The fastest way to transfer money out
You can move money from your Navy Federal savings account to another account at Navy Federal, to an external bank account, or to a person using several methods. The method you choose depends on where the money is going and how quickly you need it to arrive.
If you're transferring to another Navy Federal account you own — checking, money market, or another savings account — you can do this when ready through online banking or the Navy Federal mobile app. If you're sending money to a bank outside Navy Federal, the transfer typically takes one to three business days. If you're sending money to another person, you can use Navy Federal's person-to-person payment service or write a check.
Key Takeaways
- Transfers between your own Navy Federal accounts happen when ready through online banking or the mobile app with no fees.
- Transfers to external bank accounts take one to three business days and require the receiving bank's routing number and account number.
- Navy Federal's person-to-person payment service lets you send money to another person's email address or phone number, and they receive it within one business day.
- You can also write a check from your savings account or visit a Navy Federal branch in person to withdraw cash and deposit it elsewhere.
- Navy Federal does not charge fees for outgoing transfers, but your receiving bank may charge a fee to receive an external transfer.
Transferring to another Navy Federal account you own
This is the simplest transfer because the money stays within Navy Federal's system. Log into Navy Federal online banking or open the mobile app, select your savings account, and look for the "Transfer" or "Move Money" option. Choose the account you want to send the money to, enter the amount, and confirm the transfer. The money appears in the receiving account within minutes.
You can set up recurring transfers this way if you regularly move money between accounts — for example, moving a set amount from savings to checking each month. There are no fees for transfers between your own Navy Federal accounts, and there are no limits on how many you can make.
Transferring to a bank account outside Navy Federal
To send money to another bank, you'll need the receiving account's routing number and account number. You can find these on a check from that account, or call the bank and ask. Log into Navy Federal online banking, select your savings account, and choose "Transfer to External Account" or "Add External Account." Enter the receiving bank's routing number, the account number, and the account holder's name.
Navy Federal will verify the account by depositing two small amounts (usually under one dollar) into the external account, then asking you to confirm those amounts. This verification step takes one to two business days. Once verified, you can transfer money to that account anytime. Transfers to external accounts take one to three business days to arrive, depending on the receiving bank's processing speed. Navy Federal does not charge you for this transfer, but some banks charge a small fee to receive an incoming transfer.
You can add multiple external accounts and transfer to any of them. If you no longer need to transfer to a particular account, you can remove it from your Navy Federal profile.
Sending money to another person
Navy Federal's person-to-person payment service, called Navy Federal Pay, lets you send money to someone else's email address or phone number. The recipient does not need to be a Navy Federal member. Log into online banking or the app, select "Send Money," and enter the recipient's email or phone number and the amount you want to send.
The recipient receives a notification and can claim the money by creating a Navy Federal account or linking an external bank account. Once they claim it, the money arrives within one business day. If the recipient does not claim the money within 30 days, it returns to your account automatically.
There are no fees to send money this way. Navy Federal does limit how much you can send per transaction and per day — these limits vary and you can check them in your online banking settings or by calling Navy Federal.
Withdrawing cash and other options
You can also withdraw cash from your Navy Federal savings account at any Navy Federal branch or at an ATM that accepts Navy Federal cards. If you need to move a large amount of cash to another bank, you can withdraw it and deposit it there yourself, though this carries the risk of carrying large amounts of cash.
Another option is to write a check from your savings account if Navy Federal provides checkbooks for savings accounts. Call Navy Federal to confirm whether your savings account can issue checks, and if so, request a checkbook. You can then write a check to yourself or another person and deposit it at another bank.
What happens to savings account limits after a transfer
Federal law limits how many withdrawals and transfers you can make from a savings account to six per month (this includes transfers out, checks written, and debit card withdrawals). Once you reach six, Navy Federal may charge a fee for additional transfers that month, or temporarily restrict your account. This limit does not explore to transfers between your own Navy Federal accounts, only to transfers out of Navy Federal or to external parties.
If you regularly need to move money out of savings, consider whether a checking account might work better for your situation, since checking accounts do not have these withdrawal limits. Navy Federal staff can help you decide which account type fits your needs.
Frequently Asked Questions
How long does it take to transfer money to an external bank account?
One to three business days, depending on the receiving bank's processing speed. Navy Federal sends the transfer when ready, but the other bank may take time to post it to the account. Weekends and holidays can add extra days.
Can I transfer money from my Navy Federal savings account to someone else's account at a different bank?
Yes. Add their bank account as an external account in your online banking (you'll need their routing number and account number), then transfer money to it. Alternatively, use Navy Federal Pay to send money directly to their email or phone number.
What if I make more than six transfers out of my savings account in one month?
Navy Federal may charge a fee for transfers beyond six per month, or temporarily restrict your account. Transfers between your own Navy Federal accounts do not count toward this limit. If you regularly exceed six transfers, a checking account might be more practical.
Is there a fee to transfer money out of Navy Federal?
No, Navy Federal does not charge you to transfer money out. However, the receiving bank may charge a fee to receive an incoming transfer. Check with that bank about their policies.
Can I set up automatic transfers from my savings account?
Yes, you can set up recurring transfers to another Navy Federal account or to a verified external account. Log into online banking, select the transfer option, and choose "Recurring" or "Scheduled." You can set it to happen weekly, monthly, or on a custom schedule.