The basic ways to pull money out
You can withdraw money from a savings account in four main ways: at an ATM using your debit card, at a bank branch in person, by transferring it to your checking account, or by requesting a check. The method you choose depends on how much you need, how fast you need it, and whether your bank charges fees for each type of withdrawal.
Most banks let you withdraw cash at their ATMs with no fee. If you use an ATM owned by a different bank, you will usually pay a fee of $2 to $3.50 per transaction — your bank charges you, the other bank charges you, or both do. Some banks reimburse out-of-network ATM fees if you maintain a high balance or pay a monthly fee for premium checking.
Transferring money to your checking account is free and takes one to three business days if both accounts are at the same bank. Transfers between different banks can take three to five business days. Withdrawing in person at a branch is free and instant, but requires you to visit during business hours with your ID.
Key Takeaways
- ATM withdrawals are the fastest way to get cash, but using another bank's ATM usually costs $2 to $3.50 per transaction.
- Transferring money to your checking account at the same bank is free and takes one to three business days.
- Withdrawing in person at a branch is free and instant, but you need to bring your ID and go during business hours.
- Your bank may limit how many withdrawals you can make per month, though this limit is less common than it used to be.
- Checks take five to ten business days to clear, so use them only when you do not need the money right away.
ATM withdrawals and out-of-network fees
Using your bank's own ATM is the fastest and cheapest way to withdraw cash. The money is available immediately, and there is no fee. Most banks have ATMs in multiple locations, and many participate in ATM networks that let you use other banks' machines for free.
If your bank is not part of a network or you cannot find a participating ATM, using another bank's machine will cost you. The ATM owner charges you a fee (usually $2 to $3.50), and your bank may charge you a separate fee for using an out-of-network ATM. Some banks charge $1 to $3 per out-of-network withdrawal. If you withdraw $100 from an out-of-network ATM, you might pay $5 in total fees.
To avoid these fees, look up your bank's ATM network before you open an account. Large national banks like Chase, Bank of America, and Wells Fargo have thousands of ATMs. Credit unions often participate in shared branching networks, which means you can withdraw cash at any participating credit union for free. If you travel frequently or live far from your bank's branches, this matters.
Transferring to checking and between banks
Moving money from savings to checking at the same bank is free and takes one to three business days. You can do this online, through your bank's app, by phone, or in person. The money lands in your checking account and is ready to spend or withdraw.
Transferring between two different banks takes longer. An ACH transfer (Automated Clearing House) typically takes three to five business days. Some banks offer faster transfers for an extra fee, usually $10 to $25, but most people do not need to pay for speed. A few banks now offer same-day or next-day transfers at no extra cost, so check your bank's website to see what they offer.
If you need money urgently and both accounts are at different banks, your fastest option is usually to withdraw cash at an ATM and deposit it into the other bank, or to use a wire transfer. Wire transfers cost $15 to $50 but arrive the same day or next business day. They are best for large amounts or genuine emergencies, not for routine withdrawals.
Withdrawing in person at a branch
Walking into a bank branch and withdrawing cash is free, instant, and requires no waiting. You need your ID and your account number or debit card. Tell the teller how much you want to withdraw and in what denominations (twenties, fifties, hundreds), and they will count it out.
The main limitation is time. Branches are open during business hours only — usually 9 a.m. to 5 p.m. on weekdays and a few hours on Saturday. If you need cash on Sunday or at midnight, a branch is not an option. Some banks have extended hours or Sunday branches in certain locations, so check your bank's schedule.
Large withdrawals (usually $10,000 or more) may trigger a report to the federal government under anti-money-laundering rules. This does not mean anything is wrong — it is a routine report. The bank will not refuse the withdrawal, but the process may take longer because the teller has to fill out paperwork.
Withdrawal limits and frequency restrictions
Many banks used to limit savings account withdrawals to six per month, a rule that came from federal banking regulations. That rule was suspended in 2020 and has not returned. Most banks no longer enforce withdrawal limits on savings accounts, but some still do, and the rules vary by bank.
Check your bank's account agreement or call customer service to learn about your savings account has a withdrawal limit. If it does, the limit usually applies to transfers and withdrawals combined, not just ATM withdrawals. Going over the limit may result in a fee (usually $5 to $10 per excess withdrawal) or the bank may refuse the transaction.
ATM withdrawals, in-person withdrawals, and transfers all count toward the limit if one exists. Only checks typically do not count, because they are not processed as withdrawals by the bank.
Using checks to withdraw from savings
Some savings accounts come with a checkbook, though this is less common than it used to be. Writing a check is free, but it is slow. The person or business you give the check to has to deposit it, and then the check has to clear — usually five to ten business days. You will not know for certain that the money has left your account until the check clears.
Checks are useful when you need to pay a bill by mail or pay someone who does not accept electronic transfers. They are not useful when you need cash or when you need the money to move quickly. If you need to withdraw money for a large purchase and the seller accepts checks, a check from your savings account works, but a transfer to checking or a cashier's check (which clears faster) is usually better.
If your savings account does not come with checks, you can order them from your bank or from a third-party printer. Bank checks cost $10 to $30 per box of 25 or 50. Third-party checks are cheaper but take longer to arrive.
Fees and charges to watch for
The most common withdrawal-related fees are out-of-network ATM fees ($2 to $3.50 per transaction) and fees charged by your own bank for using another bank's ATM ($1 to $3). Some banks also charge a fee if you exceed your monthly withdrawal limit, usually $5 to $10 per excess withdrawal.
Overdraft fees apply if you withdraw more than your account balance, but this is a checking account issue, not a savings account issue. Savings accounts do not overdraft — the bank simply refuses the withdrawal if you do not have enough money.
Wire transfer fees ($15 to $50) apply only if you request a wire transfer, which is not a routine withdrawal. Cashier's check fees ($5 to $15) apply if you ask the bank to issue a check on your behalf instead of using your own checks.
What to do if you cannot access your account
If your bank's website or app is down, you can still withdraw money in person at a branch or at an ATM. If you have lost your debit card, you can withdraw cash at a branch with your ID, or you can order a replacement card (usually arrives in five to ten business days).
If your account is frozen due to suspected fraud or a legal hold, the bank will not let you withdraw money until the issue is resolved. Call your bank's customer service number immediately to find out why the account is frozen and what you need to do. If it is fraud, the bank will investigate and may reverse unauthorized transactions. If it is a legal hold, you may need a lawyer to get it lifted.
If you have forgotten your PIN, you can reset it online, through the app, by calling customer service, or by visiting a branch. Resetting online or through the app is instant. By phone or in person, it takes a few minutes.
Frequently Asked Questions
Can I withdraw all my money from savings at once?
Yes, you can withdraw your entire balance whenever you want. There is no rule against it. If the amount is very large (usually $10,000 or more), the bank will file a report with the government, but this does not stop the withdrawal. The bank will ask how you plan to use the money, but they cannot refuse based on your answer unless they suspect illegal activity.
Do I pay taxes on money I withdraw from my savings account?
No. Withdrawing your own money is not a taxable event. You only pay taxes on interest your savings account earns. If your account earned $50 in interest over the year, that $50 is taxable income. The withdrawal itself is not.
How much cash can I withdraw from an ATM in one day?
Most banks set a daily ATM withdrawal limit of $300 to $1,000, depending on the bank and your account type. Some banks let you raise the limit if you ask. Check your bank's website or call customer service to find out your limit and whether you can change it.
What is the difference between a savings account withdrawal and a transfer?
A withdrawal removes money from your account as cash. A transfer moves money from one account to another (usually from savings to checking). Transfers are electronic and take one to five business days. Withdrawals give you physical cash or a check and are instant (except for checks, which take five to ten days to clear).
Can I withdraw money from someone else's savings account?
Only if you are an authorized user on the account or have power of attorney. If you are listed as a joint owner, you can withdraw without permission. If you have power of attorney, you can withdraw on behalf of the account holder. Otherwise, the bank will not let you touch the account.