Federal law no longer caps savings account transfers, but your bank may
The Federal Reserve removed the six-transfer limit that used to apply to savings accounts in April 2020, so you are no longer restricted by federal rules on how often you can move money out. However, your specific bank can still set its own limits, and many do. Some banks allow unlimited transfers; others cap you at a certain number per month before charging a fee or converting your account to a checking account.
The limit that matters is the one your bank enforces, not the old federal rule. You need to check your account agreement or call your bank directly to find out what your limit is, because it varies widely between institutions and sometimes between account types at the same bank.
Key Takeaways
- The federal six-transfer limit ended in 2020, so the government no longer restricts how often you can transfer money from savings.
- Your bank sets its own transfer limits, which may range from unlimited to a specific number per month before fees kick in.
- Transfer limits usually apply to outgoing transfers only—deposits into your savings account are typically unlimited.
- Exceeding your bank's limit usually results in a fee per extra transfer, account downgrade, or account closure, depending on the bank's policy.
- You can find your bank's transfer limit in your account agreement, online banking settings, or by calling customer service.
Where to find your bank's specific transfer limit
Your account agreement is the official source for your bank's transfer rules. This document came with your account when you opened it, or you can request it from your bank. Look for sections titled "Savings Account Terms," "Transaction Limits," or "Account Restrictions."
Many banks also post this information in your online banking portal under account settings or FAQs. Log in, navigate to your savings account details, and search for "transfer limit" or "transaction limit." If you cannot find it online, call your bank's customer service line—they can tell you the exact number in under five minutes and explain what happens if you exceed it.
What counts as a transfer and what does not
A transfer is money you move out of your savings account to another account, whether that account is at the same bank or a different one. This includes transfers to your own checking account, transfers to another person's account, and transfers to external banks. It also includes transfers initiated through online banking, mobile apps, phone calls, or in person at a branch.
Withdrawals at an ATM or at a teller window are separate from transfer limits—most banks do not count these toward a monthly transfer cap. Deposits into your savings account also do not count. The limit applies only to money leaving the account, and usually only to transfers, not cash withdrawals.
What happens when you exceed your bank's limit
The consequences depend on your bank's policy. Some banks charge a fee for each transfer over the limit—typically $5 to $10 per excess transfer. Others may downgrade your account from a savings account to a checking account, which changes your interest rate and may alter other account features. A few banks will freeze or close the account if you repeatedly exceed the limit.
The best approach is to know your limit before you hit it. If you regularly need to move money out more than your bank allows, you have options: switch to a bank with a higher or unlimited transfer limit, use a checking account instead of a savings account for frequent transfers, or plan your transfers to stay within the monthly cap.
Different limits at different banks
Transfer limits vary significantly. Some online banks and credit unions offer unlimited transfers from savings accounts. Traditional banks like Chase, Bank of America, and Wells Fargo typically allow 6 to 10 transfers per month before fees apply. Some regional banks have different limits for different account types—a premium savings account might allow more transfers than a basic one.
If you are shopping for a savings account or considering switching banks, transfer limits are worth comparing alongside interest rates. A high-yield savings account with a low transfer limit may not work for you if you move money frequently. Ask the bank directly about their policy before opening an account, because limits are not always listed prominently on their website.
How to request a higher transfer limit
Some banks will raise your transfer limit if you ask, especially if you have been a customer for a while or maintain a high balance. Call customer service and explain that you need more transfers per month. They may approve a temporary increase, a permanent increase, or direct you to a different account type that suits your needs better.
If your bank refuses to raise the limit, you can open a second savings account at the same bank—each account typically has its own transfer limit. Alternatively, you can switch to a bank with no transfer limit or use a checking account instead, which usually has no transfer restrictions.
Transfers between your own accounts at the same bank
Some banks treat transfers between your own accounts differently than transfers to external accounts. Internal transfers—moving money from your savings to your checking account at the same bank—may not count toward your monthly limit, or may have a separate, higher limit. Check your account agreement to see if your bank distinguishes between internal and external transfers.
This matters if you use your savings account as a holding place and regularly move money to checking for spending. If internal transfers are unlimited but external transfers are capped, you can move money to your own checking account as often as you want, then transfer out from there if needed.
Frequently Asked Questions
Can I get in trouble with my bank for making too many transfers?
No, you will not face legal trouble. Your bank may charge fees, downgrade your account, or close it if you repeatedly violate their transfer policy, but this is a contract issue between you and the bank, not a legal violation. The best move is to contact your bank before you hit the limit and ask about your options.
Does a wire transfer count toward my monthly transfer limit?
Wire transfers are usually separate from standard transfer limits. Many banks do not count wires toward the monthly cap, though they may charge a separate wire fee. Call your bank to confirm whether wires are included in your limit.
What if I need to make more transfers than my bank allows?
You have several options: request a higher limit from your bank, switch to a bank with unlimited transfers, use a checking account instead of savings for frequent transfers, or open a second savings account at the same bank. Each account typically has its own limit.
Do transfer limits apply to money I deposit into my savings account?
No. Transfer limits apply only to money leaving your account. You can deposit as much as you want, as often as you want, without hitting any limit.
If I move to a different bank, do I start with a new transfer limit?
Yes. Each bank has its own policy. Your new bank's limit applies to your account there, regardless of what your previous bank allowed. Check the new bank's policy before you open the account.