How to Withdraw Money From an Online Savings Account

The basic process: transfer, ATM, or debit card

You withdraw money from an online savings account in one of three ways: transfer it to a linked checking account (usually free and takes one to three business days), use an ATM if your bank offers one (when ready, but may charge a fee), or request a check or debit card withdrawal through your bank's website or app. Most online banks do not issue debit cards for savings accounts, so the transfer method is the most common route.

The timing and fees depend on which method you choose and which bank you use. A transfer to your own checking account at the same bank usually costs nothing and posts within hours. A transfer to a checking account at a different bank takes longer and may have limits on how many you can make per month.

Key Takeaways

Transfers to a linked checking account at the same bank are free and typically post within one business day.
Transfers to a checking account at a different bank take one to three business days and may be limited to six per month under your account agreement.
ATM withdrawals are when ready but often charge a fee unless you use your bank's ATM network.
Most online banks do not issue debit cards for savings accounts, so you will need to transfer money to checking first if you want to spend it when ready.

Setting up a linked account for transfers

Before you can transfer money out, you need to link a checking account—either at the same bank or at another institution. Log into your online savings account and look for "Link Account," "Add Account," or "External Transfers" in the settings or transfer menu. You will need the routing number and account number of the checking account you want to link.

If you are linking an account at a different bank, the bank will verify ownership by depositing two small amounts (usually under one dollar each) into that account, then asking you to confirm the amounts. This takes one to two business days. Once verified, you can transfer money when ready, though the money itself may take one to three business days to arrive.

If you are linking a checking account at the same bank, verification is when ready and you can transfer money right away.

Transfers between your own accounts at the same bank

Transferring from savings to checking at the same online bank is the fastest and cheapest option. Log into your account, select "Transfer," choose the checking account as the destination, enter the amount, and confirm. The money usually posts within a few hours, sometimes the same day.

There is no fee for this type of transfer. However, some banks limit how many transfers you can make per month—commonly six—though this limit is less common now than it was before 2020. Check your account agreement or call the bank to confirm whether a limit applies to you.

Transfers to a checking account at a different bank

Transferring to a checking account at another bank takes longer because the money has to move through the banking system. The process is the same—log in, select transfer, enter the destination account details, and confirm—but the money takes one to three business days to arrive. Most banks do not charge a fee for outgoing transfers, but confirm this with your bank before you transfer.

Many banks limit the number of transfers to external accounts to six per month. If you hit that limit, you will need to wait until the next month to transfer again, or use a different withdrawal method. Some banks will waive the limit if you call and ask, but this is not may provide.

ATM withdrawals and cash access

If you need cash when ready, an ATM withdrawal is faster than a transfer. However, most online banks do not have their own ATM networks, so you will pay a fee to use an out-of-network ATM—typically $2 to $3 per withdrawal. Some online banks reimburse out-of-network ATM fees, but only if you use an ATM from a bank or network they have partnered with, or only up to a certain number per month.

To withdraw from an ATM, you need a debit card linked to your savings account. Not all online banks issue debit cards for savings accounts. If yours does not, you will need to transfer money to a checking account first, then use the checking account debit card at an ATM.

If your online bank is part of a shared branching network or ATM network, you may be able to withdraw cash at a partner location with your account number and ID, even without a debit card. Check your bank's website to see which networks it participates in.

Checks and other withdrawal methods

Some online banks allow you to request a check drawn on your savings account. Log into your account, select "Request Check" or "Withdraw by Check," enter the amount and payee, and the bank will mail it to you. This takes five to ten business days because the check has to be printed and delivered by mail.

A few online banks offer wire transfers out of savings accounts, though this is less common. A wire transfer moves money to another bank account in one business day but usually costs $15 to $30. This method makes sense only if you need a large amount of money quickly and cannot wait for a standard transfer.

Understanding withdrawal limits and timing

The main limit you will encounter is the monthly transfer limit—usually six transfers per month to external accounts. This limit applies to transfers only, not to ATM withdrawals or checks. If you need to move money out more frequently, you can use ATM withdrawals or checks instead, though these may have their own costs.

Timing varies by method. Same-bank transfers post within hours. Different-bank transfers take one to three business days. ATM withdrawals are when ready. Checks take five to ten business days. Wires take one business day. Plan ahead if you know you will need the money on a specific date.

Frequently Asked Questions

Can I withdraw money from my online savings account the same day?

Yes, if you use an ATM or request a check. ATM withdrawals are when ready but may charge a fee. Checks take five to ten business days to arrive by mail. Transfers to a linked checking account at the same bank usually post within hours, though not always the same day.

What happens if I exceed the monthly transfer limit?

You will not be able to transfer money until the next month, or until the limit resets. You can still withdraw cash using an ATM or request a check instead. Some banks will waive the limit if you call and ask, but this is not may provide.

Do I have to transfer to checking before I can spend the money?

Not if your online bank issues a debit card for the savings account. If it does not, you will need to transfer to a checking account first, then use the checking debit card to spend. Check your bank's website to see whether savings debit cards are available.

Why does it take three days for money to transfer to another bank?

The money moves through the Federal Reserve's clearing system, which processes transfers in batches. Each bank in the chain—your bank, the Federal Reserve, and the receiving bank—processes the transfer during their business hours, which adds time. Weekends and holidays extend the timeline further.

Will my bank charge me to transfer money out?

Most online banks do not charge for outgoing transfers to external accounts, but some do. Check your account agreement or fee schedule on your bank's website. ATM withdrawals at out-of-network machines usually cost $2 to $3, and wire transfers typically cost $15 to $30.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.