The basic ways to transfer money into savings
You can move money into a savings account through a bank transfer, a direct deposit, an ATM deposit, or a cash deposit at a branch. The method you choose depends on where the money is coming from, how fast you need it to arrive, and what your bank allows. Most transfers between accounts at the same bank happen instantly or within one business day. Transfers between different banks usually take one to three business days.
If you are moving money from a checking account at the same bank, you can often do this online or through your bank's mobile app without leaving home. If the money is coming from an employer or government agency, you can set up direct deposit to send it straight to savings. If you have cash or a check, you will need to visit a branch or use an ATM that your bank operates.
Key Takeaways
- Transfers between your own accounts at the same bank usually complete instantly or within one business day.
- Transfers from a different bank take one to three business days and require your savings account number and routing number.
- Direct deposit from an employer or government agency is the fastest and most reliable way to move regular payments into savings.
- ATM deposits and branch deposits work for cash and checks, but availability depends on your bank's locations and hours.
Transferring money from your checking account at the same bank
Log into your bank's website or mobile app and look for a link labeled "Transfer," "Move Money," or "Between My Accounts." Select your checking account as the source and your savings account as the destination. Enter the amount you want to move and confirm. The money should appear in your savings account immediately or by the next business day, depending on the time of day you make the transfer.
Some banks also let you set up automatic transfers on a schedule — for example, moving $50 every Friday from checking to savings. This is done through the same transfer screen, and you can usually pause or cancel it anytime. Automatic transfers are a way to move money without having to remember to do it manually each time.
If you do not have online access or prefer to do this in person, you can visit a branch and ask a teller to transfer funds between your accounts. Bring your ID and let them know the amount and which accounts to use.
Transferring money from a different bank
To move money from a checking account at Bank A into a savings account at Bank B, you will need your savings account number and the routing number for Bank B. Your routing number is a nine-digit code that identifies your bank. You can find it on the bottom left of your checks, on your bank's website, or by calling customer service.
Log into your account at Bank A (the bank where the money currently is) and look for an option to transfer to an external account or add a payee. Enter your savings account number and routing number for Bank B. Some banks require you to confirm the transfer by verifying a small deposit (usually under $1) that Bank B sends to your Bank A account within a few days. Once confirmed, you can complete the transfer. The money typically arrives in three business days, though some banks offer faster options for an additional fee.
Alternatively, you can ask Bank B to pull the money from Bank A on your behalf. This is called an ACH pull transfer. Log into Bank B's website, select the option to transfer from an external account, and provide your Bank A account and routing numbers. Bank B will initiate the transfer, which usually takes one to three business days.
Setting up direct deposit to your savings account
If you receive regular payments from an employer, the government, or another source, you can have that money deposited directly into your savings account instead of going to checking first. Ask your employer's payroll department or the paying agency for a direct deposit form. You will need to provide your savings account number and your bank's routing number.
Some employers allow you to split your paycheck between multiple accounts — for example, sending 80 percent to checking and 20 percent to savings. This is set up through the same direct deposit form. Direct deposits typically arrive on the scheduled payment date and do not require any action on your part once set up.
If you receive Social Security, a tax refund, a stimulus payment, or unemployment benefits, you can also arrange for those to go directly to your savings account. The process is the same: provide your account and routing numbers to the agency sending the payment.
Depositing cash or checks at an ATM or branch
If you have cash, you can deposit it into your savings account at an ATM that your bank operates. Insert your debit card, select "Deposit," choose savings as the destination account, and follow the on-screen instructions. The ATM will count the cash and confirm the amount. Most banks post ATM deposits to your account within one business day, though some do it immediately.
For checks, you can use a mobile check deposit if your bank offers it. Open your bank's app, select "Deposit Check," take a photo of the front and back of the check, and enter the amount. The bank will review the photo and post the funds, usually within one to three business days. This is faster and more convenient than visiting a branch.
If you prefer to deposit in person or your bank does not offer mobile deposit, visit a branch during business hours. Bring your check or cash and your ID. Tell the teller you want to deposit into your savings account. They will process the deposit and give you a receipt. The funds should appear in your account by the next business day.
What to do if a transfer is delayed or does not arrive
If a transfer between banks is taking longer than three business days, log into your account and check the transfer status. Many banks show pending transfers in your transaction history with an expected arrival date. If the transfer shows as completed but the money has not arrived, contact the receiving bank's customer service and provide the transfer confirmation number.
If a direct deposit does not arrive on the expected date, contact your employer's payroll department or the paying agency first to confirm they sent it. Ask them to verify the account and routing number they have on file. If they confirm it was sent, contact your bank and provide the date it was supposed to arrive. The bank can trace the transfer and tell you where it is.
Keep records of all transfers, including confirmation numbers and dates. If money goes missing, these details help your bank investigate and recover it.
Fees and limits on moving money into savings
Most transfers between your own accounts at the same bank are free. Transfers from a different bank are also usually free, though some banks charge a small fee (typically $1 to $3) for outgoing transfers or for using expedited delivery.
Some savings accounts have limits on how many transfers or withdrawals you can make per month. Federal rules previously capped this at six per month, but that rule was suspended. However, individual banks may still enforce their own limits. Check your account agreement or contact your bank to learn what limits apply to your savings account. If you exceed the limit, your bank may charge a fee or restrict further transfers that month.
Direct deposits are always free. Mobile check deposits are free. ATM deposits are free at your bank's ATMs, though using an ATM outside your bank's network may incur a fee.
Frequently Asked Questions
How long does it take to transfer money from checking to savings at the same bank?
Transfers between your own accounts at the same bank usually happen instantly or within one business day. If you make the transfer after business hours or on a weekend, it may not process until the next business day. Check your bank's website or app to see the expected arrival time.
Can I transfer money from a savings account at one bank to a savings account at another bank?
Yes. Use the same process as transferring from checking to savings at a different bank: provide your account number and routing number to the sending bank, or ask the receiving bank to pull the funds. The transfer takes one to three business days.
What if I do not know my bank's routing number?
You can find your routing number on the bottom left of your checks, on your bank's website, or by calling customer service. Search online for "[your bank name] routing number" if you need it quickly. Some banks list multiple routing numbers for different regions, so make sure you use the one for your branch or account type.
Is it safe to give someone my account number and routing number to transfer money in?
Your account and routing numbers are safe to share for incoming transfers. They are printed on your checks and are needed for direct deposits and transfers from other banks. However, do not share your PIN, password, or the full card number. Only provide account and routing numbers when you initiate the transfer yourself or authorize someone you trust to do it.
Can I set up automatic transfers to savings if I get paid weekly?
Yes. Most banks let you schedule automatic transfers as often as you want — daily, weekly, biweekly, or monthly. Set up the transfer through your bank's website or app, choose the frequency and amount, and it will happen automatically on the schedule you select. You can change or cancel it anytime.