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Can You Wire Money From A Savings Account?

4/5/2021

Savings accounts are incredibly useful assets to have, as they help you to reach your financial goals easier, no matter if they’re long or short term. When the time comes to use them, however, it’s essential to know exactly how. This usually involves learning if and how you can wire money directly from a savings account. Generally speaking, it all comes down to your bank, limits, and wiring habits.

Moving money between accounts with the same bank

The easiest experience you’re likely to have when it comes to wiring money from a savings account is moving money between your personal accounts when they exist within the same bank. It makes complete sense since there is the least amount of work or security measures required to make the transfer.

No matter if you want to wire the money through online banking, face to face in your nearest branch, or even over the telephone, it should be more than simple to move money from your savings account to any other of your accounts with the bank. There may be fees for the privilege, however, if you move money more frequently than your bank typically allows— say 3-4 times in a single month period — but this is entirely down to the terms and conditions of your account.

Moving Money to External Accounts 

The next step you may need to take is with wiring money from your savings account to an external account that you own that is with another bank altogether. This may make things slightly more complex, since there are multiple banks involved in the transaction. However, it may still be possible to process quickly depending on the route you take.

The first difference that is likely to be present when trying to wire money to an external account is that online banking or using your savings account mobile app is much less likely to work. The very nature of a savings account is to try and enable you to save money with greater care than other accounts would allow. It’s more than possible that you’ll have to take extra steps to do it, like phone verification or stopping in at a branch, depending on your bank’s platform.

Wiring Money to Others

Finally, there is also wiring money from your savings account to others to consider, and this is something that cannot be done as easily. In fact, it’s generally very difficult to do and may need to be withdrawn to another of your owned accounts, such as a checking account, before you’re able to do it. 

The alternative option is to draw your money as cash, through transfer services, or however else you’re able. This also applies to using your savings account to pay for transactions or paying merchants for regular purchases.

Limits to Wiring from Savings Accounts

No matter where or why you’re trying to wire your savings, there still remains a lot of different factors that may hinder the process — if not prevent you from being able to do it all together. A prime example of this is the types of savings accounts that you have to work with.

The easiest to use savings accounts, like regular savings accounts, will be the ones which you’ll find the most accessible to wire your funds. The downside is that they often have a lower interest rate as a result. But accounts with higher interest, however, like high-yield savings accounts that are available from many online financial services, may well enable wiring savings as well, so you’ll have to check the specifics offered by your financial institution.

Other accounts like money market accounts or cash management accounts don’t often have the availability to wire. They put more of a focus on saving for longer time periods, often even fixed terms in fact, during which money isn’t particularly accessible at all. In fact, any funds that you try to move may even be chargeable since you’re going against the terms of the agreement.

The Purpose of Savings Accounts

Ultimately, saving accounts are all about saving — and that’s the whole point of their existence. Transferring money from them isn’t something that banks want you to do with your account, or that you will likely want to either. They’re designed to help you get the most that you possibly can from your money, and that’s something you can easily manage.

This is also the exact reason why there’s more than one type of savings account that you can choose from to hold your money in. There are smaller interest accounts that allow you to move your money much more easily for those savings that aren’t quite in there for the long-term — and for things that aren’t always certain.

There is also the opposite kind of accounts as well, which are designed to be long-term and may even charge you should you wish to take your money out early, should you want to. These accounts will make it dramatically harder to transfer your money from, but will probably make it easier for you to invest.

In the end, it comes down to you as the consumer to decide which account is best for your savings. With the Cashero High Yield Account, you can get an industry leading APY of up to 5%, along with no limits on the amount of withdrawals you can make within any single time period. 

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