A system and method for assigning received channels to preset tuning keys of a receiver. A series of preset keys are sequentially labeled and one preset key, such as the preset key marked "0," is a pre-defined preset key. An elongated pressing of the pre-defined key causes the currently tuned channel, if it is not assigned to a preset key, to be assigned to an unassigned preset key. If the currently tuned channel is already assigned to a preset key, pressing the pre-defined key instead causes the currently selected channel to be un-assigned from that preset key. Radios with two tuners that each process different sets of radio signals assign channels for a particular tuner to alternating preset keys, allowing acceleration of sequentially selecting channels assigned to pre-set keys by pre-tuning another tuner to the next channel in the sequence.