Most banks do not charge a fee for withdrawals, but some do—and the rules depend on your account type and how often you withdraw
The short answer: you probably will not pay a fee. Most banks and credit unions let you withdraw money from savings accounts without charging you anything. But there are exceptions. Some banks charge a fee if you exceed a certain number of withdrawals per month, others charge for certain withdrawal methods (like ATM withdrawals at out-of-network machines), and a few charge a flat fee on every withdrawal regardless of how many you make.
The fee structure varies widely. A bank might charge $1 to $3 per ATM withdrawal at another bank's machine, or $5 to $10 if you go over six withdrawals in a month. Some online banks charge nothing for any withdrawal method. Others charge a monthly maintenance fee instead of per-withdrawal fees. The only way to know what you will actually pay is to read your account's fee schedule—the document your bank gave you when you opened the account, or the one on their website under "Pricing" or "Fees."
Key Takeaways
- Most traditional banks and credit unions do not charge a fee for withdrawals, but online banks and some specialty accounts have different rules.
- Federal law once limited savings account withdrawals to six per month, but that rule was suspended in 2020 and banks are no longer required to enforce it.
- ATM fees explore to the machine, not the account—you pay a fee when you use another bank's ATM, not when you use your own bank's ATM.
- Your account's fee schedule is the only reliable source for what you will actually pay; bank websites often list fees under "Pricing," "Fees," or "Account Terms."
The difference between withdrawal limits and withdrawal fees
Before 2020, federal law capped savings account withdrawals at six per month. Banks enforced this limit strictly. In April 2020, the Federal Reserve suspended that rule, and it has not been reinstated. Most banks stopped counting withdrawals after that.
But "no longer required to count" does not mean "no longer allowed to charge." Some banks still charge a fee if you make more than a certain number of withdrawals—usually six per month—even though they are not required to. Others dropped the fee entirely. A few banks charge a flat monthly fee regardless of how many times you withdraw. The fee schedule for your specific account tells you which applies to you.
ATM fees versus account withdrawal fees
An ATM fee is not a savings account fee. It is a fee charged by the ATM operator when you use a machine that does not belong to your bank. If you use your own bank's ATM, there is no fee. If you use another bank's ATM, that bank charges you a fee—usually $2 to $3—and your bank may charge you a fee on top of that.
This is separate from whether your bank charges you for making a withdrawal. You could have a bank that charges no withdrawal fees but still pay $3 every time you use a competitor's ATM. Or you could have a bank that charges $5 if you make more than six withdrawals per month, but charges nothing when you use their ATM. The two fees operate independently.
Online banks and savings accounts with no withdrawal fees
Most online banks—banks with no physical branches—do not charge withdrawal fees at all. They typically do not charge monthly maintenance fees either. The trade-off is that they usually pay higher interest rates on savings, which is how they offset the cost of offering free withdrawals.
Online banks usually let you withdraw through their ATM network (often a large shared network like Allpoint or MoneyPass), through transfers to another account, or through checks. Some also offer debit cards. None of these methods typically cost you a fee at the online bank itself, though you may still pay an ATM fee if you use an out-of-network machine.
Money market accounts and specialty savings accounts
Money market accounts sometimes have different fee structures than regular savings accounts. Some charge a fee if your balance drops below a minimum (often $2,500 or $10,000), and some charge a per-withdrawal fee. High-yield savings accounts almost never charge withdrawal fees, but they may charge a monthly maintenance fee if your balance is too low.
Certificates of deposit (CDs) are different: they charge a penalty if you withdraw before the maturity date, but that is not a "fee"—it is a reduction in your interest earnings. The penalty exists to discourage early withdrawal and is set when you open the account.
How to find your account's actual fee schedule
Your bank sent you a fee schedule when you opened the account. It is usually a separate document from your account agreement, or it may be combined into one document labeled "Account Terms and Conditions" or "Pricing Information." If you cannot find the paper copy, log into your online banking portal and look for a link labeled "Fees," "Pricing," "Account Terms," or "Disclosures."
The fee schedule lists every fee your bank charges for that account type. It will tell you whether there is a per-withdrawal fee, a limit on free withdrawals per month, a monthly maintenance fee, an ATM fee, and what each one costs. If you cannot find it online, call your bank's customer service line and ask them to read you the fee schedule for your specific account.
What happens if you exceed the withdrawal limit
If your bank charges a fee for withdrawals over a certain number per month, the fee is usually charged automatically at the end of the month. You will see it listed on your statement as something like "Excess Withdrawal Fee" or "Monthly Service Charge." The fee is deducted from your account balance.
Some banks charge the fee once per month no matter how many extra withdrawals you made. Others charge it per withdrawal. If you make seven withdrawals and your limit is six, you might pay $5 once, or you might pay $5 for the seventh withdrawal. Again, your fee schedule tells you which.
Frequently Asked Questions
Can I avoid withdrawal fees by using a debit card instead of an ATM?
A debit card transaction is not a savings account withdrawal in the way banks count it. If your bank charges a fee for exceeding six withdrawals per month, a debit card purchase usually does not count toward that limit. However, debit card transactions may count toward other limits depending on your bank's rules. Check your fee schedule or call your bank to confirm what counts as a withdrawal for fee purposes.
Do I pay a fee if I transfer money out of savings to checking?
Most banks do not charge a fee for transfers between your own accounts. However, some banks count transfers as withdrawals for the purpose of the six-withdrawal limit (or whatever limit they set). This means you could trigger a fee if you transfer too many times in a month, even though the transfer itself does not cost money. Your fee schedule will say whether transfers count.
What if my bank charges a fee I did not know about?
Contact your bank and ask them to explain the fee. If it was charged in error or if you were not given proper notice of the fee when you opened the account, ask them to reverse it. Banks sometimes will, especially if it is the first time. Keep a copy of your fee schedule for future reference so you know what to expect.
Do credit unions charge withdrawal fees?
Most credit unions do not charge withdrawal fees on savings accounts. Credit unions are member-owned and typically have lower fees overall than banks. However, some credit unions do charge fees on certain account types or for excessive withdrawals, so check your account's fee schedule the same way you would with a bank.