By Ash Ahmed, founder of Axal. Updated October 2026.
Moving savings to a higher-yield account takes about 15 minutes of setup and a few business days for the money to arrive. Here's how to do it without losing interest or getting caught short.
1. Compare where you're moving it
Before you move anything, check four things:
- Rate: is it variable, and is it a temporary promotion?
- Protection: is it FDIC insured? If not, decide whether you're comfortable with the risks.
- Access: can you withdraw anytime, and how long do transfers take?
- Fees and minimums: monthly fees, minimum balances, transfer fees.
See 6 Alternatives to a High-Yield Savings Account for how the main options compare.
2. Decide how much to move
Keep enough in your checking account for upcoming bills. If you're moving your emergency fund, keep it in an FDIC-insured account.
3. Open the new account and link your bank
Most accounts let you link your current bank in the app with your online banking login. Have your ID ready for identity verification.
4. Transfer the money
Start the transfer from the new account. Standard bank transfers (ACH) usually take 1–3 business days. Your money keeps earning at your old bank until it leaves.
5. Keep the old account open briefly
Wait until the transfer lands and any automatic payments are moved before closing anything. Check for direct deposits or bills tied to the old account.
6. Automate it
Set up a recurring transfer, or split your paycheck, so new savings land in the higher-yield account automatically.
Moving money into Axal
- Download Axal on the App Store or Google Play and sign up with email.
- Deposit by bank transfer, debit card, Apple Pay or Google Pay. Deposits are processed through Stripe, with no holding period.
- Start earning a variable 7.6% APY, with no minimums or fees. Withdraw anytime; bank withdrawals take 1–3 business days.
Axal isn't a bank and isn't FDIC insured. Read Is Axal Safe? before deciding how much to move.