Two types of accounts prevent you from accessing your money: savings accounts and CDs. A savings account doesn’t lock your money, but it restricts how often you withdraw each month.
A CD, on the other hand, locks you out of accessing your funds for a set period and, in exchange, offers high rates, which are also locked in at the time of opening. This makes CDs a particularly attractive option since they retain value even if federal interest rates drop.
Quick glance: Which accounts lock your funds away?
Among the many types of deposit and investment accounts, there are a handful that “lock” your funds away. With most locked accounts, withdrawing funds can mean penalties, or the account has monthly withdrawal restrictions.
Account type
Funds locked?
Certificates of deposit
Yes, interest-related penalties for early withdrawals.
Savings accounts
Sort of, often restricted to six withdrawals per month.
Club accounts
Yes, interest-related penalties for early withdrawals.
Money market account
Sort of, often restricted to six withdrawals per month.
Savings bonds
Yes, interest-related penalties for early withdrawals.
IRAs
Yes, additional tax penalty if withdrawals before age 59½.
Hard-to-access savings accounts
Unlike a CD, your money isn’t stuck for a set time with a savings, high-yield cash account or money market account. A savings account offers the benefit of compound interest while charging minimal or no fees. It also limits you from withdrawing your money to a certain number of times per month.
A cash account lets you pay bills, set up direct deposit and access ATMs
$0 account fees
$1 balance to earn interest
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults)and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
The Federal Reserve imposes a limit of six withdrawals per month on savings accounts through Regulation D. This means that if you withdraw money more than six times a month, your bank can prevent the withdrawal, charge you a fee — or even close your account. But not all savings accounts offer this limitation anymore after the suspension of Regulation D.
Compare savings accounts that limit you from withdrawing your money so that you can focus on growing your savings. To take it a step further, look for one that also doesn’t come with an ATM card.
What to look for in a savings account
Not all savings accounts are created equal. There are a few things to watch out for when signing up for a new account:
The interest rate. The higher the APY, the more you’ll earn. A high-yield savings account offers rates that are 10 times higher than the national average, which is currently at
0.39% APY.
How often interest is compounded. The more often interest is compounded, the more money you’ll earn. Most savings accounts compound daily.
Minimum balance amount. Banks often have a minimum amount required to open an account. Some accounts also have a minimum balance or tiered requirement you need to start earning interest or to achieve the highest APY.
Linked account requirements. Some banks also require you to open a linked checking account with them to open a savings account. If this is the case, make sure the checking account suits your needs and has no hidden fees.
Hidden account fees. Exorbitant bank fees can quickly defeat the purpose of any interest earned on an account, so read the fine print to make sure you’re aware of any ongoing fees, withdrawal fees or other transaction charges.
Accessibility. Although rare, some savings accounts come with an ATM card. If your goal is to keep your savings out of sight, choose one that doesn’t come with one.
Certificates of deposit
With a certificate of deposit (CD) your money is stuck for a set time of your choosing — usually anywhere from one month to five years — while it earns a fixed interest rate. It’s more restricting than a traditional savings account because you can’t access your money until the term is finished. If you need to make a withdrawal, you’ll need to give 31 days’ notice and pay a penalty.
A few key things to keep in mind before opening a CD:
Fixed rates. You get the security of a fixed interest rate and a guaranteed return on your investment. If interest rates drop while your money is locked away, your savings isn’t affected. However, if rates go up, you’re stuck with a lower yield.
Locks your money. You’re restricted from accessing your funds until it matures, so any money you deposit is safe from the risk of impulse buying and unnecessary spending. However, this makes it inconvenient if you need access to your funds in an emergency.
Can’t add money. Once you open and fund your CD, you can’t add money at any time like you would with a savings account. You’ll need to wait until your CD reaches maturity before you can contribute additional funds.
What to look for in a CD
Consider the following features when comparing the pros and cons of a CD account:
Strong rates. The best CDs on the market have rates as high as 5% APY or more. The national average, for comparison, is just
1.55% APY for 1-year CDs, according to the FDIC.
Compounding interest rate. Check how often interest is calculated on the account: daily, monthly, quarterly or yearly. The more often interest is calculated, the more your balance grows.
Term length. Consider how long you’re willing to lock your money away. Make sure you have a separate savings account that gives you easy access to your money in an emergency.
Early withdrawal fees. Check what fee you’ll incur if you need to withdraw your money before the term ends. Alternatively, you can take out a no-penalty CD to avoid these fees.
Where interest is paid. Is the interest you earn paid back into the same or different account? Do you need to open a linked account with the same financial institution to receive interest payments?
Loyalty bonuses. Some banks reward you with a bonus interest rate for reinvesting your money in another CD after your first deposit matures.
Any money you put into a traditional IRA account typically cannot be withdrawn without a penalty until you reach retirement age, and contributions are tax-deductible at both the federal and state level.
Accounts that restrict or limit you from accessing your savings are best for those who want to grow their money and remove the temptation to spend it all.
Before opening a CD, make sure you have money set aside in an easy-to-access account, like a savings or money market account, in case you need it for emergencies.
4 tips to put money away and not touch it
Here are a few quick tips to help you put away money and resist the temptation to withdraw it.
Separate your savings and checking funds. Simply keeping your savings in a separate bank account from your checking funds is a way to keep your savings out of sight, out of mind.
Get rid of the ATM card. If your savings account comes with an ATM card, don’t keep it in your wallet. Instead, hide it somewhere safe to make it more difficult to access and use.
Open an account with an online bank. Digital banks typically lack any physical branch location. This can make it more difficult to access your funds easily.
Lower your contributions. If you’re withdrawing from your savings often, you may be placing too much of your income into your savings account. Reduce your contribution percentage and see if that helps. For example, if you use the 50/30/20 rule, change your savings percentage from 20% to 15% or lower.
Reasons why people withdraw money from an emergency fund
While having money vaulted away is a great idea, it’s not always easy to do. Of those with an emergency fund, one-third (31%) said they had to dip into the account to take care of home repairs, while car repairs were a reality for a little over a quarter (26%).
Bottom Line
Both certificates of deposit and savings accounts help toward savings goals. If you might need access to your funds soon or want to add money each month, a savings account is a better option. But if you can commit to keeping your hands off your savings for a specified period, a CD helps you lock in your rate and money away from temptation.
Many savers use both options — when your savings account starts to get comfortably high, you can pull money out and put it into a CD. If you choose one with a high interest rate, you can sit back and watch your savings grow.
Frequently asked questions
A locked savings account is an account that limits access to your money. Certificates of deposit (CDs) lock your funds for a set term, and withdrawing early usually comes with a penalty, but in return, they offer higher, fixed interest rates that stay the same even if overall rates drop. Savings accounts, on the other hand, don’t fully lock your money but may limit how many withdrawals you can make each month, giving you some access while still encouraging you to save.
Generally, no – an online savings account doesn’t lock your money in for a set period. You can usually withdraw or transfer funds whenever you need to, although some banks may place limits on how often you can move money each month or require transfers to a linked account.
If you’re worried that your money is stuck for a set time in an online savings account, that typically applies only to products with fixed terms, like certificates of deposit (CDs) or other locked savings options. Standard online savings accounts are built for flexibility, letting you access your balance while still earning interest.
Probably not. While you can deactivate, or just cut up, your debit card to reduce the urge to make withdrawals, you'll still be able to withdraw money at a branch.
Some banks may allow you to temporarily freeze your account, but this is sometimes limited to checking accounts or accounts that may be compromised. And if you are able to freeze your account, as the account holder you'll still be able to walk into the bank, unfreeze it and withdraw money.
Your best bet is opening an account that's difficult to withdraw money from.
es, some banks offer Christmas savings accounts that don't let you withdraw your money until the holidays. Read our guide to Christmas accounts to learn more.
Steven Dashiell is an editor for Bankrate and CreditCards.com and formally a personal finance writer at Finder, specializing in credit cards, banking and growing and protecting your income. His insights and expertise has been featured on Nasdaq, U.S. News & World Report, Time, CBS, ABC, Fox Business, Lifehacker and Martha Stewart Living, among other top media. Steve holds a BA in English from University of Maryland, Baltimore County, minoring in composition and rhetoric. In his spare time Steve nerds out on birds, paints and plays a whole lot of Street Fighter.
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