Yes, you can transfer money from a savings account to another bank

You can move money from a savings account at one bank to a savings account, checking account, or money market account at a different bank. The transfer itself is straightforward — you initiate it through your current bank, provide the receiving bank's routing number and your new account number, and the money moves between institutions. The process takes one to three business days in most cases, though some banks offer faster options.

The mechanics depend on which method you choose. You can use an ACH transfer (the standard electronic method), a wire transfer (faster but more expensive), or in some cases a check or debit card withdrawal followed by a deposit at the new bank. Each has different costs, speed, and limits.

Key Takeaways

  • ACH transfers are the most common way to move money between banks and usually cost nothing, but take one to three business days.
  • Wire transfers move money the same day or next business day but typically cost $15 to $30 per transfer.
  • You will need your new bank's routing number and your account number at that bank to start any transfer.
  • Most banks limit how much you can transfer in a single day, ranging from $1,000 to $25,000 depending on the institution.
  • Transfers initiated on weekends or holidays begin processing the next business day.

ACH transfers: the standard method

An ACH transfer (Automated Clearing House) is the electronic system most banks use to move money between institutions. You log into your current bank's website or app, select the transfer option, enter the receiving bank's routing number and your account number there, and specify the amount. Your bank then sends the instruction through the ACH network, which batches transfers and processes them overnight.

ACH transfers are free at most banks and take one to three business days. The exact timing depends on when you initiate the transfer and how quickly each bank processes it. A transfer started on a Tuesday morning might arrive Wednesday or Thursday; one started Friday afternoon will not begin processing until Monday. Banks do not process ACH transfers on weekends or federal holidays.

Most banks cap ACH transfers at $10,000 to $25,000 per day, though some allow higher amounts if you request them in advance. Check your current bank's limits before you transfer a large sum.

Wire transfers: faster but more expensive

A wire transfer moves money the same business day or the next business day, depending on when you initiate it and the receiving bank's processing schedule. You provide the same information — routing number and account number — but you usually have to request a wire transfer by phone, in person, or through your bank's app rather than through the standard transfer interface.

Wire transfers cost money. Most banks charge $15 to $30 per outgoing wire transfer. Some banks charge the receiving bank a fee as well, though that is less common. Because of the cost and the speed, wire transfers are typically used for larger amounts or time-sensitive moves.

Wire transfers are also harder to reverse if you make a mistake. Once the money leaves your bank, the receiving bank has it, and you cannot straightforward cancel the transaction the way you can with an ACH transfer that has not yet processed. Verify the account number and routing number carefully before you confirm a wire.

Other ways to move money between banks

If you have a small amount to transfer or prefer not to use electronic methods, you can withdraw cash from your current bank and deposit it at the new bank. This works but is slow (you have to visit both banks), risky (you are carrying cash), and leaves no electronic record of the transfer.

You can also write a check to yourself, deposit it at the new bank, and wait for it to clear — typically three to five business days. Some banks offer mobile check deposit, which speeds this up slightly, but it is still slower than an ACH transfer.

A few banks offer push transfers or pull transfers through their apps. A push transfer means your current bank sends the money to the new bank; a pull transfer means the new bank requests the money from your current bank. Both use the ACH system underneath and take the same one to three business days, but the interface may be simpler.

What information you need before you start

To transfer money to another bank, you will need the receiving bank's routing number (a nine-digit code that identifies the bank in the ACH and wire transfer systems) and your account number at that bank. You can find both on a blank check from the new bank, on your account statement, or by calling the bank or logging into your account online.

Do not confuse the routing number with the SWIFT code. The routing number is used for domestic transfers within the United States; the SWIFT code is used for international transfers. If you are transferring to a bank in another country, you will need the SWIFT code instead.

Have the account number and routing number in front of you before you start the transfer. Entering them incorrectly can send your money to the wrong account, and recovering it can take weeks.

Daily and monthly transfer limits

Banks set limits on how much you can transfer out of a savings account in a single day and sometimes in a calendar month. These limits vary widely. Some banks allow up to $25,000 per day; others cap it at $1,000. A few banks have no daily limit but restrict the total number of transfers you can make in a month.

If you need to transfer more than your bank's daily limit, you have a few options. You can split the transfer across multiple days, request a higher limit in advance (many banks will grant this if you ask), or use a wire transfer, which sometimes has a higher limit than ACH transfers.

Check your bank's website or call customer service to find out what your specific limits are. The limits are usually listed in the account agreement or the transfer section of your online banking portal.

Timing: when the money actually arrives

The time it takes for money to arrive depends on the method and when you initiate the transfer. An ACH transfer started on a Tuesday at 10 a.m. might arrive at the receiving bank by Wednesday evening or Thursday morning. One started on Friday at 4 p.m. will not begin processing until Monday morning and will likely not arrive until Tuesday or Wednesday.

Wire transfers are faster but not when ready. A wire initiated before your bank's cutoff time (usually 2 p.m. or 3 p.m. Eastern time) on a business day will typically arrive the same day or the next business day. A wire initiated after the cutoff or on a weekend will not process until the next business day.

The receiving bank also has a role in timing. Some banks post incoming transfers when ready; others hold them for a day or two before crediting your account. If the receiving bank is small or uses older systems, it may take longer to process the incoming transfer.

Frequently Asked Questions

What happens if I enter the wrong account number?

The transfer may go to a different account at the receiving bank, or it may be rejected if the account number does not match the routing number. If it goes to the wrong account, contact your bank when ready. They can sometimes recover the money, but it can take weeks. This is why wire transfers are risky — they are harder to reverse than ACH transfers.

Can I transfer money from a savings account to a checking account at another bank?

Yes. The transfer process is the same regardless of the account type at the receiving bank. You provide the routing number and account number, and the money moves there. The receiving bank will credit it to whatever account you specify.

Do I have to close my old savings account after I transfer the money?

No. You can leave the account open, close it, or leave a small balance in it. If you want to close it, contact your bank and ask about their process. Some banks require a zero balance before they will close an account; others will close it even if there is a small amount left.

Can I transfer money from a savings account to an investment account or brokerage?

Yes, but the process may be different. Most brokerages and investment firms have their own transfer process, often called a "bank transfer" or "ACH transfer" in their app. You will still need your savings account routing number and account number, but you initiate the transfer from the investment account side rather than from your bank.

Is there a limit to how many transfers I can make in a month?

Some banks limit the number of transfers you can make from a savings account per month, though this is less common than daily limits. Federal rules used to restrict savings account transfers to six per month, but that rule was suspended. Check your bank's account agreement to see if they have their own monthly limit.