The basic way to get your money out
You can withdraw money from your savings account in several ways, and most of them take just a few minutes. The simplest method is to visit your bank branch in person with your debit card or account number and ask the teller to withdraw cash. You can also use an ATM (automated teller machine) with your debit card — insert the card, enter your PIN (personal identification number), select "withdrawal," choose your amount, and the machine will dispense cash.
If you don't want cash, you can transfer money from your savings account to your checking account through your bank's website or mobile app, then write a check or use that checking account to pay bills. You can also set up a transfer to another person's account if your bank offers that service, though this usually takes one to three business days to complete.
Key Takeaways
- ATMs and bank tellers are the fastest ways to get cash, usually within minutes of requesting it.
- Transfers between your own accounts (savings to checking) typically happen the same day or next business day.
- Transfers to someone else's account usually take one to three business days because banks verify the receiving account.
- Most banks limit how many times per month you can withdraw from a savings account without a fee, though this rule varies by bank.
- Your bank will show every withdrawal in your account history, so you can track where your money went.
Withdrawal limits and fees
Many banks limit the number of withdrawals you can make from a savings account each month before charging you a fee. This limit is often six withdrawals per month, though some banks allow more and others allow fewer. The reason for this limit is historical — federal rules once required it — but many banks keep the rule even though the federal requirement changed. Check your account agreement or call your bank to find out what your specific limit is.
If you exceed the limit, your bank will charge a fee, usually between $5 and $25 per extra withdrawal. Some banks waive the fee if you maintain a high balance or have direct deposit set up. If you find yourself hitting the limit regularly, you might consider moving money to a checking account instead, which typically has no withdrawal limits.
Using ATMs outside your bank's network
If you use an ATM that does not belong to your bank, you may be charged a fee by both your bank and the ATM operator. Your bank's fee is usually $2 to $3, and the ATM operator's fee is often another $2 to $3, meaning a single withdrawal could cost you $4 to $6 in fees. Over time, this adds up quickly.
To avoid these fees, use ATMs that belong to your bank or to a network your bank participates in. Many banks are part of shared networks — for example, credit unions often participate in CO-OP or Allpoint networks, which means you can use thousands of ATMs without a fee. Ask your bank which ATM networks you can access for free.
Transferring money to another person
If you want to send money to someone else's bank account, you can set up a transfer through your bank's website or app. You will need the other person's full name, account number, and routing number (a nine-digit code that identifies their bank). Your bank will verify this information, which is why the transfer usually takes one to three business days.
Some banks offer faster transfer services, such as same-day transfers or real-time payments, but these may have higher fees or daily limits. If you need to send money urgently, ask your bank whether they offer expedited transfer options and what they cost.
What happens if you need money before a transfer clears
If you initiate a transfer from your savings account to your checking account and then try to spend the money before the transfer completes, your check or debit card transaction may be declined. This happens because the money has not yet arrived in your checking account, even though it has left your savings account.
To avoid this problem, initiate transfers at least one business day before you need the money. If you frequently need to move money between accounts, consider keeping a larger balance in your checking account instead, or ask your bank about linking your accounts so you can transfer when ready through their app.
Closing your savings account and getting the balance
If you want to close your savings account and withdraw all the money, you can do this at any bank branch. Bring your debit card or account number and ask a teller to close the account. They will give you the remaining balance in cash, by check, or by transfer to another account — you choose which method works best for you.
Before closing the account, make sure there are no outstanding fees or holds on the account. Some banks charge a fee to close an account if you close it within a certain time period (often 90 days to one year after opening), so check your account agreement first. If there is a fee, ask whether the bank will waive it.
Frequently Asked Questions
Can I withdraw money from my savings account anytime I want?
Yes, you can withdraw money anytime during your bank's business hours or through an ATM 24/7. However, some banks limit how many withdrawals you can make per month without paying a fee. Check your account agreement to see your bank's specific rules.
What if I don't have my debit card?
You can still withdraw money by visiting a bank branch in person and providing your account number and a form of identification, such as a driver's license. The teller will verify your identity and process the withdrawal for you.
How long does it take to transfer money to someone else's account?
Standard transfers usually take one to three business days because banks verify the receiving account information. Some banks offer faster options that complete the same day, but these may have fees or limits on how much you can transfer at once.
What should I do if I see a withdrawal I didn't make?
Contact your bank when ready by phone or through your online account. Report the unauthorized withdrawal and ask the bank to investigate. Banks are required to look into disputed transactions and typically refund your money while they investigate.
Can I set up automatic withdrawals from my savings account?
Yes, you can set up recurring transfers to pay bills or move money to another account on a schedule. Set this up through your bank's website or app by specifying the amount, frequency (weekly, monthly, etc.), and the destination account.