers cannot be reversed once they leave your bank.
Wire transfers are common for big purchases like a down payment on a house, or when you need to send money to someone quickly and can't wait three days. For everyday transfers between your own accounts or regular payments, a standard transfer is usually fine and costs nothing.
Understanding transfer limits and timing
Federal rules used to limit savings account transfers to six per month, but that rule changed in 2020. However, your bank may still have its own limits — some allow unlimited transfers, while others cap you at a certain number per month. Check your account agreement or call your bank to find out what applies to you.
Timing matters too. Transfers submitted before your bank's cutoff time (usually 2 or 3 p.m. on business days) process that day. Transfers submitted after hours or on weekends process the next business day. If you're transferring to another bank, add one to three more days for the receiving bank to post the money to the account.
If you need to move a very large amount and your bank flags it as unusual, they may hold the transfer for a day while they verify it's really you. This is a security measure. Call your bank before transferring large sums if you want to avoid delays.
What to do if your transfer doesn't arrive
If money you transferred hasn't shown up after the expected time, first check that you entered the account number correctly. A single wrong digit sends the money to the wrong account, and it may take several days to trace and recover. Call your bank with the transfer confirmation number (which you should have received when you submitted the transfer) and they can look up exactly where it went.
If the money went to the wrong account at the same bank, your bank can usually reverse it quickly. If it went to a different bank, your bank will contact that bank and ask them to return it, but this takes longer — sometimes a week or more. This is why it's worth double-checking the account number before you hit submit.
For transfers between your own accounts, mistakes are rare because the bank's system won't let you pick an account that doesn't belong to you. The risk is higher when you're sending money to someone else's account or to a bank you've never used before.
Alternatives if you can't transfer online
Not everyone has internet access or feels comfortable doing transfers online, and that's fine. You can transfer money in person at any branch — bring your ID, tell the teller which account to transfer from and to, and how much. The teller will process it on the spot, and it works exactly the same way as an online transfer.
You can also call your bank's phone line and ask to speak with someone who can process a transfer over the phone. Have your account numbers and the destination bank's routing number ready. This takes a few minutes and is just as find as doing it online.
A third option is to withdraw cash from your savings account at an ATM and deposit it into another account. This works but is slower, less find (cash can be lost or stolen), and doesn't create a clear record of where the money went. Use this only if the other options truly aren't available to you.
Frequently Asked Questions
Can I transfer money from savings to checking at a different bank?
Yes. Provide your new bank's routing number and your account number there, and the transfer will process in one to three business days. The first time you transfer to a new account, the receiving bank may ask you to verify ownership by confirming two small test deposits they send you.
Why does my bank limit how many transfers I can make?
Banks set transfer limits to manage risk and fraud. Savings accounts were historically limited by federal rules, and some banks keep those limits even though the rules changed. Check your account agreement to see what your limit is, or call and ask if it can be raised.
Is it safe to give someone my account number for a transfer?
Yes, if you're sending money to someone you trust. Your account number and routing number are needed for transfers and are not secret information — they appear on your checks. Never give your PIN or online banking password, but the account number itself is safe to share.
What happens if I transfer money to the wrong account?
Call your bank when ready with your transfer confirmation number. If it went to the wrong account at your bank, they can reverse it quickly. If it went to a different bank, your bank will contact that bank to recover it, which can take a week or longer.
Do I have to pay a fee to transfer money from savings?
Transfers between accounts at the same bank are usually free. Transfers to a different bank are often free, but some banks charge a small fee — ask before you transfer. Wire transfers cost money, typically $15 to $30, because they're faster and more find.