Savings accounts are a great place to store the money you’ll need for the next few years. But you’ll probably need to use that money down the road – to put down a down payment on a car, buy a plane ticket, or dip into your emergency fund if the unexpected happens.
When it’s time to withdraw money from savings, you have a few options to transfer money from savings (where you can’t touch it) to checking (where you can easily access it. ).
The best method will depend on whether your savings and
are with the same bank or different institutions.
How to transfer money from savings to checking at the same bank
1. Transfer money digitally
If you’ve already set up online banking, you can quickly transfer money by logging into your account from your computer or the bank’s mobile app. Otherwise, you can create an account online in a matter of minutes by creating a username and password.
In the menu, the bank will probably have an item such as “transfers” or “tasks”. Click on this option.
Select the account you want to transfer money from (savings) and the one you want to transfer money to (verification). Then enter the amount you want to transfer. The website will probably also give you the option to set up recurring transfers.
Depending on the bank, the transfer will likely take place either immediately or the next business day.
2. Visit a branch
You also have the option of making the transfer in person if you are using a physical bank. Go to your local branch and fill out a transfer form to specify the accounts you are transferring money from and to and the amount you want to transfer. Then you will give the form to the bank teller to complete your transaction.
You will need to know both account numbers to complete this form. If you don’t have this information, the cashier should be able to retrieve it if you show your ID.
By doing it in person, the transfer can take up to 24 hours. Ask the cashier when you can spend the money.
How to transfer money from savings to checking at another bank
You can still transfer money from savings to check, even if the accounts are at separate institutions. But you will probably have to do it online.
When you click on the “transfer” item in the menu, you should see an option to link another account. Enter the account type, account number, and routing number to enable online transfers between the two.
When transferring money between banks, the earliest transfer will likely be made on the next business day. It may take up to a few days for the funds to appear in your account. If you need money right away, you may be able to withdraw money from your savings account at an ATM. (Just be aware that you might pay an ATM fee.)
Some banks charge a fee for transferring money to a separate institution. Consult the policy of both banks online for incoming and outgoing external transfers.
About the Author
Laura Grace Tarpley is a writer at Personal Finance Insider, covering banking journals and guides. She is also a Certified Personal Finance Educator (CEPF). In her five years of personal finance coverage, she has written extensively on ways to save and spend money.