Savings accounts are excellent vehicles for storing funds that you will want in the coming years. However, you will almost certainly need to utilize that money at some point – to place a down payment on a car, purchase a plane ticket, or use your emergency fund if anything unforeseen occurs.
When the time comes to remove funds from a savings account, you have a few alternatives for moving funds from saves to checking,
Digitally Transfer Money
If you’ve already set up online banking, you may rapidly transfer funds by signing in from your computer or the bank’s mobile app. If you do not already have an online account, you can create one in a matter of minutes by creating a username and password.
Visit The Branch
Additionally, if you utilize a brick-and-mortar bank, you may make the transfer in person. Visit your local bank and complete a transfer form indicating which accounts you’re moving funds from and into, as well as the amount you’re transferring. Following that, you’ll provide the paperwork to the bank teller to finalize the transaction.
How To Transfer Funds From One Bank’s Savings Account To Another’s?
Even if your savings and checking accounts are at different organizations, you can transfer funds between them. However, you will almost certainly have to do so online.
When you choose the “transfer” menu item, an option to link another account should appear. To allow online transfers between the two accounts, provide the account type, account number, and routing number.
When transferring funds between banks, the earliest the transfer will likely occur is the following business day. It may take several days for the monies to appear in your account. If you want cash urgently, you may be able to use an ATM to take cash from your savings account.
Certain banks impose a fee for moving funds to another institution. Conduct an internet search for both banks’ policies on incoming and outgoing external transfers.
Are you interested in learning about savings accounts? Read our blog on savings accounts with the best interest rates.