Yes, you can transfer money between savings accounts — here's how it works
You can move money from one savings account to another at the same bank or at different banks. The transfer is straightforward: you initiate it from your sending account, the money leaves, and it arrives in your receiving account. The time it takes and the method you use depend on whether both accounts are at the same institution and which transfer method you choose.
Most transfers between accounts at the same bank happen instantly or within one business day. Transfers between different banks typically take one to three business days because the banks must coordinate through the Federal Reserve's payment network. Some banks offer faster options like wire transfers, which can move money the same day, but these usually cost $15 to $30 per transfer.
Key Takeaways
- Transfers between accounts at the same bank usually complete instantly or within one business day at no cost.
- Transfers between different banks take one to three business days and are free through ACH (Automated Clearing House), the standard method.
- Wire transfers move money the same day but cost $15 to $30 and are harder to reverse if you make a mistake.
- You need the receiving account number and routing number to transfer between banks; same-bank transfers often just need the account number.
- Set up the receiving account as a transfer destination in your sending bank's app or website before you initiate the transfer.
Same-bank transfers: the fastest and cheapest option
If both savings accounts are at the same bank, the transfer is the simplest route. Log into your online banking app or website, find the transfer or move money section, select your sending account, choose the receiving account from the list of your accounts at that bank, enter the amount, and confirm. The money usually moves instantly or within a few hours.
Same-bank transfers are free and carry almost no risk because both accounts are in your name and the bank controls both sides of the transaction. The bank's system knows immediately whether the receiving account exists and is active. If you enter the wrong account number, the bank will catch it before the transfer goes through.
Transfers between different banks: ACH is the standard method
ACH (Automated Clearing House) is the free, standard way to move money between banks. The transfer goes through the Federal Reserve's network, which processes batches of transfers at set times during the business day. This is why ACH transfers take one to three business days — the money is not moving in real time.
To set up an ACH transfer, you will need the receiving account's routing number (a nine-digit code that identifies the bank) and account number. You can find both on a check, on the bank's website, or by calling the bank. Enter this information into your sending bank's transfer form, give the transfer a label so you remember what it was for, and submit it. The sending bank will hold the transfer for one business day while it verifies the account information, then send it to the receiving bank.
ACH transfers are free and safe for moving money between your own accounts. However, if you accidentally enter the wrong account number at a different bank, the receiving bank may reject the transfer and send the money back — which can take several more days. Always double-check the account and routing numbers before you confirm.
Wire transfers: same-day delivery at a higher cost
A wire transfer moves money the same business day and is the fastest option between banks. You initiate it through your bank's app or by calling, provide the receiving account and routing number, and the money typically arrives within hours. Wire transfers cost $15 to $30 depending on your bank.
Wire transfers are harder to reverse than ACH transfers. Once the money leaves your account and arrives at the receiving bank, it is in the receiving account. If you sent it to the wrong account number, you will need to contact the receiving bank and ask them to return it — and they may not be able to if the account holder has already moved or spent the money. Use wire transfers only when you need the money to arrive the same day and you are certain the account number is correct.
What information you need to provide
| Transfer Type | Information Needed | Time to Complete | Cost |
|---|---|---|---|
| Same bank | Receiving account number (usually) | Instant to 1 business day | Free |
| ACH (different banks) | Routing number + account number | 1–3 business days | Free |
| Wire transfer | Routing number + account number | Same business day | $15–$30 |
For same-bank transfers, your bank's system already knows all your accounts, so you usually just select the receiving account from a dropdown menu. For transfers between banks, you must provide the nine-digit routing number and the full account number. Write these down carefully or copy them directly from a check or the bank's website — a single digit wrong will send the money to the wrong account.
Setting up a transfer destination before you send money
Most banks require you to register the receiving account as a transfer destination before you can move money to it. This is a security step that prevents someone with access to your account from sending money to an unknown account. The process takes a few minutes: enter the account and routing number, give it a label (like "Emergency Savings" or "College Fund"), and submit.
Some banks verify the account by sending two small deposits to the receiving account, then asking you to confirm the amounts. This can add one to two business days to the setup process. Other banks verify instantly through their own system. Once the account is registered, you can transfer to it anytime without re-entering the information.
What happens if the transfer fails or goes to the wrong account
If you enter an incorrect account number for an ACH transfer, the receiving bank will reject it and send it back to your sending bank. This return typically takes one to three business days. The money will reappear in your sending account, and you can try again with the correct information.
If a wire transfer goes to the wrong account, recovery is much harder. Contact your bank immediately and provide the receiving bank's name, the account number you sent it to, and the amount. Your bank can ask the receiving bank to retrieve the funds, but the receiving bank is not required to comply if the account holder has already spent the money. Wire transfer errors are rarely recovered in full.
For ACH transfers between your own accounts at different banks, the risk is low because you control both accounts. If the transfer is rejected, it simply comes back. If you are transferring to someone else's account, verify the account number with them by phone or in person before you send anything.
Frequently Asked Questions
Can I transfer money on weekends or holidays?
You can initiate a transfer anytime through your bank's app or website, but the bank will not process it until the next business day. If you submit an ACH transfer on Friday evening, it will not leave your account until Monday, and it will not arrive at the receiving bank until Tuesday or Wednesday. Wire transfers submitted on weekends or holidays are also delayed until the next business day.
Is there a limit to how much I can transfer?
Most banks allow unlimited transfers between your own accounts at the same bank. For ACH transfers between different banks, the Federal Reserve does not set a limit, but individual banks may. Check your bank's website or call to ask about their transfer limits. Wire transfers usually have higher limits but may require you to call the bank to send large amounts.
What if I accidentally transfer money to the wrong account at my own bank?
Contact your bank immediately. Because both accounts are at the same bank, the bank can often reverse the transfer or move the money back to your account within hours. The sooner you report it, the better your chances of recovery. Do not wait — banks are more likely to help if you catch the error the same day.
Do I pay taxes on transfers between my own savings accounts?
No. Transfers between your own accounts are not taxable income — the money was already yours. Only interest earned in the savings account is taxable income. If you are transferring money from a retirement account like an IRA or 401(k), different rules apply; consult a tax professional or your account provider.
Can someone else transfer money out of my savings account?
Only if they have access to your online banking login or if you have given them power of attorney over the account. If you suspect unauthorized transfers, contact your bank immediately. Banks can often reverse transfers within a certain window, and federal law limits your liability for unauthorized transfers if you report them quickly.