Introduction

A savings account is a fundamental tool for financial health, designed to help you accumulate money for future needs. However, there are times when you may need to access these funds. In this article, we will explore various methods for withdrawing money from your savings account, the limits on withdrawals, and tips for maximizing your savings. For any mortgage service needs, call O1ne Mortgage at 213-732-3074.

Can You Withdraw Money From a Savings Account?

Yes, you can withdraw money from your savings account at any time. This convenience makes savings accounts an excellent place to keep funds you may need to access quickly, such as an emergency fund. However, it’s essential to weigh the planned use of the funds against your long-term savings goals before making a withdrawal.

Savings Account Limits on Withdrawals

Before March 2020, the Federal Reserve’s Regulation D restricted transfers or withdrawals from savings accounts to six per month. This rule was intended to help consumers save money and ensure banks didn’t run out of funds. During the pandemic, this rule was eliminated. Financial institutions are no longer required to limit the number of savings withdrawals, but they can charge fees if you make more than six transfers or withdrawals from a savings account in one month.

Not all banks impose fees for excess transfers; to see if yours does, check the terms of your savings account or contact your bank. If your bank charges a fee for excess transfers, keep track of your savings withdrawals to help you stay within the bank’s limits and avoid fees.

How to Withdraw Money From Savings

When you need to take money out of your savings account, you have several alternatives:

Withdraw Funds at an ATM

Getting cash from an ATM is an easy way to take money from your savings account. Simply use your debit card or, in some cases, your bank’s mobile app to make a withdrawal. However, using ATMs could get expensive due to fees, especially if you use non-network ATMs.

Transfer Money to Checking

If you don’t need cash but want to write a check or pay a bill, you can transfer funds from your savings account to your linked checking account. Typically, the easiest way to do this is by using your bank’s website or mobile app. Transfers between linked accounts at the same bank generally happen instantly or within 24 hours.

Visit a Local Bank Branch

Visiting your bank or credit union branch provides plenty of options for taking funds from your savings account. You can transfer money to a checking account, withdraw cash, or even purchase a cashier’s check or initiate a wire transfer. Be prepared to provide your account information and identification.

The Bottom Line

A savings account is key to good financial health. It can provide a financial safety net for emergencies or help you accomplish major goals, such as buying a home. Automating your savings can help you build a solid savings account without having to think about it. For any mortgage service needs, call O1ne Mortgage at 213-732-3074. Our team is here to help you achieve your financial goals.