Compare savings accounts by withdrawal limits

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.

Compare savings accounts by withdrawal limit fees

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.

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Name	Product	Fee per transaction over the limit	Monthly transaction limit	Interest rates (APY)	Minimum deposit to open
Aspiration Spend & Save Account				1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month	$10	Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.	Go to site More Info	Compare	loading Fetching your data...
SoFi Money				0.25%	$0	SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.	Go to site More Info	Compare	loading Fetching your data...
CIT Bank Savings Builder High Yield Savings Account			6	0.40% on $25,000+ or set up a direct deposit of $100+ each month 0.28% on $0 to $24,999	$100	No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates	Go to site More Info	Compare	loading Fetching your data...
Discover Online Savings Account		$0	6	0.40%	$0	Take advantage of a high-interest online savings account with no fees, no minimums and more.	Go to site More Info	Compare	loading Fetching your data...
UFB Direct High Yield Savings			6	0.20%	$100	Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.	Go to site More Info	Compare	loading Fetching your data...

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What is Regulation D?

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.

Savings account withdrawal limits

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.

Who sets savings account withdrawal limits for in-person transactions?

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.

How to avoid savings account withdrawal limit fees

Follow these helpful tips for keeping withdrawal limit fees to a minimum:

• Make transactions in-person. Withdrawals made in-person are unlimited, so consider choosing a bank or credit union with a large national presence. That way there’s always a branch location nearby if you need quick and easy access to your funds.
• Get a savings account with an ATM card. ATM withdrawals aren’t subject to a six-limit transaction, so if your savings or money market account comes with an ATM card, you can make unlimited cash withdrawals without worrying about potential fees.
• Call your bank for options. Many banks are waiving withdrawal limits and excessive transaction fees during the coronavirus pandemic. Call up your bank to see if you can make more than six monthly withdrawals without paying a penalty.
• Choose a bank without excessive transaction fees. Several banks, such as Discover, Synchrony and Capital One, don’t charge a fee when you go over the monthly transaction limit. But they still reserve the right to close your account if you repeatedly go over this limit, so you’ll want to be careful.

Bottom line

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.

Frequently asked questions

• Do checking accounts have transaction limits?

  Generally, no. While checking accounts can have transaction limits and penalties for exceeding those limits, it’s uncommon.

• Why are there transaction limits on savings accounts?

  Savings accounts are intended to hold money long-term, not to be used as everyday accounts. Regulation D limits the number of transactions you can make each month with a savings account for two reasons. First, it encourages customers to use savings accounts for their intended purpose. Second, it helps banks maintain their reserves so they don’t go bankrupt. But as of April 24, 2020, Regulation D is suspended, so you can make as many withdrawals as you need to during the coronavirus pandemic.

• How can I find out if my bank has a withdrawal limit?

  Contact your bank to find out if you’re subject to any withdrawal limits and/or penalties.

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