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Savings accounts are great places to store cash you'll need in the next few years. But you'll probably need to use that money eventually — to put a down payment on a car, buy a plane ticket, or tap into your emergency fund if the unexpected happens.
When it's time to withdraw money from savings, you have a few options for transferring 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 checking accounts are with the same bank or different institutions.
How to transfer money from savings to checking with the same bank1. Transfer money digitallyIf you have already set up online banking, you can quickly transfer money by logging into your account from your computer or the bank's mobile app. If not, you can set up an online account in a few minutes by creating a username and password.
In the menu, the bank will probably have an item along the lines of "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 (checking). Then enter how much you want to transfer. The website will probably give you the option to set up recurring transfers, as well.
Depending on the bank, the transfer will probably either take place immediately or on the next business day.
2. Visit a branchYou also have the option to make the transfer in person if you use a brick-and-mortar bank. Visit your local branch and fill out a transfer form to specify which accounts you're transferring money out of and into, and how much you want to transfer. Then you'll give the form to the bank teller to complete your transaction.
You'll need to know both account numbers to fill out this fom. If you don't have this information, the teller should be able to pull it up if you show your ID.
By doing it in person, the transfer could take up to 24 hours to complete. Ask the teller when you'll be able to spend the cash.
How to transfer money from savings to checking at a different bankYou can still move money from savings to checking, even if the accounts are at separate institutions. But you'll probably have to do it online.
When you click 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 you transfer money between banks, the earliest the transfer will go through is probably the next business day. It could take up to a few days to see the funds show up in your account. If you need money immediately, you may be able to withdraw cash from your savings account at an ATM. (Just know you could pay an ATM fee.)
Some banks charge fees for transferring money to a separate institution. Look up both banks' policy online for incoming and outgoing external transfers.
About the authorLaura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save and spend money.
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