Withdrawals from online savings accounts work differently than from checking accounts
Online savings accounts let you move money out, but not as quickly or as often as a checking account does. Federal rules limit you to six withdrawals per month from a savings account — whether you withdraw in person, by phone, by transfer, or by check. Online banks enforce this limit strictly, and some charge a fee if you exceed it.
The most common withdrawal methods are electronic transfer to another bank account, a check mailed to you, or a transfer to a linked checking account at the same bank. ATM withdrawals are rare at online banks because most don't operate physical branches. Some online banks partner with ATM networks, but you may pay a fee each time.
The speed of your withdrawal depends on the method. A transfer between accounts at the same bank usually posts within one business day. A transfer to an account at a different bank takes one to three business days. A check takes five to ten business days to arrive and clear.
Key Takeaways
- Federal rules cap withdrawals from savings accounts at six per month, and online banks will charge you or restrict your account if you go over.
- Transfers to another account at the same bank are fastest, usually posting within one business day.
- Transfers to a different bank take one to three business days and may have daily or per-transaction limits set by your bank.
- Checks mailed from an online bank take five to ten business days to arrive, plus time for the receiving bank to clear them.
- ATM withdrawals are uncommon at online banks; if available, they often cost $2 to $3 per transaction.
Transfer to a linked account at the same bank
If your online bank offers both savings and checking accounts, transferring between them is the fastest method. Log into your account online or through the mobile app, select the transfer option, choose your checking account as the destination, enter the amount, and confirm. The money usually arrives within one business day, sometimes the same day if you transfer before the bank's cutoff time (typically 2 p.m. or 3 p.m. Eastern).
There is no fee for this type of transfer, and it does not count against your six-withdrawal limit if the receiving account is a checking account. If you transfer to another savings account at the same bank, it does count as a withdrawal and counts toward your monthly limit.
Transfer to an account at a different bank
To move money from your online savings account to a checking or savings account at another bank, you will need to set up an external transfer. This requires the routing number and account number of the receiving bank account. You can find both on a blank check from that account, or call the bank to ask.
Log into your online savings account, select "Transfer" or "Move Money," and choose the option to transfer to an external account. Enter the receiving bank's routing number, the account number, and the amount. The transfer usually takes one to three business days. Some banks process transfers overnight if you initiate them before their cutoff time, but do not count on it.
Most online banks do not charge a fee for outgoing transfers, but some limit how much you can transfer per day or per month. Check your bank's transfer limits before you initiate a large withdrawal. If you need to move more than the daily limit allows, you may need to split the transfer across multiple days.
Requesting a check from your online bank
You can request a check drawn on your savings account and mailed to you. Log into your account, find the "Checks" or "Withdraw" section, enter the amount, and provide a mailing address. The bank will mail the check to you, which typically takes five to ten business days depending on postal service speed.
Once you receive the check, you still need to deposit it into another account or cash it. Depositing it into your own checking account takes another one to three business days for the receiving bank to clear it. Cashing it at a bank or check-cashing service may be instant, but you may pay a fee if you are not a customer of that bank.
Requesting a check counts as a withdrawal and counts toward your six-withdrawal monthly limit. Some banks charge $5 to $10 per check, though many online banks offer a small number of free checks per month.
ATM withdrawals and cash access
Most online banks do not have ATMs, so direct ATM withdrawal from your savings account is usually not an option. Some online banks partner with ATM networks like Allpoint or MoneyPass, which lets you withdraw cash at partner ATMs for free or for a small fee ($2 to $3 per transaction).
If your online bank does not offer ATM access, the fastest way to get cash is to transfer money to a linked checking account and then withdraw from an ATM using that account's debit card. Alternatively, you can transfer to a checking account at a bank with physical branches and withdraw cash there.
ATM withdrawals from a checking account do not count toward your six-withdrawal limit on the savings account, so this is a workaround if you need cash frequently.
What happens if you exceed the six-withdrawal limit
If you make more than six withdrawals from your savings account in a calendar month, your bank may charge a fee (typically $5 to $10 per excess withdrawal) or convert your account to a checking account. Some banks simply block further withdrawals until the next month begins.
The limit applies to all withdrawal methods combined: transfers, checks, and ATM withdrawals all count. Deposits do not count. If you find yourself hitting the limit regularly, consider moving money to a checking account where there is no withdrawal limit, or ask your bank about accounts with higher withdrawal allowances.
Frequently Asked Questions
How long does it take to withdraw money from an online savings account?
It depends on the method. Transfers to another account at the same bank post within one business day. Transfers to a different bank take one to three business days. Checks take five to ten business days to arrive, plus additional time for the receiving bank to clear them.
Can I withdraw money from an online savings account using an ATM?
Most online banks do not have ATMs. Some partner with ATM networks and allow withdrawals for free or a fee of $2 to $3. If your bank does not offer ATM access, transfer money to a linked checking account and withdraw from there instead.
What is the six-withdrawal limit and what counts toward it?
Federal rules limit savings account withdrawals to six per month. Transfers, checks, and ATM withdrawals all count. Transfers to a checking account at the same bank may not count, depending on your bank's policy — check your account agreement. Deposits do not count.
Is there a fee to transfer money out of an online savings account?
Most online banks do not charge fees for transfers to external accounts or to linked accounts at the same bank. Some charge $5 to $10 per check if you request one. ATM withdrawals through partner networks may cost $2 to $3. Excess withdrawal fees apply if you go over six withdrawals per month.
Can I withdraw more than the daily transfer limit?
Most online banks set daily transfer limits of $1,000 to $10,000, depending on the bank and your account history. If you need to withdraw more, you can split the transfer across multiple days, request a check, or contact the bank to ask about raising your limit.