How to Move Money Out of Your Savings Account

The basic steps to send money from savings

You can send money from a savings account using the same methods you'd use from a checking account: a transfer to another account at your bank, a wire transfer to someone else's bank, an ACH transfer (which takes one to three business days), or a third-party payment app. The main difference is that your bank may limit how many transfers you can make per month—federal rules once capped this at six, though that limit was removed in 2020. Your specific bank may still enforce its own limits, so check your account agreement.

The fastest route depends on where the money is going. Moving it to another account you own at the same bank takes minutes and usually costs nothing. Sending it to someone else's account at a different bank takes longer but still costs nothing if you use ACH. Wire transfers move the fastest—sometimes within hours—but typically cost $15 to $30.

Before you start, you'll need the recipient's information. For transfers within your bank, you may only need an account number. For transfers between banks, you'll need the recipient's full name, account number, and routing number (a nine-digit code that identifies their bank). For wire transfers, you may also need their bank's SWIFT code if the money is going overseas.

Key Takeaways

Transfers between accounts at the same bank happen within minutes and are free; transfers to other banks take one to three business days through ACH or a few hours through wire transfer.
Your bank may limit the number of transfers you can make from savings per month, so check your account agreement before you plan multiple transfers.
You need the recipient's account number and routing number for transfers to other banks; wire transfers may also require a SWIFT code for international payments.
Wire transfers cost $15 to $30 but move the fastest; ACH transfers are free but slower; transfers within your bank are when ready and free.

Transfers within your own bank

If you're moving money between two accounts you own at the same bank—say, from savings to checking—log into your online banking portal or mobile app and look for "Transfer" or "Move Money." You'll select the source account (your savings account), the destination account (your checking account or another savings account), and the amount. The transfer usually posts within minutes, sometimes when ready.

You can also do this at an ATM or by visiting a branch in person. At an ATM, select "Transfer Funds" and follow the prompts. At a branch, a teller can move the money while you wait. There is no fee for these transfers, and they don't count against any monthly transfer limits your bank enforces.

ACH transfers to another bank

ACH stands for Automated Clearing House, a network that moves money between banks. When you send an ACH transfer from your savings account, your bank batches it with thousands of others and sends it through the ACH network to the recipient's bank. This process takes one to three business days, depending on when you initiate the transfer and how quickly the receiving bank processes it.

To send an ACH transfer, log into your bank's online portal and select "Send Money" or "Pay Someone." You'll enter the recipient's name, account number, routing number, and the amount. Some banks let you add a memo or note. The transfer is free and doesn't count against transfer limits.

ACH transfers work best when you're not in a hurry. If you send the transfer on a Friday afternoon, it may not arrive until Tuesday. If the recipient's bank is slow to post deposits, it could take longer. For time-sensitive payments, use a wire transfer instead.

Wire transfers for faster delivery

A wire transfer moves money directly from your bank to the recipient's bank, bypassing the ACH network. This is faster—often within the same business day, sometimes within hours—but it costs money. Most banks charge $15 to $30 per outgoing wire transfer. Some banks charge less for transfers within the United States and more for international wires.

To send a wire, call your bank or visit a branch. You'll need to provide the recipient's full name, account number, routing number, and bank name. For international wires, you'll also need the recipient's bank's SWIFT code (an eight- or eleven-character code that identifies banks worldwide). Double-check all details before confirming—wire transfers are difficult to reverse once sent.

Wire transfers are irreversible, so use them only when you're certain of the recipient and their account details. If you send money to the wrong account, you may not be able to recover it. Some banks now offer a delay feature that holds the wire for a few hours, giving you time to cancel if you realize you made a mistake.

Using payment apps and digital wallets

Apps like Venmo, PayPal, Square Cash, and Zelle let you send money from your savings account to another person's account or phone number. You link your savings account to the app, enter the recipient's details (usually just their phone number or email), and send the money. The speed and cost depend on the app and the type of transfer you choose.

Most peer-to-peer payment apps are free if you send money to another person using the standard transfer option, which takes one to three business days. If you pay extra for when ready transfer, the app typically charges $0.50 to $2. These apps are convenient for splitting bills or paying friends, but they're not ideal for large amounts or formal payments like rent or invoices.

Be aware that payment apps have their own limits on how much you can send per day or per month. Venmo, for example, limits peer-to-peer transfers to $299.99 per week for unverified accounts. Check the app's terms to understand its limits before you rely on it for a large transfer.

Transfer limits and timing to know

Your bank may limit how many transfers you can make from your savings account per month. This limit varies by bank and account type. Some banks allow unlimited transfers; others cap it at six per month or some other number. Check your account agreement or call your bank to find out what applies to you.

Timing matters for all transfers except those within your bank. ACH transfers take one to three business days, so don't count on the money arriving the same day you send it. Wire transfers are faster but cost more. If you need money to arrive by a specific date, send it at least one business day early to account for delays.

Weekends and holidays slow everything down. A transfer sent on Friday evening may not arrive until Wednesday. A transfer sent on a holiday may not process until the next business day. If timing is tight, send the transfer early in the morning on a weekday.

What happens if something goes wrong

If you send money to the wrong account through ACH, contact your bank when ready. Your bank can attempt to recall the transfer, but success depends on whether the receiving bank has already processed it. The sooner you report the error, the better your chances of recovery.

Wire transfers are much harder to reverse. Once the money reaches the recipient's bank, it's usually gone. Some banks offer a service that lets you place a hold on an outgoing wire for a few hours, giving you time to cancel if you catch a mistake. Ask your bank whether this option is available.

If a transfer never arrives, contact your bank with the confirmation number from the original transfer. Your bank can trace the transfer through the ACH network or wire system and determine where it stalled. This process can take several days or weeks.

Frequently Asked Questions

Can I send money from savings to someone at a completely different bank?

Yes. Use ACH for a free transfer that takes one to three business days, or use a wire transfer for faster delivery at a cost of $15 to $30. You'll need the recipient's account number and routing number for either method.

Why does my bank limit how many times I can transfer from savings?

Banks historically enforced limits because federal rules required it, though those rules changed in 2020. Some banks still enforce their own limits as a way to manage account activity. Transfers within your bank usually don't count against the limit, but transfers to other banks do.

Is it safe to give someone my account number and routing number?

Yes, it's safe to share these numbers for the purpose of receiving a transfer. Your account number and routing number are printed on your checks and are needed for legitimate deposits. They don't allow someone to withdraw money from your account without your authorization.

What's the difference between ACH and a wire transfer?

ACH transfers are free and take one to three business days. Wire transfers cost $15 to $30 but move within hours. Use ACH when you're not in a hurry; use wire when you need the money fast.

Can I cancel a transfer after I've sent it?

For ACH transfers, contact your bank when ready—cancellation is possible if the transfer hasn't been processed yet. For wire transfers, cancellation is usually impossible once the money has left your bank. Some banks now offer a hold feature that delays outgoing wires by a few hours, giving you time to cancel.

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.