While savings accounts are designed to provide you with a place to keep your money safe and earn some interest, you may still need to withdraw money occasionally to pay bills, make major purchases or transfer money to another account. Visiting your local branch and using an ATM are the most common ways to withdraw money from a savings account, but you can also take money out through checks and online money transfers. When making your withdrawals, consider the savings account withdrawal limit, transaction fees and any daily ATM withdrawal limits in your decision.
Withdraw Money in Person
If your bank has a physical branch nearby, you can visit and fill out a withdrawal slip to withdraw money from your savings account. You'll need to fill in your account number, name, withdrawal amount and the date on the withdrawal slip, which you can get at the bank or find in any checkbook you have for the account. You'll present the slip along with a photo ID to the teller and receive your cash.
Withdraw Money Using ATM
Whether you have an online savings account or simply need to withdraw money outside regular banking hours, using an ATM is an easy and convenient option. However, check beforehand to learn about any fees for ATM transactions since they can vary by ATM provider as well as bank. In addition, ATMs often limit the amount you can withdraw per day to an amount such as $500 or $1,000.
You'll need to have a debit card associated with your savings account as well as your personal identification number. You'll simply insert the card into the ATM, enter your PIN and follow the steps to select that you want to make a withdrawal from your account. You'll enter the amount, confirm the transaction information and then have your cash dispensed to you.
Writing a Check
You can also write checks to withdraw money from a savings account. For example, you can write a check to yourself that you can either cash or deposit in another account. In that case, you'd write your own name on the "Pay to the order of" line, sign your name on the signature line and then sign your name on the back where the endorsement goes. You can also write a regular check to a third party to have money withdrawn for bills and other purposes.
Using Online Money Transfers
Banking websites and mobile apps usually allow you to withdraw money from a savings account to transfer the funds to another account. For example, you might decide to withdraw $500 from your online savings account to put in your regular checking account that's used to pay the rent. You might also set up regular withdrawals between a checking and savings account to move money to a savings fund each month to work toward a goal, like buying a car or your first home.
In either case, look for an option for money transfers on your bank's online portal and app. You should find options to set up the "from" and "to" accounts, schedule regular withdrawals and make a one-time withdrawal. Note that this option can take a few business days for the money to move between the accounts, so if you need money in a rush, consider heading to an ATM or local branch.
Savings Account Withdrawal Limit
Whether you withdraw from a traditional or online savings account, be aware of withdrawal limits for certain kinds of transactions since exceeding the limit can make your bank charge you fees. You get to make up to six "convenient" withdrawals per month using means such as electronic money transfers, online bill payments, debit card transactions and checks written to someone other than yourself. However, Investopedia notes that this limit doesn't apply when you withdraw cash through an ATM, bank teller or bank check made out to yourself.