Managing Money In A Crisis
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Compare savings accounts by withdrawal limits
Skip withdrawal fees when you get cash in person or at an ATM.
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.
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.
Regulation D temporarily suspended due to COVID-19
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.
What does this mean for me?
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.
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.
| 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 |
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
Image source: Getty Images
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