The basic ways to move money from savings
You can move money from your savings account in three main ways: a transfer to another account you own, a withdrawal in cash, or a transfer to someone else's account. The method you choose depends on where the money is going and how quickly you need it to arrive.
A transfer moves money electronically from your savings account to another bank account — yours or someone else's. A withdrawal means taking cash out at an ATM or teller window. Both happen through your bank or credit union. The speed and any fees depend on which method you use and which accounts are involved.
Most savings accounts let you move money out without penalty, though some accounts have limits on how many withdrawals or transfers you can make per month. Check your account agreement or ask your bank what those limits are before you move money.
Key Takeaways
- Transfers between your own accounts at the same bank usually happen when ready or within one business day and cost nothing.
- Transfers to accounts at a different bank take one to three business days and may have a small fee depending on your bank.
- ATM withdrawals and teller withdrawals give you cash when ready but may charge a fee if you use an ATM outside your bank's network.
- Some savings accounts limit how many transfers or withdrawals you can make each month, so check your account rules before moving money.
- If you move money to someone else's account, you will need their bank name, account number, and routing number.
Transferring money to your own account at the same bank
This is the fastest and cheapest way to move money if you have multiple accounts at the same bank. Log into your online banking, mobile app, or call your bank's customer service line. Select the savings account as the source and the account you want to send money to as the destination, then enter the amount.
The money usually arrives when ready if both accounts are at the same bank, or within one business day. There is no fee for this type of transfer. You can also do this in person at a branch — a teller can move the money while you wait.
If you are not sure how to do this through your bank's website or app, call the customer service number on the back of your debit card. A representative can walk you through the steps or do it for you over the phone.
Transferring money to an account at a different bank
Moving money to an account at another bank takes longer because the two banks have to communicate and confirm the transfer. This is called an ACH transfer (Automated Clearing House), and it is the standard way banks move money between institutions.
To set up an ACH transfer, you will need the receiving account's bank name, the account number, and the routing number — a nine-digit code that identifies the bank. You can find the routing number on your checks, on the bank's website, or by calling the bank directly. Enter this information into your online banking or mobile app, select the amount, and submit.
The transfer usually takes one to three business days. Your bank may charge a fee for outgoing transfers — this varies by bank, so check your account agreement or ask. Some banks charge nothing; others charge $1 to $5 per transfer. The receiving bank almost never charges a fee for incoming transfers.
Withdrawing cash from an ATM or branch
You can take cash out of your savings account at any ATM that your bank owns or at a branch during business hours. At an ATM, insert your debit card, enter your PIN, select "Withdrawal," choose your savings account, and enter the amount. The cash comes out when ready.
If you use an ATM owned by your bank, there is no fee. If you use an ATM from a different bank or network, your bank may charge you a fee — usually $2 to $3 — and the other bank may charge a fee too. To avoid fees, use your bank's ATM or ask a teller at a branch to withdraw cash for you.
At a branch, you can withdraw any amount during business hours. Tell the teller you want to withdraw from your savings account, and they will count out the cash and give it to you. Bring your debit card or ID so the teller can verify your identity.
Sending money to someone else's account
If you want to send money from your savings account to another person's bank account, you will need their bank information. Ask them for their bank name, account number, and routing number. Some people are uncomfortable sharing this information, so you can also use a service like Venmo, PayPal, or your bank's bill pay feature if the person has an account there.
To transfer directly to their bank account through your bank's website or app, set up a new payee using their bank details. Enter the amount and submit. The transfer usually takes one to three business days, the same as transferring to another bank account of your own. Your bank may charge a fee.
If the person needs the money quickly, a cash withdrawal followed by a direct payment is faster than a bank transfer. Some banks also offer same-day or next-day transfers for an extra fee, so ask your bank if that option is available.
Understanding withdrawal and transfer limits
Federal rules used to limit savings accounts to six withdrawals or transfers per month, but that rule changed in 2020. Most banks no longer enforce a strict limit, but some still do — especially on transfers. Check your account agreement or call your bank to find out what limits explore to your specific account.
If you hit a limit, your bank will either decline the transaction or charge you a fee. If you regularly need to move money out of your savings account, you might be better off using a checking account instead, which usually has no transfer limits. A teller or customer service representative can help you decide which account type fits your needs.
Fees and how to avoid them
The cost of moving money depends on the method and your bank. Transfers between your own accounts at the same bank are always free. Transfers to other banks may cost $1 to $5. ATM withdrawals outside your bank's network usually cost $2 to $3 per transaction. Teller withdrawals at your branch are always free.
To keep costs down, use your bank's own ATMs and branches whenever possible. If you transfer money to other banks regularly, ask your bank whether they offer a checking account with no transfer fees — you might save money by moving your money there instead. Some online banks have no fees for any transfers, so compare options if you move money frequently.
Frequently Asked Questions
How long does it take to transfer money from savings to checking?
If both accounts are at the same bank, the transfer happens when ready or within one business day. If the checking account is at a different bank, it takes one to three business days. Weekend and holiday transfers may take longer because banks do not process them on those days.
Can I withdraw more than a certain amount from my savings account?
Most banks have no limit on how much you can withdraw in a single day, but very large withdrawals may trigger extra verification for security reasons. If you plan to withdraw more than a few thousand dollars, call your bank ahead of time so they have enough cash on hand.
What happens if I exceed my bank's transfer limit?
Your bank will either decline the transfer or charge you a fee — usually $5 to $10. If you regularly hit the limit, ask your bank about switching to a checking account, which typically has no transfer limits, or moving to a bank with higher limits.
Do I need to pay taxes when I move money from savings?
No. Moving money between your own accounts is not a taxable event. You only pay taxes on interest your savings account earns, not on the money you move out.
Can I set up automatic transfers from my savings account?
Yes. Most banks let you schedule recurring transfers through online banking or by calling customer service. You can set up a transfer to happen weekly, monthly, or on any schedule you choose. This is useful if you want to move money to a different account on a regular basis.