The main ways to move money from savings
You can move money from a savings account through a bank transfer, a withdrawal at an ATM or branch, a check, or an automatic transfer to another account you own. The method you choose depends on where the money is going, how much you need to move, and how quickly you need it to arrive. Most transfers between your own accounts at the same bank happen instantly or within one business day. Transfers to accounts at other banks usually take one to three business days.
The speed and ease of each method varies. A transfer initiated online or through your bank's app is usually the fastest and requires no paperwork. An ATM withdrawal gives you cash immediately but only up to your daily limit. A check takes several days for the recipient to deposit and clear. An automatic recurring transfer works best if you move money on a regular schedule.
Key Takeaways
- Transfers between accounts at the same bank usually complete within one business day, while transfers to other banks typically take one to three business days.
- Your bank sets a daily ATM withdrawal limit, often between $300 and $1,000, which may be lower than the total amount you need to move.
- Online transfers and mobile app transfers are the fastest methods and require no fees at most banks.
- Automatic recurring transfers let you move money on a schedule without initiating each transfer manually.
- Checks clear within three to five business days after the recipient deposits them, making them the slowest option for moving money.
Online transfer from your bank's website or app
Log into your bank's website or mobile app and look for a "Transfer" or "Move Money" button, usually in the main menu or under account services. Select your savings account as the source and choose the destination—either another account you own at the same bank, or an external account at a different bank. Enter the amount you want to transfer and review the details before confirming.
If you are transferring to an account at a different bank for the first time, you will need to add that account as a recipient. Your bank will ask for the account number, routing number, and the name on the account. Some banks verify the external account by depositing two small amounts (usually under $1 each) and asking you to confirm those amounts—this takes an extra two to three business days. Once verified, future transfers to that account are faster.
Transfers between accounts at the same bank usually post within hours or by the next business day. Transfers to other banks typically take one to three business days, depending on the receiving bank's processing speed. Your bank will show the transfer status in your transaction history.
ATM withdrawal and cash deposit
Visit an ATM that belongs to your bank or a network your bank participates in. Insert your debit card, enter your PIN, and select "Withdraw." Choose your savings account and enter the amount. The ATM will dispense cash immediately, up to your daily limit. Most banks set daily ATM withdrawal limits between $300 and $1,000, though some allow higher amounts if you request an increase in advance.
If you need more cash than your daily limit allows, you can make multiple withdrawals over several days, or visit a bank branch during business hours and withdraw directly from a teller. A teller can withdraw larger amounts and may not be subject to the same daily limits as an ATM. Bring your debit card or account number and a photo ID.
Once you have the cash, you can deposit it into another account at the same bank or a different bank. Most banks let you deposit cash at an ATM, though some require you to use a teller. Cash deposits at your own bank usually post the same day or by the next business day. Deposits at a different bank may take longer depending on that bank's processing schedule.
Check written from your savings account
If your savings account comes with a checkbook, you can write a check to yourself or to another person and deposit it into a different account. Write the check as you normally would—date, payee name, amount in numbers and words, and your signature. The recipient deposits the check at their bank, and it typically clears within three to five business days.
Not all savings accounts include checks. Some banks offer them only on checking accounts, or charge a fee for checks on savings accounts. Contact your bank to confirm whether your savings account can issue checks and whether there is a cost. If your account does not include checks, you can request a cashier's check from a teller instead, which works the same way but is may provide by the bank.
Checks are the slowest way to move money because the recipient must deposit them and the receiving bank must clear them. Use checks only when speed is not important or when the recipient prefers a check over other payment methods.
Automatic recurring transfer
Set up an automatic transfer if you move money from savings on a regular schedule—for example, every payday or the first of each month. Log into your bank's website or app, go to the transfer section, and select "Set up recurring transfer" or similar wording. Choose your savings account as the source, the destination account, the amount, and the frequency (weekly, biweekly, monthly, or custom dates).
Automatic transfers happen on the date you specify without you having to initiate them each time. They are useful for building an emergency fund, saving toward a goal, or moving money to a checking account to cover regular expenses. You can pause or cancel an automatic transfer at any time through your bank's website or app, or by calling customer service.
Most banks do not charge a fee for automatic transfers between your own accounts. If you set up an automatic transfer to an account at a different bank, the transfer will follow the same one- to three-business-day timeline as a one-time transfer.
Wire transfer for large amounts or urgent moves
A wire transfer sends money directly from your bank to another bank, usually within one business day and sometimes the same day. Wire transfers work well for large amounts or when you need money to arrive quickly. You initiate a wire transfer at a bank branch or sometimes through your bank's website, though some banks require you to call or visit in person.
Wire transfers typically cost between $15 and $30 per transfer. You will need the recipient's full name, account number, routing number, and bank name. Double-check all details before confirming—wire transfers cannot be reversed once sent. If you send money to the wrong account, you will need to contact the receiving bank and ask them to return it, which may not be possible.
Wire transfers are best used when you need to move a large sum quickly and the cost is worth it to you. For routine transfers of smaller amounts, online transfers or automatic recurring transfers are usually cheaper and fast enough.
Limits and fees on savings account transfers
Federal rules once limited savings account transfers to six per month, but that rule was suspended in 2020 and has not been reinstated. Most banks no longer enforce a transfer limit on savings accounts. However, some banks may still restrict transfers or charge a fee if you exceed a certain number in a month, so check your account agreement or contact your bank.
Most banks do not charge a fee for transfers between your own accounts at the same bank, whether online, by phone, or at a branch. Transfers to accounts at other banks are also usually free. Wire transfers, cashier's checks, and some specialty transfers may carry a fee. ATM withdrawals are free at your bank's ATMs but may charge a fee at out-of-network ATMs.
If your savings account requires a minimum balance, moving money out may cause your balance to drop below that minimum and trigger a monthly maintenance fee. Check your account terms to see whether a minimum balance applies and what the fee is if you fall below it.
What to do if a transfer does not arrive
If a transfer to another bank has not arrived within three business days, log into your bank's website or app and check the transaction history to confirm the transfer was sent. Look for a status like "pending," "processing," or "completed." If the status shows "completed," the money has left your account and the receiving bank should have it—contact that bank to ask whether it has been received.
If the transfer shows "pending" after three business days, contact your bank's customer service by phone or through the app. Provide the transfer date, amount, and receiving bank details. Your bank can investigate whether the transfer was delayed or rejected. Common reasons for delays include incorrect account or routing numbers, a receiving bank that processes transfers slowly, or a system issue at either bank.
If you sent money to the wrong account, contact your bank immediately. Some banks can recall a transfer if it has not been processed yet. If the money has already been delivered, you will need to contact the receiving bank and ask them to return it—they are not required to do so, but many will if you explain the mistake.
Frequently Asked Questions
How long does it take to transfer money from savings to checking at the same bank?
Transfers between accounts at the same bank usually complete within hours or by the next business day. If you initiate the transfer online or through the app during business hours, it often posts the same day. Transfers initiated after hours or on weekends may not process until the next business day.
Can I withdraw more than my daily ATM limit?
Yes. Visit a bank branch and withdraw directly from a teller, who can usually process larger amounts without the daily limit restriction. You can also contact your bank in advance and request a temporary increase to your daily ATM limit, though approval is not may provide.
What happens if I write a check from my savings account and do not have enough money when it clears?
If the check clears and your account does not have enough money, your bank will either reject the check (and the recipient will be notified) or cover it with an overdraft, which typically costs $25 to $35 per overdraft. Check your account agreement to see whether your bank offers overdraft protection or if overdrafts are charged as fees.
Is there a fee for setting up an automatic transfer?
No. Most banks do not charge a fee to set up or use automatic transfers between your own accounts. Some banks may charge a fee if the transfer is to an account at a different bank, but many offer this service free as well. Check your bank's fee schedule or contact customer service to confirm.
Can I cancel a wire transfer after I send it?
Wire transfers cannot be reversed once they are sent and processed. If you need to cancel a wire transfer, contact your bank immediately—if the transfer has not yet been processed, your bank may be able to stop it. If it has already been delivered, you will need to contact the receiving bank and ask them to return the money, which they are not required to do.