- Transferring money between savings and checking accounts can be done easily online.
- If you're transferring funds to a different bank, it could take a few days to process.
- Savings accounts are no longer federally limited to six transfers per month, but some banks still impose the rule.
Savings accounts are great places to store cash you'll need in the next few years. But you'll probably need to use that money eventually — to put a down payment on a car, buy a plane ticket, or tap into your emergency fund for an unexpected bill.
That's where checking accounts come in. Checking accounts are more suitable for managing expenses, and transferring money from savings to checking can be done seamlessly in several ways.
Online or mobile app transfers
Transferring funds electronically from one bank account to another is known as an ACH payment. You can quickly set up an ACH payment by logging into your account from your computer or the bank's mobile app.
When you transfer money between banks, the earliest the transfer will go through is probably the next business day. It could take up to a few days to see the funds show up in your account.
Some banks charge fees for transferring money to a separate institution. Look up both banks' policies online for incoming and outgoing external transfers.
User interface
Many online banking dashboards and mobile apps have intuitive navigation highlighting popular services, such as transferring money.
In the main menu, you should see an item titled "transfers" or "send money." Select the account you want to transfer money from (savings) and the one you want to transfer money to (checking).
If you want to transfer money to an account at another institution, you should see an option to link an account. Enter the account type, bank account number, and routing number to enable online transfers between the two.
After selecting your outgoing and incoming accounts for the transfer, enter the amount. You may also be prompted to select whether it's a one-time transfer or a recurring transfer. Then you'll have the opportunity to review your transfer details before submitting the request.
In-person branch transfers
You also have the option to make the transfer in person if you use a brick-and-mortar bank. This may be a better choice than an online transfer if you need additional assistance from a customer service agent or you're not comfortable using technology.
Visit your local branch and fill out a transfer form to specify which accounts you're transferring money out of and into, and how much you want to transfer. Then give the form to the bank teller to complete your transaction.
You'll need to know both account numbers and routing numbers to conduct the transaction. If you don't have this information, the teller should be able to pull up the information if you show your ID.
By doing it in person, the transfer could take up to 24 hours to complete. Ask the teller when you'll be able to spend the cash.
Setting up automatic transfers
Most banks give you the option to set up an automatic transfer from your checking account to an internal or external savings account. It can either be a one-time transfer to occur on a date in the future or a recurring transfer that happens at a frequency of your choosing, such as weekly or monthly.
Understanding transfer limits
A federal regulation known as Regulation D previously restricted the number of outgoing transfers you could make from a savings account or money market account to six per month.
Customers who exceeded the limit could have been charged by their bank for each additional transaction, or in extreme instances, have their account closed. The rule was relaxed by the Federal Reserve Board during the COVID-19 pandemic, when Americans needed access to their savings more often, and has not been reinstated.
However, some banks have since returned to imposing a monthly transaction limit on savings and money market accounts. Check your banking agreement to find out what, if any, limits apply on the number of transactions you can make each month and how much you can transfer at a time.
Tips for efficient money management
Transferring money from a savings account to a checking account may be necessary for you to maintain minimum balance requirements, pay bills on time, and make large purchases.
Know that setting up an interbank transfer may be more involved than setting up a transfer from one account to another at the same bank, and the funds may take longer to clear.
Consider setting up automatic, recurring transfers if you regularly find yourself dipping into savings. This will help you avoid late fees on bills by ensuring you have the money available in your checking account when you need it and a method for efficiently managing savings and checking transfers.
Lastly, always be sure to set up multi-factor authentication where available. This is a security measure that requires you to provide additional verification, such as a code that's emailed or texted to you, to log on to your account.
Transferring money FAQs
Can I transfer money from checking to savings at any time?
Yes, you can typically initiate a transfer of money from checking to savings at any time. A federal regulation on the number of outgoing transfers allowed from savings accounts each month has been suspended, but your bank may still have limits.
Are there fees associated with transferring money between accounts?
There usually are no fees associated with transferring money between accounts at the same bank. Bank transfer limits and fees can be found in your bank account agreement, or you can call your bank and ask.
How long does a transfer between savings and checking take?
An online transfer between accounts at the same bank can happen immediately, while a transfer between banks could take a few days.
Is there a limit on how much I can transfer from checking to savings?
Bank policies vary, but most limit how much money you can send at one time or in a 24-hour period to an account at another bank.
Can I set up my accounts to automatically transfer from checking to savings?
Yes, many banks allow you to automate account transfers to either an internal or external account. You will need to select a transfer amount and schedule.