Can you spend from a savings account?
Key Takeaways
You may be subject to withdrawal limitations depending on your financial institution’s policies with regards to Regulation D.
To avoid getting your savings account restricted, you can transfer money from savings to checking accounts and make your transactions there.
You can withdraw cash from your savings account using an ATM/debit card or by visiting the bank with a proof of your identity.
A savings account is one of the oldest and most popular banking solutions used by people to protect their money. The premise is simple: set aside your cash in the account and earn interest on the balance, making your savings grow over time. And though most savings accounts work the same way, interest rates and corresponding annual percentage yield (APY) vary between banks and accounts.
But how accessible is your money when you need it? Can you write checks from your savings account? Can you use it for online transactions? Can you take money out of a savings account using a debit card?
We’re sharing how you can spend from a savings account and what restrictions your bank may have to help you understand if a savings account is the right choice for your financial needs.
Why are payments from your savings account restricted?
The Federal Reserve’s Regulation D affects how banks and credit unions classify different types of financial accounts. It was created to help banks maintain adequate reserves at all times by limiting the frequency of withdrawals that customers could make from savings accounts. According to federal law, you could be limited to six withdrawals per month from savings accounts without penalty. The types of withdrawals include:
- Automated Clearing House (ACH) payments and electronic funds transfers (EFTs)
- Bill payments deducted directly from your savings account
- Debit card transactions
- Overdraft transfers
- Transfers via mobile apps or web portals
- Personal or cashier’s checks made out to a third party
- Wire transfers
If you exceeded this limit, you were liable to pay a fee based on the bank’s terms for your particular account. If you receive this penalty regularly, banks will sometimes convert your savings account into a checking account with a lower interest rate, or shut it down completely.
In 2020 Regulation D was amended because of the Covid pandemic. The interim rule allows depository institutions to stop enforcing the six transfer limit and to allow customers to make unlimited transfers and withdrawals from their savings accounts. Banks have the option to follow the amended rule but aren’t obligated to do so, and it currently remains their choice for which version of the rule to follow.
It’s important to remember that saving accounts are not designed for frequent transactions and are intended to encourage saving. Some banks still choose to charge a fee for multiple transactions from a savings account to preserve the distinction between checking accounts and interest-bearing savings accounts. However, the updated ruling has made it easier for customers to access their savings deposits if needed.
Today's top rates on Raisin
Bank
Product
APY
Maturity
mph.bank, a division of Liberty Savings Bank, F.S.B., Member FDIC
Member FDIC
Callable CD
4.00%
60 months
$2,000.00
Raisin is not an FDIC-insured bank or NCUA-insured credit union and does not hold any customer funds. FDIC deposit insurance covers the failure of an insured bank and NCUA deposit insurance coverage covers the failure of an insured credit union.
How to spend money from your savings account
Savings accounts are intended for making deposits and accumulating funds for long-term goals. However, you can access and spend the money from your savings account. The easiest way is to transfer your money to a checking account.
An easy way to use the money is to transfer what you need for the month into your checking account, where you can make ongoing transactions without penalty. However, be sure to note if your savings accounts have any transfer limitations in place.
If you have a savings account through a platform like Raisin, setting up a withdrawal just takes a few clicks. The transfer to your external linked checking accounts can take between one and three business days. As soon as the transfer clears, you can withdraw your cash as you would typically, whether at an ATM or by visiting a branch and working with a bank teller.
Find the right savings account for your needs with Raisin
There are many options for savings accounts out there, each with different interest rates and withdrawal restrictions. So how can you decide which one is right for you?
Raisin is a one-stop destination to compare high-yielding savings products offered by U.S. financial institutions. With Raisin, you can access competitive interest rates on high-yield savings accounts and CDs from a range of federally regulated financial institutions, all from the convenience of one login. Your interest or dividend is compounded daily and posted to your account at the end of each month.
It’s never too early to start saving for your future; sign up with Raisin today!
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
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The Raisin name and logo are trademarks of Raisin SE. All other trademarks, logos, marks, and brand names are the property of their respective owners.
*APY means Annual Percentage Yield. APY is accurate as of April 26, 2026. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.
Raisin is not an FDIC-insured bank, and FDIC deposit insurance only covers the failure of an insured bank.
Raisin is not an NCUA-insured credit union. NCUA deposit insurance only covers the failure of an insured credit union.
Raisin does not hold any customer funds. Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodial Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodial Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered by the applicable bank or credit union through Raisin.com. Each customer also authorizes the Service Bank to move funds among the various banks and credit unions at the customer’s request. First International Bank & Trust (FIBT), Member FDIC, is the Service Bank. Bell Bank and Starion Bank, each Member FDIC, are the Custodial Banks.
†Based on $250,000 in FDIC or NCUA insurance coverage per insurable category of ownership at each partner bank or credit union on the Raisin platform (each a "Product Bank"), when aggregated with all other deposits held by you at such Product Bank and in the same insurable category. Deposits made through Raisin will be eligible to receive deposit insurance from the FDIC or the NCUA (each a "Deposit Insurer") in accordance with and up to the maximum amount permitted by law at each Product Bank. Raisin is not a bank or credit union and does not hold any customer funds. Funds are held at FDIC-insured banks and NCUA-insured credit unions. Deposit insurance covers the failure of an insured bank or credit union. Certain conditions must be satisfied for pass through deposit insurance coverage to apply. Customers may choose to deposit funds with identically registered accounts at different Product Banks on the Raisin platform to be eligible for Deposit Insurer coverage up to $10 million for individual accounts and $20 million for joint accounts when at least 40 Product Banks are utilized. Please be aware, however, that any deposits you have at a Product Bank, whether through the Raisin platform or outside the Raisin platform, that you may hold in the same capacity (such as in an individual capacity or joint capacity) count toward the applicable Deposit Insurer's deposit insurance maximum amount, and any such amounts that you hold in the same capacity at a Product Bank that exceed the maximum insurance coverage by the applicable Deposit Insurer will not be insured. For more information on FDIC deposit insurance, please see here. For more information on the NCUA share insurance fund, please see here. You are solely responsible for monitoring the amount of funds you have on deposit at each a Product Bank, whether through the Raisin platform or outside the Raisin platform, to confirm that the deposits you hold in the same capacity at each Product Bank do not exceed the maximum deposit insurance coverage provided by the applicable Deposit Insurer.