You can withdraw money from a savings account whenever you want, but your bank may limit how many withdrawals you make each month
Yes, you can pull money out of your savings account. The money is yours. However, most banks impose a withdrawal limit—typically six withdrawals per month, though some banks allow more or fewer. If you exceed that limit, your bank may charge a fee, convert your account to a checking account, or close the account. The limit applies to withdrawals made by transfer, ACH, debit card, or check—not to withdrawals made in person at a branch or ATM.
The withdrawal limit exists because federal law once required it. That rule changed in 2020, but many banks kept the limits anyway. Some banks have removed them entirely, while others still enforce them strictly. Before you open a savings account, check your bank's withdrawal policy so you know what to expect.
Key Takeaways
- Most banks limit savings account withdrawals to six per month, though this varies by bank and account type.
- ATM and in-person branch withdrawals usually do not count toward the limit, but transfers and ACH withdrawals do.
- Exceeding the limit may result in a fee, account closure, or conversion to a checking account.
- Some banks have removed withdrawal limits entirely, so compare policies before opening an account.
- You can withdraw all your money at once if you close the account, with no withdrawal limit applied.
Which types of withdrawals count toward the limit
Not all withdrawals are treated the same way. Transfers and ACH withdrawals—money moved to another bank account or paid out electronically—count toward your monthly limit. So do withdrawals made by debit card or check. But withdrawals made at an ATM or in person at a bank branch usually do not count, because the money stays within the bank's system.
This distinction matters if you need cash frequently. You can visit an ATM or your branch as many times as you want without hitting the withdrawal limit. The limit applies only to money leaving the bank entirely or moving to an outside account.
What happens if you exceed the withdrawal limit
If you go over your bank's withdrawal limit, the consequences depend on your bank's policy. Some banks charge a fee—typically $5 to $25 per excess withdrawal. Others may freeze your account temporarily, preventing further withdrawals until the next month. A few banks will convert your savings account to a checking account, which usually has no withdrawal limit but may pay little or no interest.
In rare cases, repeated violations can lead to account closure. Your bank will usually send you a notice before taking this step, but it is worth checking your account agreement to know your bank's specific policy. If you find yourself regularly hitting the limit, it may be time to move to a checking account or switch to a bank with higher or no withdrawal limits.
Banks that have removed or raised withdrawal limits
Some major banks have eliminated withdrawal limits entirely or raised them significantly. Charles Schwab Bank, Ally Bank, and Marcus by Goldman Sachs have no monthly withdrawal limits on savings accounts. Other banks like Chase and Bank of America still enforce the six-withdrawal limit on standard savings accounts, though they may offer premium accounts with higher limits.
Online banks tend to be more flexible than traditional banks, partly because they have lower operating costs and partly because they compete on customer-friendly policies. If withdrawal limits are a concern for you, an online bank may be a better fit. Check the specific bank's website or call their customer service line to confirm their current policy before opening an account.
How to withdraw money without hitting the limit
If your bank enforces a six-withdrawal limit and you need cash more often, use ATM withdrawals and in-person branch visits instead. These do not count toward the limit in most cases. You can visit an ATM daily or stop by your branch as often as you need without penalty.
Another option is to keep a small amount in a checking account for frequent withdrawals and use your savings account only for money you plan to leave alone. Some people maintain both accounts at the same bank—the checking account for daily spending and the savings account for money they want to earn interest on. This way, you avoid withdrawal fees and keep your savings separate from your spending money.
Closing your account and withdrawing all your money at once
If you want to withdraw all your money at once, you can close your savings account. Closing an account does not trigger withdrawal limits—you can pull out your entire balance in a single transaction. You can do this in person at a branch, by phone, or online, depending on your bank's options.
Before you close the account, make sure you have paid off any overdrafts or fees you owe. Some banks will deduct outstanding charges from your final withdrawal. Also, confirm that you have moved any automatic deposits or payments linked to that account, since they will stop working once the account is closed. If you are closing because of withdrawal limits, consider opening an account at a different bank first so you have somewhere to move your money.
Frequently Asked Questions
Do ATM withdrawals count toward my six-withdrawal limit?
No. ATM withdrawals typically do not count toward the monthly limit at most banks. In-person withdrawals at a branch also usually do not count. The limit applies to transfers, ACH payments, debit card purchases, and checks—money that leaves the bank's system or goes to an outside account.
What if my bank charges me for going over the withdrawal limit?
Fees for excess withdrawals typically range from $5 to $25 per transaction. If you are charged repeatedly, contact your bank and ask about accounts with higher or no withdrawal limits. Some banks will waive one or two fees if you explain the situation, though this is not may provide.
Can I withdraw money from a savings account that is linked to a checking account?
Yes. Withdrawals from a linked savings account count toward your withdrawal limit, even if you transfer the money to your own checking account at the same bank. The limit applies to any money leaving the savings account, regardless of where it goes.
Do savings accounts for kids or teens have different withdrawal limits?
Limits vary by bank and account type. Some banks offer youth savings accounts with no withdrawal limits to encourage saving habits. Others apply the same six-withdrawal limit to all savings accounts. Check with your specific bank about their policy for minor accounts.
Is there a limit on how much money I can withdraw in a single transaction?
No. You can withdraw your entire account balance in one transaction if you want. The withdrawal limit refers to the number of withdrawals per month, not the dollar amount per withdrawal. However, if you withdraw a very large amount in cash, your bank may need advance notice and may file a report with the federal government for amounts over $10,000.