Withdrawal methods and how they work

OpenBank lets you withdraw money from your high yield savings account through three main channels: online transfer to another bank account, ATM withdrawal using your debit card, and mobile app transfer. The method you choose affects how fast the money reaches you and whether you pay a fee.

Online transfers to an external bank account (called ACH transfers) are free and take one to three business days. ATM withdrawals are instant but limited to the amount your daily withdrawal limit allows—OpenBank typically sets this at $500 to $1,000 per day, though you can request a higher limit. Mobile app transfers work the same way as online transfers and take the same timeframe.

OpenBank does not charge withdrawal fees, but your receiving bank might charge an incoming transfer fee. ATM networks may also charge a fee if you use an out-of-network machine; OpenBank reimburses some of these fees depending on your account type, so check your account terms.

Key Takeaways

  • ACH transfers to another bank account are free and take one to three business days, making them the cheapest option for larger amounts.
  • ATM withdrawals are instant but capped at your daily limit, usually $500 to $1,000, and may trigger out-of-network fees that OpenBank may or may not reimburse.
  • You can request a higher daily withdrawal limit through your online account settings or by contacting OpenBank customer service.
  • Transfers initiated before 11:59 p.m. ET on a business day typically process the next business day; weekend and holiday transfers start processing the following business day.

Setting up an external bank account for transfers

Before you can transfer money out, you need to link an external bank account. Log into your OpenBank account online or through the mobile app, go to the Transfers or Linked Accounts section, and select "Add External Account." You will need the routing number and account number from the bank you want to transfer to.

OpenBank verifies the account by sending two small deposits (usually under $1 each) to that account within one to two business days. Once the deposits arrive, you return to OpenBank and confirm the amounts to complete verification. Only then can you transfer money to that account. This process protects both you and OpenBank from sending money to the wrong place.

If you are transferring to a joint account or an account in someone else's name, OpenBank may require additional documentation or may not allow it at all, depending on their current policies. Contact their customer service to confirm before you start the verification process.

Initiating a transfer through your online account

Log into your OpenBank account on their website or mobile app. Navigate to the Transfers section and select "Send Money" or "Transfer Out." Choose the external account you want to transfer to from your list of linked accounts.

Enter the amount you want to withdraw. OpenBank will show you the available balance in your savings account and confirm that the transfer will not drop you below any minimum balance requirement (most high yield savings accounts have no minimum, but confirm yours). Select the date you want the transfer to process—you can schedule it for today or a future date up to several days ahead.

Review the details one more time, then confirm. OpenBank will send you a confirmation email with a reference number. Save this number in case you need to track the transfer or contact customer service. The money will leave your OpenBank account immediately, but it will not arrive at the receiving bank until one to three business days later.

ATM withdrawals and daily limits

OpenBank provides access to ATMs through partner networks. Your debit card works at most ATMs nationwide, but fees vary depending on whether the machine is in-network or out-of-network. In-network ATMs are free; out-of-network ATMs typically charge $2 to $3 per withdrawal, though some charge more.

Your daily ATM withdrawal limit is usually $500 to $1,000, depending on your account and OpenBank's current policies. If you need to withdraw more than your limit in a single day, you have two options: request a temporary or permanent increase to your limit, or spread the withdrawals across multiple days. To request a limit increase, log into your account settings or call OpenBank customer service.

ATM withdrawals are instant—the money comes out of your account right away. This makes ATM withdrawal useful when you need cash immediately, but it is the most expensive method if you use out-of-network machines frequently. If you withdraw regularly, find an in-network ATM near you to avoid fees.

What happens when a transfer fails or is delayed

Transfers occasionally fail or take longer than expected. Common reasons include incorrect account or routing numbers, a closed account at the receiving bank, insufficient funds in your OpenBank account, or a system issue at either bank. If a transfer fails, OpenBank will send you a notification explaining why and reverse the transaction, returning the money to your savings account within one business day.

If a transfer is delayed beyond three business days, check your confirmation email for the reference number and contact OpenBank customer service with that number. Provide the amount, date initiated, and receiving bank details. OpenBank can investigate whether the money is stuck in the system or if the receiving bank is holding it.

If the receiving bank received the money but it is not showing in the account, contact that bank directly. Transfers sometimes appear as pending for several hours before posting. If it has been more than a business day and the money still has not posted, the receiving bank can trace the transfer using the reference number OpenBank provides.

Requesting a higher daily withdrawal limit

If your current daily limit is too low for your needs, you can request an increase. Log into your OpenBank account, go to Account Settings or Security Settings, and look for "Daily Withdrawal Limit" or "ATM Limit." Select the option to increase your limit and enter the new amount you want.

OpenBank may approve the increase immediately, or they may review your request and respond within one to two business days. Temporary increases (for a single large withdrawal) are usually approved faster than permanent increases. If you need the higher limit urgently, call customer service and explain your situation—they can sometimes process a temporary increase over the phone.

There is no fee to request a limit increase, and OpenBank does not charge extra for higher limits. The limit exists to protect your account from fraud, so they may decline a request that seems unusually high compared to your normal activity, but you can always ask.

Frequently Asked Questions

Can I withdraw money on weekends or holidays?

ATM withdrawals work 24/7, so you can withdraw cash anytime. However, ACH transfers initiated on weekends or holidays do not start processing until the next business day. If you initiate a transfer on Friday evening, it will not begin processing until Monday, so it will arrive Wednesday or Thursday at the earliest.

What if I need to withdraw more than my daily ATM limit?

Request a temporary or permanent increase to your daily limit through your account settings or by calling customer service. Temporary increases are usually approved quickly and last for one to seven days. If you need a permanent increase, OpenBank will review your request and respond within one to two business days.

Do I lose interest if I withdraw money from my high yield savings account?

No. Withdrawals do not affect your interest rate or the interest you have already earned. Interest is calculated on your daily balance and paid monthly, so withdrawing money simply reduces the balance on which future interest is calculated. There is no penalty for withdrawing at any time.

How long does it take for money to show up after I transfer it out?

ACH transfers to another bank typically take one to three business days. The money leaves your OpenBank account immediately, but the receiving bank controls when it posts to that account. Some banks post transfers the same day they receive them; others take an additional day. ATM withdrawals are instant.

What should I do if a transfer never arrives?

Check your OpenBank confirmation email for the reference number and contact OpenBank customer service with that number, the amount, the date you initiated it, and the receiving bank name. OpenBank can trace the transfer and determine whether it is stuck in the system or if the receiving bank is holding it. If the receiving bank has it, they can help you locate it in their system.