Most banks let you make six transfers or withdrawals per month, though the limit varies by bank and account type
The federal transaction limit for savings accounts is six per month — this comes from Regulation D, a rule set by the Federal Reserve. However, this rule changed in 2020, and banks now handle it differently. Some banks still enforce the six-transaction cap strictly. Others have removed the limit entirely. A few have raised it to ten or more. What matters is what your specific bank does, not what the federal rule says.
The limit applies to transfers and withdrawals combined — it does not count deposits. So if you move money out of your savings account six times in a month, you have hit the limit. Deposits do not count against it. In-person withdrawals at a teller window usually count. ATM withdrawals count. Transfers to another account (yours or someone else's) count. Automatic bill payments from savings count.
If you exceed the limit, your bank may refuse the transaction, charge a fee, or convert your account to a checking account. Some banks do none of these things anymore. The only way to know what your bank does is to call them or check your account agreement.
Key Takeaways
- The federal limit is six transactions per month, but your bank may have a different rule — some enforce it, some have removed it, and some have raised it.
- Deposits do not count toward the limit, only withdrawals and transfers out.
- ATM withdrawals, teller withdrawals, and transfers to other accounts all count as transactions.
- If you regularly need more than six withdrawals per month, a checking account may be a better fit than a savings account.
- Your bank's specific policy is in your account agreement or available by calling customer service.
What counts as a transaction and what does not
A transaction in this context means money leaving your savings account. Withdrawals and transfers both count. A withdrawal is cash you take out at an ATM or from a teller. A transfer is money you move to another account — whether that account is at the same bank or a different one, and whether it belongs to you or someone else.
Deposits do not count. You can deposit money into your savings account as many times as you want in a month with no penalty. Debit card purchases do not count because most savings accounts do not come with a debit card. Checks written against a savings account do not count because most banks do not allow it. Interest earned and credited to your account does not count.
Automatic bill payments from savings do count as transactions. If you set up an automatic payment to your electric bill from your savings account, each payment uses up one of your six transactions. This is one reason people often keep their regular spending money in checking instead of savings.
How different banks handle the six-transaction rule
After the Federal Reserve suspended Regulation D in 2020, banks were no longer required to enforce the six-transaction limit. Some banks kept it anyway. Others dropped it. A few changed the number.
Chase, Bank of America, and Wells Fargo all removed the limit on their savings accounts. You can make as many withdrawals and transfers as you want. Ally Bank and Marcus (both online banks) also have no limit. However, Discover Bank still enforces six transactions per month on most of its savings accounts. Credit unions vary — some enforce the limit, some do not. Local and regional banks are split.
Even within one bank, the rule may differ by account type. A high-yield savings account might have no limit, while a regular savings account might have six. A money market account might have a different rule than either. The only way to know is to check your account agreement or call your bank's customer service line.
What happens if you exceed the limit
If your bank still enforces the six-transaction rule and you try to make a seventh transaction, one of three things usually happens: the bank refuses the transaction and it bounces, the bank charges you a fee (usually $5 to $10), or the bank converts your account to a checking account without asking you.
A refused transaction means the money does not move. If you tried to transfer money to pay a bill, that bill does not get paid. If you tried to withdraw cash, you leave the ATM empty-handed. The transaction simply does not go through. Some banks notify you by text or email. Others do not.
A fee is charged to your account if the bank allows the transaction but penalizes you for exceeding the limit. This fee comes out of your savings balance. If you make seven transactions in a month and your bank charges $10 per excess transaction, you lose $10 from your account.
Account conversion is less common now but still happens at some banks. Your savings account becomes a checking account automatically. You keep the same balance, but the account rules change — you may lose the interest rate, or the interest rate may drop to nearly zero. You would need to contact the bank to switch back.
When the limit matters and when it does not
The limit matters if you use your savings account as your primary spending account. If you withdraw money multiple times a week or set up several automatic payments from savings, you will hit six transactions quickly. In that case, a checking account is the better choice.
The limit does not matter if you use your savings account the way it is designed: deposit money, leave it there, and withdraw it rarely. If you move money into savings once or twice a month and leave it alone, you will never approach the limit. If you make one withdrawal per month to transfer money to checking, you are using one transaction and have five left.
The limit also does not matter if your bank has removed it. If you bank with Chase, Bank of America, Wells Fargo, Ally, or Marcus, you can make as many transactions as you want. For these banks, the six-transaction rule is not a factor in your decision.
How to find your bank's specific transaction limit
Your account agreement is the official source. This is the document you received (or should have received) when you opened the account. It lists all the rules for your account, including transaction limits. If you opened the account online, you can usually download the agreement from your bank's website under "Account Documents" or "Disclosures." If you opened it in person, call and ask them to email or mail it to you.
Your bank's website often has a summary. Search for "savings account transaction limit" or "Regulation D" on the bank's site. Many banks have a FAQ page that answers this question directly. If the website does not say, that usually means the bank has removed the limit.
Call customer service. This is the fastest way if you need an answer right now. Tell them you want to know the transaction limit on your specific account. They will tell you the number, what counts as a transaction, and what happens if you exceed it.
Alternatives if you need more than six transactions per month
A checking account has no transaction limit. You can withdraw, transfer, and write checks as many times as you want. The trade-off is that most checking accounts earn little to no interest. If you need frequent access to your money, checking is the right account type.
A money market account is a hybrid. It usually earns more interest than checking but less than savings. Transaction limits vary by bank — some have no limit, some have six, some have ten. If you want both interest and flexibility, check the specific account's rules before opening it.
Keep two accounts: a checking account for regular spending and a savings account for money you want to set aside. Move money from savings to checking once or twice a month in a single transfer. This way you get the interest benefit of savings without hitting the transaction limit.
Switch to a bank with no limit. If your current bank enforces the six-transaction rule and you need more flexibility, banks like Ally, Marcus, Chase, and Bank of America offer savings accounts with no limit. You can open an account online in minutes and transfer your balance.
Frequently Asked Questions
Does a transfer between my own accounts count toward the limit?
Yes. Moving money from your savings account to your checking account, even if both accounts are in your name at the same bank, counts as one transaction. Transfers between your accounts at different banks also count.
What if I use my debit card to withdraw from a savings account ATM?
ATM withdrawals count as transactions, whether you use a debit card or just your account number. Each time you take cash out, it uses one of your six transactions.
Can I make unlimited deposits to a savings account?
Yes. Deposits never count toward the transaction limit. You can deposit money as many times as you want in a month.
If my bank converted my account to checking, can I switch it back?
Yes, but you have to contact the bank and ask. Call customer service or visit a branch. They can convert it back to savings, though some banks may require you to wait a certain amount of time before switching back.
Do online banks have the same transaction limits as big banks?
No. Most online banks like Ally and Marcus removed the transaction limit entirely. Big banks like Chase and Bank of America also removed it, but some regional banks and credit unions still enforce six transactions per month. Check your specific bank's policy.