It’s a pretty easy process to transfer money from a savings account to another financial account you have. You can also transfer money from your account to another person’s account in some situations in just a few minutes using your phone or computer. You can also go to a bank or credit union location in person and do a transfer with the help of a customer service representative.
Reviewing the different ways in which you can transfer money from a savings account will help you avoid mistakes and get your money where you want it quickly.
Setting Up Online Access
You can go into your bank or credit union to make transfers, but it’s often more convenient to do so online. You can set up your online access by visiting the bank or credit union’s website and following the prompts.
You’ll need to provide a variety of information, which might include your full name, the mailing address associated with the account, bank account numbers, Social Security number and other information. You might be asked to provide a phone number and answers to one or more security questions (such as your mother’s maiden name and favorite pet’s name).
Once your account is registered, you’ll want to link your various accounts. Examples of bank accounts include savings and checking accounts. You might also be able to link a car loan, student loan, mortgage or credit card account.
Read More: The Pros & Cons of Online Only Banking
Transferring Between Your Accounts
If you have a savings and a checking account with the same financial institution, you should be able to quickly transfer money with no hassle. Log in to your account and look for a button or link such as, “Transfer Money.” Next, you’ll be given options such as, “Between My Accounts.”
Select the account you want to transfer money from, select the account you want to transfer money to, then type in the amount of money you want to transfer and the date you want the transaction to occur. You should receive a confirmation that your transaction worked successfully on your screen.
Transferring Between Other Accounts
If you want to transfer money from your savings account to someone else’s account, it’s also easy if the two of you bank at the same institution. You can even save this person’s information in your account if you plan on doing this regularly, such as sending money to or receiving funds from a family member.
You’ll need the other person’s routing and account numbers. The routing number identifies their bank, while their account number identifies their account. These are the numbers you see at the bottom of a check – the number sequence to the left is the routing number, while the numbers to the right are the account number. If you are sending money to someone at a different bank, you’ll need to follow your bank or credit union’s directions and you will need the other person’s information.
ACH and Wire Transfers
You can also transfer money using an ACH transaction or wire transfer. You’ll need to contact your bank to see what services they offer, or if you’ll need to use a third-party provider. For example, here are the instructions for Chase Bank account holders to use a wire transfer.
The process for doing ACH or wire transfers requires you to provide both parties’ account information, similar to the bank-to-bank transaction process described above. ACH transfers go through a clearinghouse, are more secure and are often free or very low cost.
Using Digital Apps
You can also use digital apps like Zelle, Cash App, Google Pay, PayPal and Venmo to transfer money. You’ll need to download the app to your phone, then set it up using your personal and account information. Once your app is ready to use, you just need the account number of the other party (who needs to have this app set up to receive money) and you’re ready to do the transaction. You’ll enter the other person’s account name, the amount of money you want to send and submit.
Steve Milano has written more than 1,000 pieces of personal finance and frugal living articles for dozens of websites, including Motley Fool, Zacks, Bankrate, Quickbooks, SmartyCents, Knew Money, Don't Waste Your Money and Credit Card Ideas, as well as his own websites.