The basic steps to withdraw from your savings account
You can withdraw money from a savings account in several ways depending on your bank and how much you need. The most common methods are ATM withdrawal, in-person withdrawal at a branch, online transfer to another account, and requesting a check. Most banks let you withdraw as much as you want, though some have daily ATM limits (often $500 to $1,000) and may charge fees if you exceed a certain number of withdrawals per month.
The speed of your withdrawal depends on the method. ATM and in-person withdrawals are instant. Online transfers to another account at the same bank usually post the same day or next business day. Transfers to accounts at other banks typically take one to three business days. Checks take three to seven business days to clear, depending on the receiving bank.
Before you withdraw, check your account balance and review any withdrawal limits or fees your bank charges. Some savings accounts are designed to discourage frequent withdrawals and may charge you $10 to $25 per withdrawal after a certain number per month — often six withdrawals. Federal Regulation D historically capped withdrawals at six per month, though this rule was suspended in 2020; your bank may still enforce its own limits.
Key Takeaways
- ATM and in-person withdrawals are instant, while transfers to other banks take one to three business days and checks take three to seven business days.
- Many banks limit ATM withdrawals to $500 to $1,000 per day and charge fees if you exceed six withdrawals per month from your savings account.
- You can withdraw money online, by phone, at an ATM, at a branch, or by requesting a check — the fastest method depends on how you need the money.
- Withdrawals from a savings account do not affect your credit score, but frequent withdrawals may trigger fees or cause your bank to close the account.
Withdrawing cash at an ATM or bank branch
The fastest way to get cash is at an ATM or by visiting your bank branch in person. At an ATM, insert your debit card, enter your PIN, select "Withdrawal," choose your savings account, and enter the amount. The ATM will dispense cash immediately. Most ATMs allow withdrawals between $20 and $500 per transaction, though your bank may set a daily limit of $500 to $1,000.
At a bank branch, go to the teller window with your debit card or account number and a form of ID. Tell the teller how much you want to withdraw and in what denominations (if you have a preference). The teller will count out the cash and hand it to you on the spot. Branch withdrawals have no daily limit — you can withdraw your entire balance if you want, though the teller may ask why if the amount is very large.
Using an ATM outside your bank's network may cost you a fee of $2 to $3 per transaction, charged by either your bank or the ATM operator. Some banks reimburse out-of-network fees if you maintain a high balance or pay a monthly fee for premium accounts. Check your bank's fee schedule or call customer service to find out.
Transferring money online or by phone
You can transfer money from your savings account to another account without leaving home. Log into your bank's website or mobile app, go to "Transfers," select your savings account as the source, and choose the destination account. If you are transferring to another account at the same bank, the money usually arrives the same day or next business day. If you are transferring to a different bank, it typically takes one to three business days.
To transfer to another bank, you will need the receiving account's routing number and account number. You can find these on a check from that account or by calling the bank. Some banks also let you link external accounts through their app, which makes future transfers faster. The first time you link an account, your bank may verify it by depositing two small amounts (usually under $1 each) and asking you to confirm the amounts — this takes one to two business days.
If you prefer not to use the website or app, call your bank's customer service line and ask to make a transfer. A representative will verify your identity and process the transfer over the phone. This method takes the same amount of time as online transfer but may include a small fee if your bank charges for phone-assisted transactions.
Requesting a check or cashier's check
You can request a check from your bank to withdraw money without using cash or a transfer. At a branch, ask the teller to write you a check on your savings account. The teller will fill in the amount and your name, and you sign it. You can then deposit this check into another account or cash it at any bank. The check is valid immediately, but the receiving bank will not release the funds until the check clears, which takes three to seven business days.
A cashier's check is a check issued by the bank itself, not drawn on your account. It is may provide by the bank and clears faster — usually within one to two business days. Cashier's checks cost $5 to $15 per check and are useful when you need to send money to someone who requires a may provide payment. To get a cashier's check, visit your branch with your debit card or ID, tell the teller the amount and who the check should be made out to, and pay the fee.
Regular checks from your account are free if your bank provides them with your account. If you have run out of checks, you can order more from your bank or a third-party printer, though this takes one to two weeks to arrive. Some banks charge $10 to $25 for a rush order that arrives in a few days.
Understanding withdrawal limits and fees
Most banks impose a daily ATM withdrawal limit, typically $500 to $1,000, to protect against fraud and limit your cash exposure. This limit applies to all ATMs in the network, so if you use multiple ATMs in one day, the total cannot exceed your limit. You can usually increase your daily limit by calling customer service or through your bank's app, though some banks require you to visit a branch.
Savings accounts often come with a limit on the number of withdrawals you can make per month before fees kick in. Historically this was six per month under federal rules, but that rule was suspended in 2020. Your bank may still enforce its own limit — check your account agreement or call to find out. If you exceed the limit, your bank typically charges $10 to $25 per excess withdrawal. Some banks also charge a monthly fee if you make more than a certain number of transfers or withdrawals combined.
If you consistently exceed withdrawal limits, your bank may close your account or convert it to a checking account. Banks view frequent savings account withdrawals as a sign that you need a checking account instead. If this happens, the bank will notify you in writing and give you time to move your money before closing the account.
What happens if you need to withdraw a large amount
If you need to withdraw more than your daily ATM limit, you have several options. Visit your bank branch and withdraw cash directly from the teller — there is no daily limit for in-person withdrawals. Alternatively, transfer the money to your checking account (which has no withdrawal limit) and then withdraw from there, or request a cashier's check for the full amount.
If you are withdrawing more than $10,000 in cash, your bank is required by federal law to file a Currency Transaction Report (CTR) with the Financial Crimes Enforcement Network (FinCEN). This is routine and does not mean you have done anything wrong — it is a standard reporting requirement. The bank will not delay your withdrawal or ask permission; they simply file the report. You do not need to do anything on your end.
Some banks may ask why you need a large cash withdrawal, especially if it is unusual for your account. This is called "structuring" prevention — the bank is checking to make sure you are not trying to avoid the $10,000 reporting requirement by making multiple smaller withdrawals. Answer honestly. If you say you are withdrawing $9,000 today and $9,000 tomorrow to avoid reporting, that is illegal. If you say you are buying a car and need $15,000 in cash, that is fine.
Withdrawals and your savings account health
Withdrawing money from your savings account does not affect your credit score. Credit bureaus do not track savings account activity — they only track credit accounts like credit cards, loans, and lines of credit. Withdrawals also do not show up on your credit report.
However, frequent withdrawals can affect your relationship with your bank. If you regularly exceed withdrawal limits, your bank may close the account or flag your account for review. Banks also use withdrawal patterns to detect fraud, so a sudden large withdrawal that is out of character for your account may trigger a hold or a call from the bank asking you to confirm the transaction.
If your account balance drops below your bank's minimum balance requirement (often $100 to $500), you may be charged a monthly fee or the account may be closed. Check your account agreement to see what minimum balance your bank requires.
Frequently Asked Questions
Can I withdraw money from my savings account anytime?
Yes, you can withdraw money anytime during business hours or at an ATM 24/7. However, your bank may limit how much you can withdraw per day (usually $500 to $1,000 at an ATM) and may charge fees if you make more than a certain number of withdrawals per month. Check your account agreement for your bank's specific limits.
How long does it take to withdraw money if I transfer it to another bank?
Transfers between different banks typically take one to three business days. Transfers within the same bank usually post the same day or next business day. Weekends and holidays do not count as business days, so a transfer initiated on Friday may not arrive until Tuesday.
What is the difference between a regular check and a cashier's check?
A regular check is drawn on your account and takes three to seven business days to clear. A cashier's check is issued by the bank itself and clears in one to two business days. Cashier's checks cost $5 to $15 and are may provide by the bank, making them safer for large transactions.
Will my bank charge me a fee for withdrawing money?
Withdrawals from your own bank's ATM or branch are free. Out-of-network ATM withdrawals cost $2 to $3. If you exceed your bank's monthly withdrawal limit (often six), you may be charged $10 to $25 per excess withdrawal. Cashier's checks cost $5 to $15. Check your account agreement or call your bank to see what fees apply to your account.
What happens if I withdraw all my money from my savings account?
You can withdraw your entire balance anytime. However, if your account has a minimum balance requirement and your balance drops below it, you may be charged a monthly fee. If you close the account by withdrawing everything, your bank will send you a final statement. Withdrawing all your money does not affect your credit score.