Yes, you can transfer money from savings, but the method and speed depend on where the money is going
You can transfer money out of a savings account to another account you own, to someone else's account, or to pay a bill. The transfer happens through your bank or credit union using one of several methods: online transfer, wire transfer, ACH (automated clearing house), debit card, check, or ATM withdrawal. How fast the money arrives and what it costs you depends on which method you choose and whether you're sending it within the same bank or to a different institution.
One important limit: federal law caps the number of certain transfers out of a savings account at six per month. This rule applies to transfers initiated by you (online, phone, or in person), but not to withdrawals at an ATM or branch, and not to transfers initiated by someone else pulling money from your account. If you exceed six transfers in a month, your bank may charge a fee, convert your account to a checking account, or restrict further transfers until the next month begins.
Key Takeaways
- Transfers between your own accounts at the same bank usually complete within one business day and cost nothing.
- Transfers to a different bank take one to three business days via ACH and cost nothing, or same-day via wire transfer for a fee of $15 to $30.
- Federal law allows six transfers per month from a savings account before your bank may charge fees or restrict your account.
- Sending money to another person requires their bank account details (ACH) or their mailing address (check), and the recipient's bank may hold the deposit for one to five business days.
Transferring money between your own accounts at the same bank
If you're moving money from your savings account to your checking account at the same bank, the transfer usually completes within one business day and costs nothing. You can initiate it online through your bank's website or app, by phone, or in person at a branch. The money may be available immediately if both accounts are at the same institution, or it may post the next business day depending on your bank's processing schedule.
Check your bank's transfer limits. Some banks cap the amount you can transfer online in a single day (often $5,000 to $25,000), though you can usually request a higher limit or transfer larger amounts by phone or at a branch. The six-transfer-per-month rule applies to these transfers, so if you move money out of savings more than six times in a calendar month, your bank may charge a fee or restrict further transfers.
Transferring to a different bank or credit union
Moving money to another bank takes longer and may cost money, depending on the method. ACH transfer is the standard free method: you provide the receiving bank's routing number and your account number, and the money arrives in one to three business days. Most banks allow you to set this up online or by phone. ACH transfers count toward your six-per-month limit on savings account transfers.
Wire transfer is faster but costs money. A domestic wire transfer typically arrives the same day or next business day and costs $15 to $30, depending on your bank. Wire transfers do not count toward the six-per-month savings transfer limit. You'll need the receiving bank's routing number, your account number, and sometimes the receiving bank's address. Wire transfers are irreversible once sent, so confirm all details before authorizing.
Some banks also offer external transfer through their app or website, which links your savings account to an external account at another bank. This method usually takes one to three business days and is free, similar to ACH. The setup requires you to verify the external account (usually by confirming two small deposits the other bank sends to your account), which can take a few days before the first transfer is possible.
Sending money to another person
If you're transferring money to someone else's account, you'll need their bank account number and routing number (for ACH transfer) or their mailing address (for a check). ACH transfers between different banks take one to three business days and are free. The receiving bank may hold the deposit for one to five business days before the recipient can use it, depending on their bank's policy and the amount transferred.
Alternatively, you can write a check from your savings account if your bank issues checks on that account (not all do). Checks take three to seven business days to clear, depending on distance and the recipient's bank. You can also use a peer-to-peer payment app like Venmo, PayPal, or Square Cash if both you and the recipient have accounts set up, though these services typically transfer money from a checking account or debit card rather than directly from savings.
If you're sending a large amount or need the money to arrive quickly, wire transfer is an option, though it costs $15 to $30 and is irreversible. The recipient's bank will receive the funds the same day or next business day.
Withdrawing cash from your savings account
You can withdraw cash from your savings account at an ATM, at a branch, or through a teller without any limit on the number of withdrawals per month. ATM withdrawals are not subject to the six-transfer-per-month rule. However, ATMs have daily withdrawal limits (often $300 to $1,000, depending on your bank), and you may be charged a fee if you use an ATM outside your bank's network.
Withdrawals at a branch or through a teller have no daily limit and no fee. If you need to withdraw a very large amount, call ahead to make sure the branch has enough cash on hand. Large cash withdrawals (over $10,000) trigger a federal reporting requirement called a Currency Transaction Report, but this is routine and does not indicate wrongdoing.
What happens if you exceed the six-transfer limit
If you initiate more than six transfers out of your savings account in a calendar month, your bank may charge a fee (typically $5 to $10 per excess transfer), convert your savings account to a checking account, or restrict your ability to make further transfers until the next month. The rule applies only to transfers you initiate—not to ATM withdrawals, branch withdrawals, or transfers that someone else initiates by pulling money from your account (like an automatic bill payment or a check you wrote).
To avoid hitting the limit, use ATM or branch withdrawals for frequent cash needs, or consider moving money to a checking account and making transfers from there instead. If you regularly need to move money out of savings more than six times per month, ask your bank whether a checking account or money market account might be a better fit for your needs.
Fees and timing by transfer method
| Transfer Method | Cost | Speed | Counts Toward 6-Transfer Limit |
|---|---|---|---|
| Online transfer (same bank) | Free | Same day or next business day | Yes |
| ACH transfer (different bank) | Free | 1–3 business days | Yes |
| Wire transfer (domestic) | $15–$30 | Same day or next business day | No |
| External transfer (linked account) | Free | 1–3 business days | Yes |
| Check | Free | 3–7 business days | Yes |
| ATM withdrawal | Free (or $2–$3 out-of-network) | Immediate | No |
| Branch withdrawal | Free | Immediate | No |
Frequently Asked Questions
Can I transfer money from savings to checking at a different bank instantly?
No. ACH transfers take one to three business days and are free. Wire transfers arrive the same day or next business day but cost $15 to $30. If speed is critical, wire transfer is your fastest paid option. Some banks offer expedited ACH, which may arrive within one business day, but this is not standard.
Does transferring money from savings to checking count toward the six-transfer limit?
Yes, if you initiate the transfer yourself online, by phone, or in person. Withdrawals at an ATM or branch do not count. If you regularly need to move money out of savings more than six times per month, use ATM or branch withdrawals instead, or ask your bank about switching to a checking account.
What information do I need to transfer money to someone else's account?
For an ACH transfer, you need their bank's routing number and their account number. For a wire transfer, you also need the receiving bank's name and address. For a check, you need their mailing address. Double-check all details before sending, especially for wire transfers, which cannot be reversed.
Is there a limit to how much I can transfer from savings?
There is no federal limit on the total amount you can transfer. However, your bank may have daily or monthly limits on online transfers (often $5,000 to $25,000), which you can usually increase by calling or visiting a branch. Very large transfers may trigger reporting requirements, but this is routine.
What if the money doesn't arrive after three business days?
Contact your bank and provide the transfer confirmation number. ACH transfers occasionally take longer due to processing delays or errors in account information. Your bank can trace the transfer and tell you where it is. If the money was sent to the wrong account, your bank can attempt to recover it, though success depends on the receiving bank's cooperation.