How to Move Money From Your Bank of America Savings Account Without a Checking Account

You can transfer money from your Bank of America savings account to an external checking account, or open a Bank of America checking account to move it internally

If you have a Bank of America savings account but no checking account with them, you have two practical paths: transfer the money out to a checking account elsewhere, or open a Bank of America checking account and move it there. Bank of America does not require you to have a checking account to hold a savings account, so there is no rule forcing you to do anything. But if you need regular access to your money for bills or everyday spending, a checking account (whether at Bank of America or another bank) is usually the next step.

The method you choose depends on whether you want to stay with Bank of America or move to a different bank, and how quickly you need the money available.

Key Takeaways

• Bank of America savings accounts can exist independently—you do not need a checking account with them to keep the savings account open.
• To transfer money out, you can use online transfer, a wire transfer, or visit a branch in person with your ID and account number.
• Opening a Bank of America checking account takes about 10 minutes online and lets you move money between your accounts when ready.
• External transfers to another bank typically take one to three business days to complete, depending on the receiving bank.
• If you withdraw cash at a Bank of America ATM or branch, you can deposit it into a checking account at any bank without a transfer delay.

Transferring money to an external checking account

If you have a checking account at another bank, you can move money from your Bank of America savings account to it using Bank of America's online banking platform. Log in to your Bank of America account, go to the Transfers section, and select "Transfer to another bank." You will need the routing number and account number of the external checking account. Bank of America will ask you to verify the account by depositing small amounts (usually two deposits under $1 each) and confirming the amounts—this takes one to two business days before the account is verified.

Once verified, you can transfer up to $10,000 per day, though this limit can be raised by calling Bank of America at 1-800-432-1000. The transfer itself takes one to three business days to land in the external account, depending on how quickly the receiving bank processes incoming transfers.

If you do not have online access or prefer to do this in person, visit a Bank of America branch with your ID and savings account number. Tell the teller you want to transfer funds to an external checking account and provide the receiving bank's routing number and your account number there. The teller can initiate the transfer on the spot, and it will follow the same one- to three-business-day timeline.

Opening a Bank of America checking account to keep money in-house

If you want to stay with Bank of America, opening a checking account is faster than transferring out. You can open one online in about 10 minutes using your Social Security number, ID, and current address. Bank of America offers several checking account types: eChecking (no monthly fee if you receive electronic deposits or maintain a $500 balance), Advantage Banking (monthly fee waived with direct deposit or $1,500 balance), and Premium Rewards Checking (higher balance requirement but includes rewards on debit card purchases).

Once your checking account is open and active, you can transfer money from your savings account to it when ready using online banking—no waiting period. Log in, go to Transfers, select your new checking account as the destination, and the money moves within minutes. You can then use the checking account for bills, debit card purchases, or ATM withdrawals.

Withdrawing cash and depositing it elsewhere

If you need money quickly and do not want to wait for a transfer, you can withdraw cash from your Bank of America savings account at any Bank of America ATM or branch and deposit it into a checking account at another bank the same day. This method works well for smaller amounts and avoids the verification process required for online transfers.

For larger withdrawals (over $10,000), Bank of America may ask questions about the source of the funds as part of federal reporting requirements. This does not prevent the withdrawal, but it may take longer at a branch. Plan ahead if you need a large amount in cash.

Wire transfers for faster movement of larger amounts

If you need to move a large sum quickly, a wire transfer is faster than a standard transfer. Bank of America can wire money from your savings account to a checking account at another bank in one business day, sometimes the same day if you initiate it before the bank's cutoff time (usually 2 p.m. local time on business days). Wire transfers cost $15 to $20 depending on whether the receiving bank is domestic or international.

To set up a wire, visit a Bank of America branch or call 1-800-432-1000 with the receiving bank's routing number, your account number at that bank, and the amount you want to send. The teller or phone representative will confirm the details and process the wire. Once sent, the money typically arrives within hours to one business day.

What happens to your savings account after you move the money

Moving money out of your Bank of America savings account does not close the account. The account remains open and active unless you formally close it by visiting a branch or calling 1-800-432-1000. If you leave the account open with a zero or low balance, you will not pay a monthly fee—Bank of America does not charge maintenance fees on savings accounts. However, if you do not use the account for an extended period (typically two years or more), Bank of America may close it due to inactivity, though they will attempt to contact you first.

If you plan to keep the savings account open as an emergency fund or secondary account, that is fine. If you want to close it entirely, you can do so at any time once the balance is zero.

Frequently Asked Questions

Can I transfer money from my Bank of America savings to a checking account at a different bank online?

Yes. Log into Bank of America online banking, go to Transfers, and select "Transfer to another bank." You will need the routing number and account number of the external checking account. The first transfer requires verification (one to two business days), then transfers take one to three business days to complete.

How long does it take to open a Bank of America checking account?

You can open one online in about 10 minutes. The account is usually active when ready, and you can transfer money from your savings account to it right away. A debit card arrives by mail in five to seven business days.

What if I need the money in my checking account today?

Withdraw cash from your Bank of America savings account at an ATM or branch and deposit it into a checking account at another bank the same day. For larger amounts, a wire transfer takes one business day and costs $15 to $20.

Will my Bank of America savings account close if I move all the money out?

No. The account stays open unless you formally close it. Bank of America does not charge monthly fees on savings accounts, so you can leave it open with a zero balance if you want to keep it as a backup.

What is the daily transfer limit from my Bank of America savings account?

Bank of America allows up to $10,000 per day in transfers to external accounts. You can request a higher limit by calling 1-800-432-1000, and they will review your account history to determine if an increase is possible.