The basic ways to take money out

You can withdraw money from your savings account in four main ways: at an ATM using your debit card, at a bank teller window, through a transfer to your checking account, or by requesting a check. The method you choose depends on how much you need, how quickly you need it, and what your bank offers.

Most banks let you do all four of these without penalty. The catch is not the withdrawal itself—it is how often you withdraw. Federal rules once limited savings account withdrawals to six per month, but that rule changed in 2020. Today, most banks set their own limits or have none at all. Check your account agreement or call your bank to learn what applies to you.

Key Takeaways

  • ATM withdrawals are the fastest way to get cash, but you may pay a fee if you use an ATM outside your bank's network.
  • Withdrawing at a teller window works for any amount and leaves a paper record, but requires visiting a branch during business hours.
  • Transferring money to your checking account takes one to three business days but costs nothing and lets you withdraw any amount.
  • Your bank may limit how many withdrawals you can make per month, so check your account agreement before you plan frequent withdrawals.

Using an ATM to withdraw cash

An ATM (automated teller machine) is the fastest way to get cash from your savings account. Insert your debit card, enter your PIN (the four-digit code you created when you opened the account), select "Withdrawal," choose your savings account, and enter the amount. The machine will dispense cash and print a receipt showing your new balance.

Most banks do not charge you to use their own ATMs. If you use an ATM belonging to a different bank, you will usually pay a fee—often $2 to $3 per transaction. Some banks reimburse these fees if you have a premium account or keep a high balance, so it is worth asking. To avoid the fee, find your bank's ATM locations on their website or mobile app before you withdraw.

ATMs have daily withdrawal limits, usually between $300 and $1,000, depending on your bank and how long you have had the account. If you need more than your daily limit, you will have to wait until the next day or use a different method.

Withdrawing at a bank teller window

Going to a bank branch and withdrawing from a teller works for any amount, any time the branch is open. Bring your debit card or ID, tell the teller you want to withdraw from your savings account, and say how much. The teller will count out the cash, update your account, and give you a receipt. There is no fee for this.

This method is useful if you need more cash than an ATM will give you in one day, or if you want a written record of the withdrawal. It is also the safest way to withdraw a large amount, because the teller can verify your identity and the transaction is documented in the bank's system.

The downside is that you have to go during branch hours, which are usually weekday mornings and early afternoons. Many branches close by 5 p.m. and do not open on weekends or holidays.

Transferring money to your checking account

If you have both a savings account and a checking account at the same bank, you can transfer money between them online or through the mobile app. Log into your account, select "Transfer," choose your savings account as the source and your checking account as the destination, enter the amount, and confirm. The money usually arrives within one business day, sometimes the same day.

This method is free and works for any amount. Once the money is in your checking account, you can withdraw it from an ATM, write a check, or use your debit card to spend it. This is a good option if you do not need cash when ready but want to move money out of savings without paying a fee.

If your savings and checking accounts are at different banks, the transfer takes longer—usually one to three business days—and may cost a small fee. You can also set up automatic transfers on a schedule, which is useful if you move money regularly.

Requesting a check from your bank

You can ask your bank to write a check on your savings account and mail it to you or to someone else. Go to a branch or call the bank, give them the amount and the name of the person or business the check should be made out to, and they will prepare it. The check will be mailed to your address on file, usually within three to five business days.

This method is useful if you need to pay a bill by check or send money to someone who does not have a bank account. It is free, and there is no limit on the amount. The downside is the wait—you cannot use the money until the check arrives and the recipient deposits it.

Understanding withdrawal limits and fees

Most banks no longer enforce a strict limit on how many times you can withdraw from savings per month. However, some banks still have limits—often six to twelve withdrawals per month—and will charge a fee if you exceed them. A few banks have no limit at all. Your account agreement or the bank's website will tell you what applies to your account.

Fees for exceeding withdrawal limits are usually $5 to $10 per excess withdrawal. Some banks will straightforward refuse the withdrawal instead of charging a fee. If you think you will need to withdraw frequently, ask your bank whether a checking account or a money market account might be a better fit, since those are designed for regular access to your money.

ATM fees from other banks are separate from withdrawal limits. Even if you have unlimited withdrawals, you will still pay a fee to use another bank's ATM.

What happens after you withdraw

Once you withdraw money, it is gone from your account and no longer earns interest. Your bank will update your balance when ready (for ATM and teller withdrawals) or within one business day (for transfers). You will see the withdrawal listed in your transaction history, and your monthly statement will show the reduced balance.

If your account has a minimum balance requirement—some savings accounts require you to keep a certain amount in the account at all times—make sure your withdrawal does not drop you below it. If it does, you may be charged a monthly fee or the account may be closed.

Frequently Asked Questions

Can I withdraw money from my savings account anytime?

Yes, you can withdraw during business hours at a branch or anytime using an ATM or online transfer. However, some banks limit how many withdrawals you can make per month. Check your account agreement to see if limits explore to you.

Will I be charged a fee for withdrawing from my savings account?

Withdrawals from your own bank's ATM or at a teller window are free. Using another bank's ATM usually costs $2 to $3. If you exceed your bank's monthly withdrawal limit, you may be charged $5 to $10 per excess withdrawal.

How long does it take to transfer money from savings to checking?

Transfers between accounts at the same bank usually happen the same day or within one business day. Transfers between different banks take one to three business days. ATM and teller withdrawals are when ready.

What if I need to withdraw more than the ATM daily limit?

Go to a bank teller window and withdraw in person, or transfer the money to your checking account first. Tellers can give you any amount without a daily limit. You can also call your bank ahead of time to ask if they can increase your ATM limit temporarily.

Do I lose interest when I withdraw money?

Yes. Interest is only paid on the money that stays in the account. Once you withdraw, that amount no longer earns interest. The interest you already earned before the withdrawal is yours to keep.