
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
Savings accounts give you a safe place to store your cash. But due to Regulation D, there’s a savings account withdrawal limit and banks will charge you a fee if you exceed it. Although this regulation is temporarily suspended due to the coronavirus pandemic, banks aren’t required to waive the fee.
If you typically make more than six transactions a month, speak to your bank to see if they’ve waived the fee. If they haven’t, consider comparing a savings account with a lower withdrawal fee.
Use the table to compare savings accounts by withdrawal fee. Want to view your top picks side-by-side? Click the “compare” box next to your top picks for an alternative view.
Regulation D is a federal rule that prevents consumers from making more than six transactions a month from savings and money market accounts. It was created in 2008 by the Federal Reserve as a way to help banks maintain cash reserves and prevent consumers from treating their savings accounts like checking accounts.
On April 24, 2020, the Federal Reserve announced that it would temporarily suspend Regulation D due to the coronavirus outbreak. This means that banks and credit unions can waive the excessive transaction fee and allow you to make unlimited withdrawals from your savings and money market accounts.
Although Regulation D is suspended, it’s not being enforced. Many banks and credit unions have waived withdrawal fees, but some have not. Check with your bank to see if they’ve made any changes to their policy. If they have, you can safely withdraw money from your savings to cover any financial hardships you may face during the coronavirus pandemic — without having to worry about paying penalty fees in the process.
Contrary to popular belief, Regulation D doesn’t put a limit on every type of withdrawal. The chart below shows which transactions do and don’t count toward your six-monthly limit.
Withdrawal type | Limited to six a month? |
Online transfers | |
Phone transfers | |
Automatic payments and transfers | |
Overdraft transfers to checking account | |
Check or debit card withdrawals | |
ATM withdrawals | |
In-person withdrawals at a bank |
In-person withdrawals are unlimited under Regulation D. But that doesn’t stop banks from setting their own limits and charging their own fees for excessive in-person transactions. If you need regular access to your money, consider a bank that doesn’t have a transaction limit for in-person withdrawals.
Follow these helpful tips for keeping withdrawal limit fees to a minimum:
Regulation D limits savings account transactions to six transfers a month, and some banks charge you hefty fees when you go over this limit. If you’re looking for a bank that won’t charge you an arm and a leg for excessive transactions, compare savings accounts to find one with minimal fees.
Image source: Getty Images
Support your child’s financial knowledge and teach the important real-life money skills in a safe and controlled way with a kids’ debit card.
Don’t be fooled by false promises — here are red flags to watch out for and tips to find a legit company.
Acorns alternatives offer lower fees and more investment options. Learn more.
CIT Savings Connect combines aspects of a checking and savings account in one product.
See how much interest you could earn with a savings account from Capital One.
Help your child learn to spend and save wisely with a virtual, COPPA-compliant debit card.
A health savings account (HSA) can help you get prepared for your retirement. Learn more.
Here are our top balance transfer picks for 2021.
The rush of turning $19,500 into $1 million can be enticing, but it’s not always the best idea.
Solid option for those with Empower memberships. Not the right choice for everyone else.