The basic ways to move money out of savings
You can send money from a savings account in three main ways: a transfer to another account you own, a transfer to someone else's account, or a withdrawal in cash. The method you choose depends on who needs the money, how fast it needs to arrive, and what your bank allows.
Most banks let you do transfers online through their website or app within minutes. If you need cash, you can visit a branch or use an ATM. If you're sending money to another person's account, you'll use either a bank transfer (fastest, if you have their account details) or a service like a wire transfer or money app (useful if you don't have their banking information).
The key difference between these methods is speed, cost, and how much information you need. A transfer between your own accounts at the same bank is usually free and when ready. Sending money to someone else's account at a different bank takes one to three business days and is usually free. A wire transfer is faster but often costs money.
Key Takeaways
- Transfers between your own accounts at the same bank happen when ready and cost nothing.
- Transfers to another person's account at a different bank take one to three business days and are usually free through your bank's standard transfer system.
- Wire transfers move money the same day but typically cost $15 to $30 and require the recipient's full banking details.
- Money apps and peer-to-peer services offer another route for sending to individuals, though they may have daily limits or small fees.
- You can always withdraw cash from your savings account at a branch, ATM, or teller, though large amounts may require advance notice.
Transferring money to your own accounts
If you have multiple accounts at the same bank — say, a savings account and a checking account — you can move money between them when ready through online banking. Log into your bank's website or app, find the transfer option (usually labeled "Transfer Funds" or "Move Money"), select your savings account as the source and your other account as the destination, enter the amount, and confirm.
The money appears in your other account right away, usually within minutes. This costs nothing. If your other account is at a different bank, the process is similar, but the transfer takes one to three business days because the banks have to process it through their clearing system. You'll need the other bank's routing number and your account number at that bank.
Some banks limit how many transfers you can make from a savings account each month — often six. This is a federal rule that used to explore to all savings accounts, though many banks have relaxed it. Check your account agreement or call your bank to confirm whether this limit applies to you.
Sending money to another person's bank account
To send money to someone else, you need their routing number (a nine-digit code that identifies their bank) and their account number. Ask them directly for these details — they can find them on a check, in their online banking, or by calling their bank. Never send money without confirming the account number, because a mistake means the money goes to the wrong person and can be difficult to recover.
Once you have the information, use your bank's online transfer system. Go to "Send Money" or "External Transfer," enter the recipient's name, routing number, and account number, choose the amount, and submit. The bank will usually ask you to confirm the first transfer to a new recipient — this is a security step. The money typically arrives in one to three business days.
This method is free at most banks. Some banks charge a small fee for external transfers, though many have removed this charge. Check your fee schedule or ask your bank. The recipient's bank does not charge them to receive the money.
Wire transfers for same-day or next-day delivery
A wire transfer is a faster way to send money, usually arriving the same day or next business day. You'll need the recipient's full banking details: their name, account number, routing number, and sometimes their bank's address. You can start a wire transfer online at most banks, though some still require you to visit a branch or call.
Wire transfers typically cost $15 to $30, depending on your bank and whether the money is going to a domestic account (within the United States) or international. The fee comes out of your account. Once you send a wire, it usually cannot be stopped, so double-check all the details before you confirm.
Wire transfers are useful when you need money to move quickly — for example, to pay a deposit on an apartment or to send money to someone in an emergency. For everyday transfers to friends or family, a standard bank transfer is usually fast enough and costs nothing.
Using money apps and peer-to-peer services
Apps like Venmo, PayPal, Square Cash, and Zelle let you send money to another person using just their phone number or email address, without needing their bank details. You link your savings account to the app, enter the recipient's contact information, and the money moves within minutes to a few hours.
These services are convenient and usually free for transfers between individuals. Some have daily limits — for example, you might be able to send up to $500 per day — and some charge a small fee if you want the money to arrive faster. Check the app's fee schedule before you send.
The main trade-off is that these apps are not banks. Your money sits in the app's account, not in your own bank account, until you transfer it out. If the app has a problem or shuts down, your money may be harder to recover. For large amounts or important transfers, a direct bank transfer is safer.
Withdrawing cash from your savings account
You can withdraw money in cash by visiting your bank's branch during business hours and asking a teller, or by using an ATM if your bank has one. Bring your debit card or account number. The teller will count out the cash and give it to you on the spot.
For large withdrawals — typically $5,000 or more, though this varies by bank — some banks ask you to call ahead so they have enough cash on hand. If you need a very large amount, call your bank a day or two before you plan to visit.
Cash withdrawals are free. Once you have the cash, you own it and can spend it however you want, but it is no longer in your account earning interest. If you lose the cash, the bank cannot recover it for you.
What to do if a transfer goes wrong
If money is sent to the wrong account, contact your bank when ready. For transfers within the same bank, the bank can often reverse the transfer if you catch it quickly. For transfers to another bank, the process is slower — the bank will contact the other bank and ask them to return the money, but the other bank is not required to do so if the recipient has already spent it.
For wire transfers, call your bank right away. Wire transfers are harder to reverse, and the bank may charge a fee to attempt a recall. This is why it is so important to verify all details before you send a wire.
If someone fraudulently transferred money from your account without your permission, report it to your bank when ready. Banks have rules about fraud protection, and you may be able to recover the money if you report it within a certain time frame — usually 30 to 60 days.
Frequently Asked Questions
How long does it take to transfer money from savings to checking at the same bank?
Transfers between your own accounts at the same bank are when ready, usually appearing within minutes. You can do this through online banking or by visiting a branch.
Can I send money to someone if I only have their name and phone number?
Yes, if you use a money app like Venmo, PayPal, or Zelle. These services let you send to a phone number or email. For a traditional bank transfer, you need their routing number and account number.
What happens if I send money to the wrong account number?
Contact your bank when ready. If the transfer is within the same bank, the bank can often reverse it. If it went to another bank, the receiving bank is not required to return it, so speed matters. Wire transfers are especially hard to reverse.
Do I pay a fee to send money from my savings account?
Standard transfers to another account at the same bank or to another bank are usually free. Wire transfers cost $15 to $30. Money apps are typically free for basic transfers. Check your bank's fee schedule to be sure.
Is it safe to give someone my account number and routing number?
Yes, it is safe to share these details with someone you trust who needs to send you money. These numbers are printed on your checks and are needed for legitimate transfers. Never share your PIN or online banking password.