Yes, you can get a cashier's check from a savings account
A cashier's check is a check drawn on the bank's own funds, not yours. The bank guarantees it will clear because the money is already in the bank's account. You can request one from a savings account just as easily as from a checking account — the source of the funds does not matter to the bank.
When you ask for a cashier's check, the bank withdraws the amount from your savings account, holds that money in its own account, and issues you the check. The recipient deposits it like any other check, but they know it will not bounce because the bank has already set the money aside.
Most banks issue cashier's checks the same day you request them, though some require a day's notice. You will pay a fee — typically $5 to $15 per check — and you must have the funds available in your savings account at the time you request it.
Key Takeaways
- Cashier's checks drawn from savings accounts carry the same bank may provide as those drawn from checking accounts.
- The bank withdraws the money from your savings account immediately and holds it in its own account to back the check.
- Most banks charge $5 to $15 per cashier's check, and you can usually get one the same day you request it.
- You will need to provide the recipient's name and the exact amount, and you must have sufficient funds in your savings account.
- Cashier's checks are safer for large payments than personal checks because the recipient knows the bank guarantees payment.
How to request a cashier's check from your savings account
Visit your bank in person, call the branch, or use online banking if your bank offers it. You will need to tell the bank the exact amount, the name of the person or business receiving the check, and sometimes the reason for the payment (though this is not always required).
Bring a form of identification. The bank will verify you have enough money in your savings account to cover the amount plus the fee. Once confirmed, the bank withdraws the funds and issues the check on the spot or within one business day, depending on the bank's process.
Some banks allow you to order cashier's checks online and pick them up at a branch. Others require you to come in person. A few banks mail them to you, which adds several days to the timeline. Call your bank or log into your account to see which options are available.
Fees and timing for cashier's checks
Cashier's check fees range from $5 to $15 per check at most banks. Some banks charge less for customers with premium accounts or higher balances. A few banks waive the fee entirely if you maintain a certain account balance or have direct deposit set up.
Timing depends on how you request the check. In-person requests at a branch usually result in a check the same day. Phone requests may take one business day. Online orders typically take one to two business days if you pick up at a branch, or five to seven business days if the bank mails it to you.
If you need the check urgently, visit a branch in person during business hours. This is the fastest way to get a cashier's check and the only way to may provide same-day issuance.
Why use a cashier's check instead of a personal check
A personal check drawn on your savings account can bounce if there are insufficient funds or a hold on the account. A cashier's check cannot bounce because the bank has already set the money aside. This makes it much safer for the recipient, especially for large amounts or time-sensitive payments.
Landlords, car dealers, and title companies often require cashier's checks for this reason. They know the payment is may provide. Personal checks require the recipient to wait for the check to clear, which can take three to five business days. A cashier's check clears faster because banks treat them as lower-risk.
Cashier's checks are also useful when you want to move money between banks without using a wire transfer. A wire transfer can cost $15 to $30 and requires routing numbers and account details. A cashier's check costs less and requires only the recipient's name and address.
What happens if you lose a cashier's check
If you lose a cashier's check before depositing it, contact your bank immediately. The bank can place a stop payment on the check, which prevents anyone else from cashing it. You will usually need to sign an affidavit stating the check was lost or stolen.
After the stop payment is in place, the bank will issue a replacement check. This process typically takes five to ten business days. You may be charged a replacement fee, usually $15 to $25, on top of the original cashier's check fee.
If someone else cashes the lost check before you report it, the situation becomes more complicated. Contact your bank and the police to report the fraud. The bank will investigate, but recovery is not may provide. This is why it is important to report a lost cashier's check as soon as you notice it is missing.
Cashier's checks versus wire transfers and ACH transfers
A wire transfer moves money directly from your bank account to another bank account electronically. It is faster than a cashier's check — usually one business day — but costs more ($15 to $30) and requires the recipient's routing number and account number. Wire transfers are irreversible once sent, so if you send money to the wrong account, recovery is difficult.
An ACH transfer is a free or low-cost electronic transfer that takes two to three business days. It is the slowest option but the cheapest. ACH transfers are reversible within a certain window, making them safer if you make a mistake. However, some recipients do not accept ACH transfers, particularly for large payments or one-time transactions.
A cashier's check splits the difference: it costs less than a wire transfer, takes about the same time as an ACH transfer, and is safer than a personal check. It is the best choice when the recipient needs a physical check, the amount is large, or you want a may provide payment without the cost of a wire transfer.
Frequently Asked Questions
Do I need a checking account to get a cashier's check?
No. You can get a cashier's check from a savings account, money market account, or any account that holds funds. The bank only cares that you have enough money to cover the amount and the fee.
Can I get a cashier's check for someone else's savings account?
No. Only the account holder can request a cashier's check from that account. If someone else needs to request one, they must be an authorized signer on the account or have power of attorney.
How long does a cashier's check take to clear once deposited?
Cashier's checks typically clear within one to two business days after deposit, faster than personal checks. Some banks clear them the same day, especially if deposited early in the business day.
What if the bank refuses to issue a cashier's check?
Banks may refuse if you do not have sufficient funds, if there is a fraud investigation on your account, or if the account is frozen by court order. Contact your bank to find out why and what you need to do to resolve it.
Can I cancel a cashier's check after it is issued?
Yes, but only if the check has not been cashed. Contact your bank and request a stop payment. You will need to provide the check number and amount. The bank will place a hold on the check and issue a replacement if needed, usually for a fee.