Create a new transfer

Setting up a transfer is easy. You can make a one-time transfer or setup recurring transfers – the choice is yours. You may make up to six transfers out of your High-Yield Savings account during any monthly statement cycle. It may take up to three business days before transfers appear at your external bank account. Transfers will not be processed on weekends or holidays.

Create Transfer
step 1: set up your transfer

Log in to Personal Savings and click Transfers from the navigation and Create a New Transfer. 

You will be asked for the following information:

  • Transfer Amount
  • From and To Account information (drop-down menu)
  • Requested Start Date:  if scheduled date is a non-business day, the transfer will occur on the next business day
  • Frequency (defaults to 'one time'):  if set to a frequency of every one or two weeks, these will occur on the same day of the week; less frequent options will repeate on the same date of the month
  • End Date:  if not set for recurring transfers, the transfer will recur indefinitely

Create Transfer
Verify Transfer
step 2: Verify Your Transfer

You will review your transfer summary and have an opportunity to edit it prior to submitting.

Please note, if you withdraw your full balance and do not close your account, accrued interest from your current statement cycle may be posted after your transfer is completed and remain in your account until withdrawn separately.

Verify Transfer
Transfer is confirmed
Step 3: Confirm your transfer

Your transfer is all set, and will process on the date(s) provided in the on-screen confirmation. You may print this page for your records. There’s nothing more you need to do – we’ll take it from here.

Transfer is confirmed
Funds transfer reminders
Important reminders

Your electronic transfer request will leave our bank and be reflected in your Personal Savings balance on the date listed. However, the external banks generally take 1-3 days to reflect the transfer on their system. Please see FAQs below for more specific timing on the movement of your funds. On the day of processing, transfers are subject to the availability of sufficient funds and compliance of the six withdrawals per statement cycle limit.

Frequently Asked Questions

  • How long does it take to transfer funds FROM my external bank using the Personal Savings website?

    On the day you initiate your transaction on the Personal Savings website, the amount will be reflected in your CURRENT Balance and will begin earning interest immediately. However, due to a mandatory holding period, the funds will not appear in your AVAILABLE Balance until the 5th business day* after the deposit is initiated.
    *Business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin to be processed on the next business day. 

  • How long does it take to transfer funds TO my external bank using the Personal Savings website?

    On the day you initiate your transaction on the Personal Savings site, the amount will be deducted from your Current and Available balance and the funds transfer will be initiated. The funds will generally be reflected at your bank within 1 to 3 business days.* Please refer to your external bank's policies on incoming transfers as banks have different transfer policies.
    *Business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin to be processed on the next business day. 

  • How long does it take to transfer funds FROM my external bank when initiated on my external bank’s website?

    If you initiate a transfer from your Personal Savings account using your external bank's website, we will usually receive the transfer request within 1-3 business days*. The transfer will be reflected in your Current Balance and Available balance the following morning. Please note: depending on your external bank's hold policy, the funds may not be immediately available to use.
    *Business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin to be processed on the next business day. 

  • How long does it take to transfer funds TO my external bank when initiated on my external bank’s website?

    If you initiate a transfer to your Personal Savings Account using your external bank's website, we usually receive the funds within 1-3 business days.
    *Business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin to be processed on the next business day. 

  • Why is there a limit of six (6) withdrawals/debits per statement cycle for High Yield Savings Accounts?

    Reserve Requirements for Depository Institutions (12 C.F.R. 204, Regulation D) is a Federal Reserve Board regulation. It limits the number of withdrawals and transfers from a savings or money market account. Regulation D (Reg. D) applies to all U.S. banking institutions offering such accounts. Personal Savings customers may make a maximum of six (6) Reg. D-covered transfers or withdrawals per statement cycle*. There is no limit on the number of deposits that can be made.
    *A statement cycle is the calendar period during which one banking statement is generated. A statement cycle usually begins on the day of the month the account is opened. For example, if an account was opened on the 10th of a month, then the statement cycle will usually end on the 10th day of every subsequent month. 

  • What types of transactions are covered under Regulation D (Reg. D)?

    All ACH Withdrawals/Debits, all Wire Withdrawal/Debits, and all Internal Transfer Debits are covered under Reg. D. 

  • Is there any way to withdraw money after I've reached the limit?

    The only way to make a 7th electronic withdrawal within a one-month statement cycle is to close the account. You can also call and request us to mail you a check, which does not count against the six-withdrawal limit. However, please be aware that it can take 7-to-15 days to receive the check in the mail. 

  • Why doesn't the account I select show my full balance?

    There may be a "hold" on some of the funds in your account. Please be aware that interest is still paid on "held" funds.