How to Move Money Into a High-Yield Savings Account

1. Open a High-Yield Savings Account

If you haven't opened a high-yield savings account (HYSA) yet, that's the first step. These accounts are available at many banks and credit unions, including traditional institutions and online banks. As you compare options pay attention to:

• Annual percentage yield (APY)
• Fees
• Opening deposit minimums
• ATM access
• Bank reputation and reviews

Once you've selected an account, you can typically apply online by completing a short application and providing some documentation. This usually includes your Social Security number and one or two forms of identification, such as a driver's license or passport.

Tip: Online banks often offer some of the most competitive rates on HYSAs because they have lower overhead costs.

2. Link Your Existing Account

After your HYSA is open, you'll need to connect it to another bank account so you can transfer money in. To do this, log in to your HYSA account and look for an option to transfer money or link an external account. Many banks use secure third-party services to instantly link your external account using your login credentials.

If your bank doesn't offer instant linking, you'll need to manually enter your routing number and account number. The bank may initiate small test deposits (usually under $1 each) to confirm ownership. You'll need to return to your HYSA account and verify the exact amounts once they appear in your checking account.

Learn more: Routing Number vs. Account Number: What's the Difference?

3. Initiate the Transfer

Once your external account is successfully linked, you'll initiate your first transfer into your HYSA. Go to the "Transfers" or "Add Money" option, then choose the account you want to transfer from. Enter the amount you want to move and select a transfer date.

Some banks allow you to initiate transfers immediately, while others may give you the option to schedule transfers for a future date.

Learn more: Best Ways to Use a High-Yield Savings Account

4. Wait for the Transfer to Complete

After initiating the transfer, the money may appear in your HYSA right away, but it can take up to five business days for the funds to fully process and become available for withdrawal. Business days don't include weekends or bank holidays. Transfers requested after business hours typically begin processing the next business day. Initiating transfers earlier in the week can help you avoid weekend delays.

While you might see a pending status during this time, your account may start earning interest as soon as the transfer is received, even before it clears.

Learn more: How to Deposit Cash at an Online Bank

5. Consider Setting Up Automatic Transfers

One of the most effective ways to grow your savings over time is to automate your deposits. Most HYSAs let you schedule recurring transfers from your checking account on a weekly, biweekly or monthly basis.

To set up automatic transfers, start by initiating a regular transfer. Choose the option to repeat or make it recurring. Select your preferred frequency, start date and end date. This approach helps you build savings consistently, and you won't have to remember to move the money manually each time.

Tip: Align your recurring transfer date with your payday to make saving feel effortless and reduce the risk of overdrawing your checking account.

Frequently Asked Questions

The Bottom Line

Moving money into a high-yield savings account is a smart and simple way to earn more on your savings. By choosing the right account, linking your checking account and setting up automated transfers, you can take advantage of their higher interest rates. Over time, this helps your money work harder without extra risk or complications.