The most direct way to transfer money out of savings is through your bank's online portal, mobile app, or by visiting a branch in person
Most banks let you move money from savings to a checking account you own at the same bank in minutes through their website or app. You log in, select the savings account, choose the destination account, enter the amount, and confirm. The transfer usually lands within one business day, sometimes the same day.
If you want to send money to an account at a different bank, you have three main routes: an external transfer through your bank's system (takes one to three business days), an ACH transfer if you know the receiving account and routing number (also one to three business days), or a wire transfer if you need the money faster (usually same-day or next-day, but costs $15 to $50). A fourth option is to withdraw cash and deposit it yourself, which works but is slow and risky for large amounts.
The route you choose depends on where the money is going, how fast you need it, and whether you want to pay a fee. Your bank's website will show you which methods are available for your specific account type.
Key Takeaways
- Transfers between your own accounts at the same bank happen in minutes to one business day through the bank's app or website, with no fee.
- Transfers to another bank take one to three business days using ACH or external transfer, or same-day using a wire transfer (which costs money).
- You will need the receiving account number and routing number for transfers to other banks; your bank can tell you where to find these.
- Some savings accounts have withdrawal limits set by federal rules, so check your account terms before planning a large transfer.
- Cash withdrawal is an option but carries security risk and is impractical for amounts over a few thousand dollars.
Transfers between accounts at the same bank
Log into your bank's online banking portal or mobile app, find the transfer or move money section, and select your savings account as the source. Choose the checking account or other account you want to send it to, enter the dollar amount, and review the details before confirming. The money usually arrives within hours or by the next business day, depending on your bank's processing schedule.
Some banks let you set up recurring transfers if you move money on a regular schedule. There is no fee for moving money between your own accounts at the same bank. If you cannot find the transfer option in the app, call your bank's customer service line—they can walk you through it or process the transfer over the phone.
Transfers to a different bank using ACH or external transfer
To send money to an account at another bank, you need the receiving account number and the nine-digit routing number of that bank. You can find a bank's routing number on their website, by calling them, or by checking a check from that account (the routing number is the first set of numbers at the bottom left).
In your bank's app or website, look for "external transfer," "send money to another bank," or "add external account." Enter the receiving bank's name, the account number, the routing number, and the account holder's name. Your bank will verify the account, which may take one business day. Once verified, you can transfer money to it, and the funds usually arrive in one to three business days.
This method is free at most banks. Some banks limit how much you can transfer per day or per month, so check your account terms. If you need the money faster than one to three business days, a wire transfer is the alternative, though it costs a fee.
Wire transfers for faster delivery
A wire transfer moves money the same day or next business day, making it the fastest option for sending money to another bank. You provide the receiving bank's name, the account number, the routing number, and the account holder's name. Your bank sends the money electronically, and it lands in the receiving account within hours.
Wire transfers cost $15 to $50 depending on your bank and whether the transfer is domestic (within the US) or international. Some banks waive the fee for customers who maintain a high balance or have premium account types. Once a wire is sent, it cannot be reversed, so double-check all the details before confirming.
To send a wire, call your bank or use their online banking portal if they offer it. Many banks require you to call or visit a branch for wire transfers over a certain amount, as a fraud prevention measure.
Withdrawal limits on savings accounts
Federal rules historically limited how many times per month you could withdraw or transfer money out of a savings account. These limits have been relaxed in recent years, but some banks still enforce them or charge a fee if you exceed a certain number of transfers per month. Check your account agreement or call your bank to find out what limits explore to your specific savings account.
If you hit a withdrawal limit, you can usually still withdraw money in person at a branch or by ATM, or you can wait until the next month to make additional transfers. Some banks will waive the limit if you ask, especially if you are moving money to your own checking account.
Withdrawing cash and depositing it elsewhere
You can withdraw cash from your savings account at an ATM or by visiting a branch, then deposit it into another account or bank. This works for small amounts but is impractical and risky for large sums. You also lose the electronic record of the transfer, which can make it harder to track where the money went if there is a dispute later.
If you withdraw more than $10,000 in cash, your bank is required to file a report with the federal government. This is routine and not a sign of wrongdoing, but it means the transaction will be documented. For amounts over a few thousand dollars, an electronic transfer is safer and faster.
What to do if your transfer is delayed or doesn't arrive
If a transfer to another bank has not arrived within the timeframe your bank quoted, contact your bank's customer service and provide the transfer confirmation number. They can check the status and tell you whether the money is still in transit, whether there was an error with the receiving account information, or whether the receiving bank is holding it for review.
If the receiving account number or routing number was wrong, the money may be returned to your savings account, which can take several business days. If the receiving bank is holding the transfer pending verification, contact that bank directly to find out what information they need. Keep your transfer confirmation number and any emails from your bank so you have a record of what was sent and when.
Frequently Asked Questions
Can I transfer money out of a savings account to someone else's bank account?
Yes, but you need to know their account number and routing number. Your bank will verify the account before allowing the transfer. The money will go directly to their account, not to them as a person, so make sure you have the correct account information.
Is there a limit on how much I can transfer out of savings?
Most banks do not have a hard limit on the amount you can transfer, but they may have daily or monthly limits on external transfers to other banks. Check your account agreement or call your bank. Transfers between your own accounts at the same bank usually have no limit.
How long does it take to transfer money to another bank?
Standard transfers take one to three business days. Wire transfers are faster—usually same-day or next-day—but cost a fee. Transfers between accounts at the same bank often happen within hours.
What happens if I give my bank the wrong account number for a transfer?
The transfer may be rejected before it is sent, or it may go to the wrong account. If it goes to the wrong account, contact your bank when ready with your transfer confirmation number. They can attempt to recover the funds, but success depends on the receiving bank's cooperation.
Do I have to pay a fee to transfer money out of savings?
Transfers between your own accounts at the same bank are free. Transfers to other banks using ACH or external transfer are usually free. Wire transfers cost $15 to $50. Some banks charge a fee if you exceed a certain number of transfers per month, though this is less common now.