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Like most people, you probably have savings and a checking account. Your savings account is perhaps where you stash your money for long-term goals, like buying a house or retiring. Your checking account is probably where you keep the money you need for everyday expenses, like rent or groceries.
But what if you need to transfer money from your savings account to your checking account? Is it a simple process, or is there a lot of paperwork involved? And how do you decide which type of transaction – online vs. in-person – is best for you?
This guide will break down the different types of transactions and help you figure out the best strategy for transferring money from one account to another.
Can I Transfer Money From My Savings Account to My Checking Account Anytime?
Yes, you can do it. In fact, no federal laws limit the number of transfers or withdrawals you can make from a savings or checking account anymore. However, your bank may impose some limits.
For example, Most savings accounts allow their customers to make up to six transfers or withdrawals from a savings account per monthly statement cycle. After that, they may charge fees.
So, if you need to transfer money from your savings to your checking account more than six times a month, you may want to consider switching to an online savings account, which usually has more transaction limits.
If you're not sure whether there will be any fees involved in transferring money between your accounts, it's always best to check with your bank first.
How to Transfer Money from a Savings to Checking
Transferring money from a savings account to another checking account is common. You may find yourself in a situation where you need to transfer money from your savings account to your checking account.
There are a few different ways to transfer money from your savings account to your checking account. The method you use will likely depend on the type of accounts you have and the bank or financial institution that manages them.
Do You Manage Your Accounts On The Same Bank?
If you do, the process is very easy. Just log in to your account and make the transfer.
You usually see all of your checking accounts if you choose to transfer money from the bank savings account. The, just select the account you are going to transfer the money.
Making an External Transfer From Savings to Checking
An external transfer is when you move money from one bank account to another that isn’t with the same financial institution. This guide will show you how to make an external bank-to-bank transfer using three different methods: online banking, wire transfer, and ACH transfer.
Before we get into how to make an external bank transfer, let’s review a few basics. First, you’ll need the receiving account's routing and account numbers.
- The routing number is usually a nine-digit code that identifies the financial institution where the account is located.
- The account number is usually eight to 12 digits long and is specific to your account. You can find these numbers on a check or by contacting the receiving bank directly.
Now that you have the necessary information, let’s take a look at how to make an external bank transfer using three different methods.
1. The Easiest: Transfer By Online Banking
The first method is online banking. To do this, simply log in to your online banking account and select the option to make a new Transfer or Payment.
From there, you’ll need to enter the routing number and account number for the receiving account, as well as the amount of money you want to transfer and any relevant details about the transaction.
Once you’ve reviewed all of the information and confirmed everything is correct, click “Submit,” and the funds should be there within one to three business days.
2. The Fastest: Transfer By Wire Transfer
The second method for making an external bank transfer is via wire transfer. Wire transfers are typically faster than online banking transfers. The funds are usually available in the receiving account within 24 hours.
To initiate a wire transfer, you’ll need to visit your local branch or contact your bank’s customer service department to provide the necessary information about the receiving account (routing number and account number).
You’ll also need to let them know how much money you want to transfer and when the transaction will occur. There may be a fee associated with this type of transfer, so be sure to ask about that before you initiate the transaction.
Financial Institution | Incoming Domestic Wire Transfer Fee | Outgoing Domestic Wire Transfer Fee |
|---|---|---|
Chase Bank
| $0 – $15 | $25 – $35 |
Citi
| Up to $15 | Up to $25 |
Capital One
| Up to $15 | Up to $30 |
Synchrony Bank
| $0 | $25 |
Discover Bank
| $0 | $30 |
Wells Fargo | $15 | $30 |
Ally Bank
| $0 | $20 |
Bank Of America
| $15 | $30 |
PNC Bank | $15 | $25 – $30 |
U.S. Bank | $20 | $30 |
TD Bank | $15 | $30 |
3. The Slower: Transfer By ACH Transfer
The third method for making an external bank transfer is via ACH transfer.
ACH stands for Automated Clearing House—this type of network processes electronic payments and direct deposits between banks. ACH transfers are typically slower than wire transfers—the funds are usually available in two to three business days—but they often don’t come with any fees attached.
To initiate an ACH transfer, you’ll need to provide your bank with the necessary information about the receiving account (routing number and account number) and specify how much money you want to transfer over what time.
Does It Cost Money To Transfer?
In general, the answer is no. It does not cost money to transfer from savings to a checking account. There may be a fee if you are transferring from an account that is not with the same bank, but if you are transferring between accounts at the same bank, there should not be a fee.
Tips to Remember when Transferring Money from Savings to Checking Account
Here are four things to pay attention to when transferring money from savings to checking.
- Your Bank's Policy on Transfers
Most banks allow their customers to make unlimited transfers between their savings and checking accounts.
However, some banks may limit the number of transfers you can make or charge fees for each transfer. So, be sure to check with your bank before making any transfers to avoid any unexpected fees.
- Lost Interest Rate on Your Savings Account
If your checking account has monthly maintenance fees, you must ensure that the account is worth the cost.
When compared to the interest you're earning on your savings, the fees associated with your checking account may not be worth it.
In this case, it may be better to keep your money in savings and only use your checking account for regular expenses such as rent or utilities.
- Fees & Minimum Balance Required for Your Checking Account
Keep in mind that some banks require a minimum balance to avoid monthly maintenance fees.
If you're planning on keeping a large balance in your checking account, be sure to choose an account that doesn't have monthly maintenance fees.
Otherwise, you may find yourself paying fees even though you have enough money to cover them.
Bank/institution | Monthly Fee | Bank Type |
|---|---|---|
Bank of America Advantage Plus Checking | $12
can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards
| Traditional |
Chase Total Checking® | $12
Can be waived if you maintain a $1,500 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $5,000 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
| Traditional |
Citi Checking Account | $12
Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62
| Traditional |
PNC Standard Checking | $7 – $25 per month
can be waived if you maintain $500+/$2,000/$5,000 direct deposit per month, $500+/$2,000/$5,000 monthly balance in savings or age 62+/$10,000 in all PNC consumer deposit accounts/$25,000 in all PNC consumer deposit accounts/
| Traditional |
U.S. Bank Checking | $6.95
Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+
| Traditional |
Wells Fargo Everyday Checking | $10
Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account
| Traditional |
Capital One 360 Checking | $0 | Online Only |
Amex Rewards Checking | $0 | Online Only |
SoFi Bank | $0 | Online Only |
Can You Transfer Money from One Savings Account to Another Savings Account
Usually, it's possible, but the rules regarding transfers between savings accounts can vary depending on several factors.
Typically, you can transfer money freely between accounts at the same bank or credit union, while transferring funds between different institutions may incur fees or other restrictions. Additionally, some banks may require minimum balances to avoid fees associated with your savings account.
Before making any decisions about transferring money from one savings account to another, you must understand the specific policies and terms. This will help ensure that your money is always available when you need it and that you are not paying unnecessary fees for these transactions.
In Which Cases You May Need to Transfer Money from Savings to Checking?
There are several situations when transferring money from your savings account to your checking account may be necessary.
- If you need to make a large purchase or pay an important bill that exceeds the amount of cash in your checking account, you may need to transfer savings funds to cover these expenses.
- If you have a large balance in your savings account and want to access this money more easily, transferring it into a checking account can help provide quick and convenient access when needed.
Why Can't I Transfer Money from Savings to Checking?
Many people have trouble transferring money from savings to a checking account, and it can be a frustrating experience. There are a few possible reasons for this. Let's explore some of the reasons why you might not be able to transfer money from savings to checking.
The first reason you might not be able to transfer money from savings to a checking account is that you don't have enough money in your savings account.
Most banks require that you have a certain amount of money in your savings account before you can transfer money out. This requirement is in place to protect you from overdrawing your account and incurring fees. If you don't have enough money in your savings account to meet the minimum balance requirement, you won't be able to transfer money out.
Another reason you might not be able to transfer money is that you've recently deposited the money into your savings account. Some banks have a policy where you cannot withdraw for a certain period of time after making a deposit.
This policy is designed to help customers avoid making impulse purchases with their newly deposited funds. If this is the case, you'll need to wait until the hold period has expired before trying to make a withdrawal.
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How To Transfer Money From Checking To Savings?
If you want to transfer money from checking to savings, there are a few different options available.
One option is to go directly through your bank using the online banking portal or phone banking services. This will allow you to quickly and easily initiate a transfer of funds between your accounts.
Another option is to use an online service or mobile app such as Zelle, which makes it easy to move money between different bank accounts and financial institutions in just a few clicks.
Ultimately, the best way to transfer money from checking to savings will depend on your individual needs and preferences, so do some research and compare different options before making any decisions.
FAQs
This will depend on the terms and conditions of your bank, as well as any minimum balance requirements or other restrictions that may apply.
Typically, you will need to have a certain amount of money in your savings account before you can make a transfer.
In some cases, there may be fees associated with transferring money from savings to checking.
This will depend on the specific policies of your bank or financial institution.
There are no specific limits on how frequently you can transfer money from savings to checking, but some banks may have restrictions in place.
Generally speaking, you should be able to make as many transfers as needed, provided that you meet all the requirements.
This will depend on several factors, including the method you use to transfer funds and any associated processing times.
In general, transfers between checking and savings accounts should be fairly quick, but it's always important to check with your bank or financial institution for specific details.
