The withdrawal limit depends on your account type and your bank
Federal law used to cap savings account withdrawals at six per month, but that rule was suspended in 2020 and has not returned. Today, the number of withdrawals you can make depends entirely on what your bank allows. Some banks place no limit at all. Others cap withdrawals at a certain number per month, charge a fee after you exceed a threshold, or restrict how you withdraw (in-person only, or no transfers to other banks). A few still follow the old six-withdrawal rule as their own policy.
The key is that your bank sets the rule, not the government. You need to check your account agreement or call your bank directly to find out what applies to you. The limit may also differ depending on whether you withdraw in person at a branch, use an ATM, make a transfer to another account, or write a check.
Key Takeaways
- Federal law no longer limits savings account withdrawals, so your bank's own policy determines how many you can make.
- Some banks have no withdrawal limit, while others cap them at six, ten, or another number per month.
- Withdrawal limits often vary by method — in-person withdrawals may be unlimited while transfers to other banks are capped.
- Your account agreement or bank website lists the specific rules for your account; calling customer service is the fastest way to confirm.
- Exceeding a withdrawal limit may result in a fee, account closure, or reclassification to a checking account.
Why the federal rule changed and what replaced it
Regulation D, the federal rule that limited savings withdrawals to six per month, was suspended in April 2020 during the pandemic. The Federal Reserve said the rule was no longer necessary because banks had other tools to manage risk and liquidity. The suspension was supposed to be temporary, but it became permanent in 2021 when the Fed did not reinstate it.
That does not mean all withdrawal limits disappeared. Banks can still set their own limits, and many do. The difference is that they now choose to, rather than being required to by law. Some banks saw the suspension as a chance to attract customers by removing limits entirely. Others kept restrictions in place to manage their operations or to distinguish savings accounts from checking accounts.
What your bank's withdrawal limit actually means
A withdrawal limit is a cap on how many times you can take money out of your savings account in a calendar month. It does not limit the dollar amount you withdraw — only the number of transactions. If your bank allows six withdrawals per month, you could withdraw $1 in one transaction and $10,000 in another, and both count as one withdrawal each.
The limit usually applies to specific types of withdrawals. In-person withdrawals at a branch teller often do not count toward the limit. Transfers to another bank account, transfers to your own checking account at the same bank, and ATM withdrawals usually do count. Checks written on a savings account may or may not count, depending on the bank. Some banks count all of these together; others track them separately.
If you exceed the limit, the consequences vary. Some banks charge a fee per excess withdrawal — typically $5 to $10. Others may close your account or convert it to a checking account without asking. A few banks straightforward decline the transaction. The best way to avoid surprises is to know your limit and your bank's policy before you need to withdraw.
How to find out what limit applies to your account
Your account agreement is the official source. You can find it on your bank's website, usually in a section labeled "Account Agreements," "Disclosures," or "Terms and Conditions." Search the document for "withdrawal" or "transaction limit." The agreement will state the number of withdrawals allowed and which types of transactions count toward the limit.
If you cannot find it online or the document is unclear, call your bank's customer service line. Have your account number ready and ask: "How many withdrawals can I make from my savings account per month?" and "Do all types of withdrawals count toward that limit, or only transfers?" Write down the answer and the date you called, in case you need to reference it later.
Some banks also display the limit in your online banking portal or mobile app, often in the account details or FAQ section. If you see a message like "You have made 5 of 6 allowed transfers this month," that tells you the limit and how many you have used.
Common withdrawal limits across different bank types
| Bank Type | Typical Withdrawal Limit | What Usually Counts |
|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo) | No limit, or 6 per month | Transfers to other banks; ATM withdrawals; sometimes transfers to own checking |
| Online banks (Ally, Marcus, Discover) | No limit, or 6 per month | Transfers to other banks; ACH transfers; sometimes ATM withdrawals |
| Credit unions | No limit, or 6 per month | Varies widely; check your specific credit union |
| Money market accounts | Usually 6 per month | Transfers and checks; in-person withdrawals often unlimited |
These are general patterns, not rules. Your specific bank may differ. Some online banks have removed limits entirely to compete for customers. Some large banks still enforce the six-withdrawal rule as their own policy. Credit unions vary significantly by institution. The only way to know for certain is to check your account agreement or contact your bank.
What happens if you exceed your withdrawal limit
The most common consequence is a fee. If your limit is six withdrawals per month and you make seven, your bank may charge $5 to $10 for the seventh. Some banks charge the fee only on the excess transactions; others charge a flat monthly fee if you exceed the limit at all. The fee appears on your statement as a service charge or excess withdrawal fee.
A less common but more serious consequence is account reclassification. Some banks convert a savings account to a checking account if you consistently exceed the withdrawal limit. This may change your interest rate (usually to zero), your monthly fees, or your account features. Your bank should notify you before this happens, but it is worth asking what the policy is.
A few banks will straightforward decline a withdrawal if you have reached your limit. The transaction fails, and you cannot access the money until the next month. This is rare with established banks but may happen with smaller institutions or online banks with strict policies.
How to manage your account if you need frequent withdrawals
If you regularly need to withdraw money more than six times per month, a savings account with a withdrawal limit may not be the right fit. Consider a checking account instead, which typically has no withdrawal limit. Checking accounts usually pay little or no interest, but if you need frequent access to your money, the interest difference is often small compared to the convenience.
Another option is to use a bank that has no withdrawal limit on savings accounts. Many online banks and some credit unions have removed limits entirely. If you are currently at a bank with a six-withdrawal cap and you need more flexibility, switching to a no-limit institution may be worth the effort.
If you want to keep your savings account for the interest rate but need frequent access, you can also maintain both a savings account and a checking account at the same bank. Move money from savings to checking as you need it — one transfer per month uses only one withdrawal, and then you can write checks or use your debit card from the checking account without limit.
Frequently Asked Questions
Does the federal government still limit savings account withdrawals?
No. The Federal Reserve suspended the six-withdrawal limit in 2020 and did not reinstate it. Banks can set their own limits now, but they are not required to by federal law.
Do ATM withdrawals count toward my limit?
Usually yes, but not always. Most banks count ATM withdrawals as transactions that count toward your limit. Some banks, particularly credit unions, may not. Check your account agreement or ask your bank to be sure.
If I transfer money from my savings to my checking account at the same bank, does it count as a withdrawal?
Usually yes. Transfers between your own accounts at the same bank typically count as one of your allowed transactions. Some banks distinguish between transfers to other banks (which count) and transfers within the same bank (which may not), so confirm with your bank.
Can a bank change my withdrawal limit without telling me?
Banks can change their policies, but they must notify you before the change takes effect. You will receive notice by mail, email, or in your online banking portal. If you see a change you do not understand, contact your bank to ask when and why it happened.
What if my bank charges me a fee for exceeding my withdrawal limit?
The fee appears on your statement as a service charge or excess withdrawal fee. You can dispute it by calling your bank and explaining the situation, though they are not required to waive it. To avoid future fees, either stay within your limit, switch to a no-limit account, or move to a bank with a higher limit.