The federal limit is six withdrawals per month, but your bank may allow more or fewer

The six-withdrawal limit comes from Regulation D, a Federal Reserve rule that applies to savings accounts, money market accounts, and certain other deposit accounts. However, this rule changed in 2020, and what it means now depends on your bank.

Before April 2020, exceeding six withdrawals in a month meant your bank could charge a fee, convert your account to a checking account, or close it. Today, the Federal Reserve no longer enforces the six-withdrawal limit, which means your bank sets its own policy. Some banks still enforce it. Others have removed the limit entirely. A few allow a higher number. You need to check your account agreement or call your bank to know what applies to you.

The limit applies to transfers and withdrawals combined—not just cash withdrawals from an ATM. A transfer to another account, a check you write, an ACH payment, or a debit card purchase all count toward the limit if they come from your savings account. Cash withdrawals at a teller window count too.

Key Takeaways

  • The federal six-withdrawal limit no longer applies, but your specific bank may still enforce it, allow more, or have no limit at all.
  • The limit counts all types of withdrawals and transfers combined—ATM cash, checks, ACH transfers, and debit card purchases all count the same way.
  • Exceeding your bank's limit may result in a fee per transaction, account closure, or conversion to a checking account, depending on the bank's policy.
  • You can withdraw unlimited times in person at a teller window or by mail, because those methods are not subject to the limit.
  • Checking your account agreement or contacting your bank directly is the only way to know your actual limit, since policies vary widely.

What counts as a withdrawal or transfer

A withdrawal is any time money leaves your savings account. This includes cash you take out at an ATM, cash you ask a teller to give you, checks you write on the account, and debit card purchases if the account is linked to a debit card.

A transfer is when you move money from your savings account to another account—yours or someone else's. This includes ACH transfers (the electronic transfers that take one to three business days), wire transfers, and transfers to a linked checking account at the same bank. Even if the transfer is to your own account at the same bank, it still counts.

Deposits do not count. You can deposit money as many times as you want without hitting any limit. Transfers into your savings account from another account also do not count against the limit.

What happens if you exceed your bank's limit

The consequence depends on your bank's specific policy. Some banks charge a fee—typically $5 to $25—for each withdrawal or transfer beyond the limit. Others may charge one fee per month if you go over at any point. A few banks will convert your savings account to a checking account without asking, which changes the interest rate you earn and may change your monthly fees.

In rare cases, a bank may close the account if you repeatedly exceed the limit. This is more common if you have a history of overdrafts or other violations of the account agreement, not just one month of extra withdrawals.

The best way to avoid surprises is to read your account agreement or call your bank's customer service line. Ask directly: "How many withdrawals or transfers can I make from my savings account per month, and what happens if I exceed that number?" Write down the answer and the date you asked, in case you need to reference it later.

Withdrawals that do not count against the limit

Withdrawals made in person at a bank branch—either at a teller window or through a drive-through window—are not subject to the six-withdrawal limit. You can make as many in-person withdrawals as you want in a month without hitting any restriction.

Withdrawals by mail also do not count. If you mail a check to your bank requesting a withdrawal, that does not count toward the limit. This method is slow (usually 5 to 10 business days), but it is an option if you need to withdraw more than your bank's limit allows.

Some banks also exclude certain types of transfers from the limit. For example, a transfer to pay a bill through the bank's bill-pay service might not count, or a transfer to a linked account at the same bank might be unlimited. Again, this varies by bank, so check your agreement.

How to manage your withdrawals if you have a low limit

If your bank has a strict limit and you need more withdrawals, you have several options. The simplest is to switch to a bank with a higher limit or no limit. Many online banks and credit unions have removed the six-withdrawal restriction entirely, and some traditional banks have done the same.

If you want to stay with your current bank, you can plan your withdrawals. Instead of making small transfers throughout the month, batch them together. Make one larger transfer early in the month, then use that money for the rest of the month. This uses fewer of your allowed transactions.

You can also use in-person withdrawals at a teller window for any extra transactions beyond your limit. Since those do not count, you can withdraw cash in person and then deposit it into another account if needed, or straightforward use the cash directly.

Another option is to open a checking account at the same bank in addition to your savings account. Checking accounts typically have no withdrawal limit. You can keep most of your money in savings (where it earns interest) and transfer it to checking only when you need to make a withdrawal.

Why the limit existed and why it changed

Regulation D was written in 1986 to protect banks from the risk of a sudden run on deposits—a situation where many customers withdraw their money at once. The rule assumed that savings accounts were meant for long-term storage, not frequent transactions, so limiting withdrawals made sense from a risk management perspective.

By 2020, the reasoning had weakened. Banks had better tools to manage liquidity risk, and the COVID-19 pandemic made the rule seem outdated. The Federal Reserve suspended enforcement in April 2020 and formally removed the requirement in 2021. Banks are now free to set their own policies.

Some banks kept the limit because it encourages customers to use savings accounts for saving rather than frequent spending. Others removed it to compete for customers. The result is a patchwork of different policies across different banks.

Frequently Asked Questions

Can I withdraw money from my savings account as many times as I want?

It depends on your bank. The federal limit no longer exists, but your bank may enforce its own limit, allow unlimited withdrawals, or set a number somewhere in between. Check your account agreement or call your bank to find out.

Do ATM withdrawals count the same as transfers?

Yes. ATM withdrawals, teller withdrawals, transfers, checks, and ACH payments all count as one transaction each toward your bank's limit. The only exception is in-person withdrawals at a teller window, which many banks do not count.

What if I need to withdraw more than my bank allows?

You can withdraw cash in person at a teller window as many times as you want without hitting the limit. You can also switch to a bank with a higher limit or no limit, or open a checking account to use for frequent transactions.

Will my bank charge me if I go over the withdrawal limit?

Possibly. Some banks charge $5 to $25 per excess transaction, others charge one fee per month, and some convert your account to checking instead. A few banks no longer enforce any limit. Read your account agreement or ask your bank what their specific policy is.

Do deposits count toward the withdrawal limit?

No. You can deposit money as many times as you want. Only withdrawals and transfers out of the account count toward the limit.