The basic ways to take 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 the money to a checking account, or by requesting a wire transfer. The method you choose depends on how much you need, how fast you need it, and whether you want the money in cash or moved to another account.
ATM withdrawals are the fastest for small amounts and work any time of day. In-person withdrawals at a branch let you take out larger sums and talk to a teller if you have questions. Transfers to your checking account take a day or two but let you write checks or use a debit card. Wire transfers move money to another bank account within hours but usually cost a fee.
Most banks let you withdraw money the same day you request it, but some limits apply. Federal law caps the number of transfers and withdrawals you can make from a savings account each month — this limit varies by bank but is often six per month, though many banks have relaxed this rule in recent years. ATM withdrawals usually do not count toward this limit, but transfers to other accounts do.
Key Takeaways
- ATM withdrawals work anytime and are free at your bank's machines, but most ATMs have a daily limit on how much cash you can take out at once.
- Withdrawals at a bank branch in person let you take out larger amounts and do not count against federal transfer limits.
- Transfers to your checking account or another bank account usually take one to two business days and may count toward your monthly transfer limit.
- Wire transfers move money to another bank within hours but typically cost $15 to $30 and are best for urgent, large transfers.
- Some banks charge fees if you exceed your monthly withdrawal or transfer limit, so check your account rules before making multiple withdrawals.
ATM withdrawals and daily limits
Using an ATM at your bank is the easiest way to get cash quickly. You insert your debit card, enter your PIN, select the withdrawal amount, and the machine dispenses the cash. Most ATMs at your bank's branches and partner networks are free to use, though ATMs at other banks or in convenience stores often charge a fee of $2 to $3.
Every bank sets a daily ATM withdrawal limit — the maximum amount of cash you can take out in a single day. This limit is typically between $300 and $1,000, though some banks allow higher amounts if you request it in advance. If you need more cash than your daily limit allows, you can make another withdrawal the next day, or you can go to a branch and withdraw in person.
ATM withdrawals do not usually count toward your monthly transfer limit because you are taking out cash, not moving money between accounts. However, if your ATM card is also a debit card, using it to make a purchase at a store is a different transaction type and also does not count as a withdrawal from your savings account.
Withdrawing cash at a bank branch
Walking into a bank branch and asking a teller to withdraw money from your savings account is straightforward and has no daily limit. Bring your debit card or account number, tell the teller how much you want to withdraw, and they will count out the cash and hand it to you. The transaction is complete immediately.
Branch withdrawals are useful when you need more cash than your ATM daily limit allows, or when you want to withdraw a very large sum and want a record of it. You can also ask the teller questions about your account, such as whether a recent deposit has cleared or what your current balance is. Most banks are open Monday through Friday during business hours, and many have Saturday hours as well.
In-person withdrawals at a branch do not count toward your monthly transfer limit because you are taking out cash, not moving money electronically to another account. This makes branch withdrawals a good option if you have already used up your monthly transfers but still need to access your money.
Transferring money to a checking account or another bank
If you want to move money from your savings account to your checking account at the same bank, you can do this online, by phone, or at a branch. Log into your online banking, select "transfer," choose your checking account as the destination, enter the amount, and confirm. The money usually arrives within one business day, though some banks move it instantly.
Transferring to a checking account is useful because it lets you write checks, use your debit card, or set up automatic bill payments — things you typically cannot do directly from a savings account. Once the money is in checking, you can withdraw it at an ATM or spend it however you need.
Transfers to another bank account (at a different bank) take longer — usually one to three business days — because the banks have to coordinate through the Federal Reserve or a clearing house. You will need the other bank's routing number and the account number you are sending money to. These transfers usually do not cost anything, but some banks charge a fee if you exceed your monthly transfer limit.
Wire transfers for urgent or large amounts
A wire transfer moves money from your savings account to another bank account within hours, usually the same business day. To send a wire, go to your bank in person or call and provide the receiving bank's routing number, the account number, and the recipient's name. The bank will confirm the details, take the money from your account, and send it electronically.
Wire transfers cost money — typically $15 to $30 depending on your bank — and the fee comes out of your account. They are best used when you need money to reach another account urgently and the cost is worth it to you. Once a wire is sent, it cannot be reversed, so make sure you have the correct account number before you authorize it.
You can also receive wire transfers into your savings account. If someone sends you money by wire, it usually arrives within a few hours during business days. Your bank will notify you when the money has arrived, and it will show up in your account balance right away.
Understanding withdrawal limits and fees
Federal Regulation D historically limited savings account withdrawals and transfers to six per month, but this rule was suspended in 2020 and many banks have not reinstated it. However, your specific bank may still have its own limits, so check your account agreement or call your bank to find out what applies to you.
If you do exceed your bank's limit, the consequences vary. Some banks charge a fee of $5 to $10 per excess transaction. Others may freeze your account temporarily or convert it to a checking account. A few banks have no limit at all. The best way to know is to ask your bank directly or read the terms that came with your account.
ATM fees are different from withdrawal limits. If you use an ATM that is not part of your bank's network, the other bank charges you a fee (usually $2 to $3), and your bank may charge an additional fee. Using your bank's own ATMs is always free. Some banks reimburse out-of-network ATM fees if you use them occasionally, so it is worth asking.
What to do if you cannot access your account
If your debit card is lost or stolen, call your bank immediately to report it. Your bank will cancel the card and send you a replacement, which usually arrives within five to seven business days. In the meantime, you can still withdraw money at a branch by showing your ID, or you can transfer money online if you have set up online banking.
If you have forgotten your PIN, you can reset it at an ATM, through your bank's website or app, or by calling customer service. If you have forgotten your online banking password, use the "forgot password" link on your bank's website to reset it. Both of these changes usually take effect within minutes.
If your account is frozen or restricted, your bank will have sent you a notice explaining why. Common reasons include suspected fraud, a large withdrawal that triggered a review, or a legal hold. Contact your bank's customer service to find out what is happening and what you need to do to restore access.
Frequently Asked Questions
Can I withdraw all the money from my savings account at once?
Yes, you can withdraw your entire balance whenever you want. There is no rule against emptying a savings account. However, if you withdraw a very large amount in cash, your bank may ask you to give advance notice so they have enough cash on hand. For amounts over $10,000, banks are required to file a report with the government, but this does not prevent you from withdrawing the money.
How long does it take for a transfer between my bank accounts to show up?
Transfers between accounts at the same bank usually show up within one business day, and many banks process them instantly. Transfers to a different bank take one to three business days because the banks coordinate through a clearing system. Weekend and holiday transfers may take longer.
What happens if I withdraw money and then need it back in my savings account?
You can deposit the money back into your savings account anytime by visiting a branch, using an ATM that accepts deposits, or transferring it from another account. Deposits do not count toward your monthly withdrawal limit. If you deposited cash, it may take one business day to show up in your account.
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. The interest is reported to you and the IRS on a Form 1099-INT if it exceeds $10 in a year.
Can someone else withdraw money from my savings account?
Only if you have given them permission. If you add someone as an authorized user or joint owner, they can withdraw money. If someone withdraws money without your permission, report it to your bank immediately as fraud. Your bank will investigate and may return the money to your account.