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How can I transfer money between savings and checking accounts?

How can I transfer money between savings and checking accounts? Blog Image
Opening Youth Account Affinity FCU Blog
By: AffinityFCU

When you have a checking account and a savings account, you may need to transfer funds between those accounts from time to time. If both accounts are with the same credit union or bank, you may be able to transfer funds online or in person.

How to transfer money from savings to checking (or vice versa)

You have two transfer options: online transfers and in-person transfers. Here’s how to do both.

Online transfers

You should be able to transfer money from checking to savings (or vice versa) by logging in to your bank or credit union’s account from your computer or mobile device, or by using their mobile app. After you log in, look for a "transfers" option on the home screen, or go to the checking or savings account page and look for a “transfers” option. If you have trouble completing the transfer, look for an FAQ or help option for assistance. Once you’ve completed the transfer, it should be processed that day or on the next business day.

In-person transfers

Unless you’re banking with an online-only bank, you can also transfer funds in person at a bank or credit union branch.

  1. Complete a transfer form, which should be available at the branch.
  2. The transfer form will likely ask for the account numbers for the affected accounts, and the amount being transferred.
  3. After you complete the form, take it to a teller so they can help you complete the transaction.

In-person transfers can take up to 24 hours to be processed. Ask the teller when you'll be able to spend the cash.

At Affinity, our members have three easy ways to transfer money from savings accounts to checking accounts, or vice versa:

  • Log in to our Mobile App.
  • Log in to Online Banking from our website.
  • Visit a local branch, where our friendly specialists are happy to help with transfers.

What if my savings and checking accounts are at different financial institutions?

An online transfer will be your best bet if your savings and checking accounts are at different financial institutions. Here’s how to transfer money from one bank to another.

Step 1: Set up access to the external savings or checking account. You will need the account number and bank routing number to begin the set-up process. The bank or credit union will likely then make two small deposits to the external account in one or two business days. Check your external account for these deposits, and when they come through, you can use those deposit amounts to complete the set-up process. After that, you should be able to transfer funds to the external account.

Step 2: Submit a transfer request. The experience will be similar to transferring funds within the same bank or credit union. The only difference will be that you should see your external account listed as an option to send or receive funds.

You may want to talk to your bank or credit union representative to learn how long it takes them to process external transfers, and whether any fees will be assessed for external transfers.

How much money can I transfer from savings to checking?

Each credit union or bank sets its own limit on how much money you can transfer between accounts. Be sure to find out what your bank or credit union’s limit is.

Remember: Financial institutions can limit the number of savings account withdrawals per month

Until 2020, the Federal Reserve limited the number of withdrawals that could be made from savings accounts to 6 per month. Even though the Fed dropped this requirement, some financial institutions still limit withdrawals to 6 per month. If you exceed this limit, financial institutions may convert the savings account to a checking account or may close the savings account. Make sure to find out if your credit union or bank still enforces this limit.