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 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 without a 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 ATM owner charges you, or both. Some banks reimburse out-of-network ATM fees if you meet certain conditions, like keeping a minimum balance or setting up direct deposit.

Withdrawing in person at a branch is free and lets you take out large amounts without worrying about ATM daily limits. You will need to show a photo ID. If you do not have your debit card, you can still withdraw by providing your account number and ID.

Key Takeaways

  • ATM withdrawals are usually free at your own bank's machines but cost $2 to $3.50 at other banks' ATMs.
  • Transferring money to your checking account is free and takes one to three business days, or is instant if both accounts are at the same bank.
  • Withdrawing in person at a branch is free and has no daily limit, but requires a photo ID and the branch to be open.
  • Most banks limit ATM withdrawals to $300 to $500 per day, but branch withdrawals have no limit.
  • Savings accounts may have a limit on how many withdrawals you can make per month before fees apply — check your bank's rules.

ATM withdrawals and daily limits

When you use your debit card at an ATM, the money comes out immediately. Your bank sets a daily withdrawal limit — typically $300 to $500, though some banks allow up to $1,000. This limit resets at midnight or at a time your bank sets, usually in the early morning hours.

If you need more than your daily limit, you have two options: wait until the next day and withdraw again, or go to a branch and withdraw in person, which has no limit. Some banks will raise your daily limit temporarily if you call ahead and ask, though this varies by bank and account type.

Out-of-network ATM fees add up fast if you use them regularly. If you withdraw $200 from an out-of-network ATM twice a week, you could pay $16 to $28 per month in fees alone. Using your own bank's ATM or a branch withdrawal costs nothing.

Transfers to your checking account

Moving money from savings to checking is free and takes one to three business days if the accounts are at different banks. If both accounts are at the same bank, the transfer is usually instant or happens the same day.

You can set up a transfer online through your bank's website or app, by calling customer service, or by visiting a branch. Once the money lands in your checking account, you can spend it however you want — write a check, use your debit card, or withdraw cash.

This method works well if you need the money but do not need it right now. It also avoids ATM daily limits and out-of-network fees. Some people use this route when they want to move a large amount without going to a branch in person.

Withdrawal limits and monthly restrictions

Federal rules used to limit savings account withdrawals to six per month, but that rule was suspended in 2020 and has not been reinstated. However, your individual bank may still have its own limits. Check your account agreement or call your bank to find out whether there is a cap on how many times you can withdraw per month.

If your bank does have a limit and you exceed it, you will usually pay a fee — often $5 to $10 per excess withdrawal. Some banks charge a flat fee once you hit the limit; others charge per transaction. A few banks have no limit at all.

Transfers between your own accounts (like moving money from savings to checking at the same bank) often do not count toward withdrawal limits, even though money is leaving the savings account. Ask your bank which transactions count and which do not.

Withdrawing large amounts of cash

If you need to withdraw $5,000 or more in cash, go to a branch in person rather than using an ATM. Branches have no daily limit, and you will get your money the same day. Bring a photo ID and know your account number.

Banks are required to report cash withdrawals of $10,000 or more to the federal government — this is normal and legal, and it does not mean you have done anything wrong. The report is automatic and does not affect your account or your ability to withdraw.

If you need cash regularly in large amounts, ask your bank whether they can order it in advance. Some branches keep limited cash on hand and may need a day or two to have a large amount ready.

What happens if you exceed withdrawal limits

If your bank has a monthly withdrawal limit and you go over it, you will be charged a fee per excess withdrawal. The fee is usually $5 to $10, though it varies by bank. The fee comes out of your account automatically.

Repeatedly exceeding limits will not close your account, but it will cost you money. If you find yourself hitting the limit every month, consider moving to a checking account instead, which has no withdrawal limits, or switching to a bank with higher limits or no limits at all.

Some banks will waive one or two excess withdrawal fees per year if you call and ask, especially if you have been a customer for a long time or maintain a high balance. It never hurts to ask.

Frequently Asked Questions

Can I withdraw money from my savings account online?

You cannot withdraw cash online, but you can transfer money from savings to checking online, and then withdraw from checking using your debit card or at an ATM. You can also request a check be mailed to you through your bank's website, though this takes five to ten business days.

What if I forgot my debit card?

Go to a branch with a photo ID and your account number. You can withdraw any amount without your card. If the branch is closed, you will have to wait or use an ATM at a different bank and pay the out-of-network fee.

Do I pay taxes on money I withdraw from my savings account?

No. Withdrawing your own money is not taxable. You only pay taxes on interest your account earned. Your bank will send you a 1099-INT form at the end of the year showing how much interest you earned.

How long does it take to transfer money from savings to checking?

If both accounts are at the same bank, the transfer is instant or same-day. If they are at different banks, it takes one to three business days. Weekends and holidays do not count as business days.

Can my bank refuse to let me withdraw my money?

Banks rarely refuse withdrawals, but they can delay large cash withdrawals if they do not have enough cash on hand. They can also freeze your account if there is fraud or a legal hold. If your account is frozen, your bank must tell you why and how to resolve it.