How to Transfer Between Savings & Checking Accounts

Having both a checking and savings account is convenient, and combining those two accounts can help you make the most of your money. You can use your checking account for your day-to-day expenses, while keeping your extra money in the savings account. As you learn to budget your money more effectively, you can transfer extra funds from your checking account to your savings account, helping you build savings to be better prepared for financial emergencies.

Locate the routing number and account number for both your checking and savings accounts. If you hold both accounts at the same bank, the routing number for both should be the same, but the account number will be different. If your checking and savings accounts are at different banks, both the routing number and account number will be different. You can find the routing number and account number printed on your checks, or you can contact the bank and request the information.

Set up online or telephone access to your account if you do not already have it. You need to supply some basic identification information, such as your Social Security number, date of birth and account number, when setting up that access.

Gain access to your account, either over the telephone or by logging on to your account on the Internet. Select the transfers option.

Select the account from which you want to transfer money and the account to which you want to transfer the funds. If you hold a checking and savings account at the same bank and you are making the transfer online, you should see a drop-down box listing each account. If you need to set up a transfer to a different bank, choose the external transfers option, and enter the routing number and account number. It can take a few days for the external account to be set up and ready for use.

Verify the amount of your transfer and submit the request for processing. Check back a day or two later to make sure the transfer has taken place properly.

About the Author

Based in Pennsylvania, Bonnie Conrad has been working as a professional freelance writer since 2003. Her work can be seen on Credit Factor, Constant Content and a number of other websites. Conrad also works full-time as a computer technician and loves to write about a number of technician topics. She studied computer technology and business administration at Harrisburg Area Community College.