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While the Federal Reserve no longer requires limits on savings account withdrawals, many banks and credit unions still impose their own restrictions. Understanding these rules helps you know when you can access your money or when you may hit limits that lead to fees or other consequences.

Here are the withdrawal transaction types that can be limited:

  • Online transfers, from either within the same bank or to a different one.
  • Transfers initiated over the phone.
  • Overdraft transfers to checking.
  • Transactions made by check or debit card.
  • Automatic or preauthorized transfers, such as bill payments or recurring withdrawals.

Transactions that don't apply to the savings account withdrawal limit (we would still recommend checking with your bank to make sure if these transactions are excluded from the withdrawal limit):

  • Withdrawals or transfers made at ATMs.
  • Withdrawals or transfers made by mail.
  • Transactions made in person at a bank.
  • Withdrawals made by telephone if a check is mailed to the depositor.

Usually, if you exceed the number of savings account withdrawals in a month, the bank may charge a fee, limit withdrawals, switch your account type, or even close your account. If the bank charges excessive withdrawal fees, the withdrawal limit fee or excessive use fee typically ranges from $3 to $5 per transaction.

However, it is possible to find a savings account that can be accessed at any time with no withdrawal restrictions. So, it is worth shopping around for a low- or no-fee savings account. But you will still need to be careful about the number of transactions you make. If there are too many excessive withdrawals, the bank reserves the right to convert the savings account into a checking account or even close it.