Getting money out of an online savings account is straightforward, but the method and speed depend on which bank you use and how much you need

Most online banks let you withdraw money through a linked checking account, an ATM, a wire transfer, or a check. The fastest route is usually a transfer to your linked checking account at another bank, which takes one to three business days. If you need cash when ready, some online banks partner with ATM networks so you can withdraw at physical locations. The slowest method is a check, which can take a week or more to clear depending on where you deposit it.

The key difference between online banks and traditional banks is that online banks have no physical branches, so you cannot walk in and ask a teller for cash. That means you need to plan ahead or use one of the electronic methods available to you. Most people set up a linked account when they open the savings account, so the transfer option is already waiting.

Key Takeaways

  • Transfers to a linked checking account at another bank usually take one to three business days and are free.
  • ATM withdrawals are when ready if your online bank is part of an ATM network, but you may pay a fee if you use an out-of-network machine.
  • Wire transfers move money the same day or next business day but typically cost $15 to $30.
  • Checks take seven to ten business days to clear and are the slowest option for getting cash.
  • Some online banks limit how many withdrawals you can make per month, though this rule is less common now than it was before 2020.

Transferring to a linked checking account

This is the most common way to move money out of an online savings account. You link a checking account at another bank (or at the same bank if it offers both products), and then you can transfer money between them online or through the bank's mobile app. The transfer is free and usually takes one to three business days, depending on the banks involved and whether you initiate it on a weekday or weekend.

To set up a linked account, you will need the routing number and account number of the checking account you want to link. Your online bank will ask you to verify the account by depositing small amounts (usually under $1 each) into it, or by confirming the account through your other bank's website. Once verified, you can transfer money when ready within the online banking system, though the money will not actually arrive in your checking account for a day or two.

This method works best if you do not need the money when ready and you have a checking account elsewhere. If you do not have another bank account, you can open one at a traditional bank or credit union, or you can use one of the other withdrawal methods.

Using an ATM to withdraw cash

Many online banks are part of ATM networks that let you withdraw cash at thousands of machines nationwide. Alliant Credit Union, for example, is part of the CO-OP network and the Allpoint network, which together cover over 30,000 ATMs. Other banks like Charles Schwab and Ally have their own partnerships. When you use an in-network ATM, the withdrawal is when ready and free.

If you use an out-of-network ATM, you will usually pay a fee of $2 to $3 per withdrawal, and your bank may charge an additional fee on top of that. Some online banks reimburse out-of-network ATM fees, but not all. Check your bank's fee schedule before you open an account if ATM access is important to you.

The catch is that not all online banks offer ATM access. Some, like Marcus by Goldman Sachs, do not have an ATM network partnership at all. If you choose a bank without ATM access, you will need to use one of the other withdrawal methods.

Requesting a wire transfer

A wire transfer moves money directly from your online savings account to another bank account, usually the same day or the next business day. You initiate the transfer through your online bank's website or app, and you will need the recipient's bank name, routing number, and account number. Wire transfers are faster than standard transfers but they cost money—typically $15 to $30 depending on the bank.

Wire transfers are useful when you need money quickly and the recipient is not at your linked bank. For example, if you are buying something from a private seller who wants payment by wire, or if you need to send money to a family member at a different bank, a wire transfer gets the job done in hours rather than days. However, wire transfers are not reversible once they are sent, so make sure you have the correct account information before you confirm.

Some online banks offer incoming wire transfers for free but charge for outgoing ones. Others charge for both. A few banks, like Charles Schwab, do not charge for wire transfers at all. Ask your bank about the cost before you need it.

Ordering checks from your savings account

Most online banks let you order checks against your savings account, though some do not. When you order checks, they arrive in the mail in seven to ten business days. Once you have them, you can write a check to yourself or to someone else, and they can deposit it at their bank. The check will clear in another five to seven business days depending on the banks involved.

This method is slow—often two to three weeks from the time you order the checks to the time the money actually leaves your savings account. It is also the least reliable, because the recipient has to deposit the check, and there is a small chance it could bounce if something goes wrong. Checks are most useful when you need to pay a bill by mail or when the recipient does not have a bank account and cannot receive a transfer.

Some online banks charge for checks and some do not. If you order checks, expect to wait and plan accordingly.

Understanding withdrawal limits and timing

Before 2020, federal rules limited savings account withdrawals to six per month. That rule was suspended and has not been reinstated, so most banks no longer enforce withdrawal limits. However, some banks still have their own internal limits, and some charge a fee if you exceed a certain number of withdrawals in a month. Check your account agreement or call your bank to learn about limits explore to you.

Timing matters when you initiate a withdrawal. If you request a transfer on a Friday evening, it will not process until Monday, and it will not arrive at the destination until Tuesday or Wednesday. If you need money by a specific date, count backward from that date and initiate the withdrawal at least three business days early. Weekends and bank holidays do not count as business days.

What to do if you cannot access your money

If your online bank account is frozen or locked, you will not be able to withdraw money until the issue is resolved. This can happen if the bank suspects fraud, if you have not verified your identity, or if there is a legal hold on the account. Contact your bank when ready to find out why the account is locked and what you need to do to unlock it.

If your bank goes out of business, your money is protected up to $250,000 per account type by the Federal Deposit Insurance Corporation (FDIC). The FDIC will transfer your account to another bank or send you a check. This process can take a few weeks, but your money is safe. Make sure your bank is FDIC-insured before you open an account.

Frequently Asked Questions

How long does it take to transfer money from an online savings account to a checking account?

Most transfers take one to three business days. Some banks offer next-day transfers if you initiate the request early in the morning on a weekday. Transfers initiated on weekends or after business hours will not process until the next business day.

Can I withdraw money from an online savings account without a linked account?

Yes. You can request a wire transfer, order checks, or use an ATM if your bank is part of an ATM network. Each method has different costs and timelines, so choose based on how quickly you need the money and how much you are willing to pay.

Do online banks charge fees to withdraw money?

Transfers to a linked account are free. Wire transfers cost $15 to $30. ATM withdrawals are free at in-network machines but may cost $2 to $3 at out-of-network machines. Checks are usually free to order but take longer to clear.

What happens if I withdraw all the money from my online savings account?

You can close the account once it reaches zero. Some banks require a minimum balance to keep the account open, but many online banks have no minimum. Check your account agreement to see if a minimum applies to you.

Can I set up automatic withdrawals from my online savings account?

Yes. Most online banks let you set up automatic transfers to a linked checking account on a schedule you choose—weekly, monthly, or on a specific date. You can also set up automatic bill payments directly from your savings account if the biller accepts them, though this is less common.