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Compare savings accounts by withdrawal limits

Skip withdrawal fees when you get cash in person or at an ATM.

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Cassidy Horton
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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.

Data updated regularly
Data updated regularly
Name Product Fee per transaction over the limit Monthly transaction limit Annual percentage yield (APY) Minimum deposit to open
Aspiration Spend & Save Account
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.
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Discover Online Savings Account
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.
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UFB Direct High Yield Savings
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.
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SoFi Money
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.
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CIT Bank Savings Builder High Yield Savings Account
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
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What is Regulation D?

Regulation D is a federal rule created in 2008 by the Federal Reserve to prevent consumers from making more than six transactions a month from savings and money market accounts. It serves two purposes. First, since savings accounts are intended to hold money long-term, not to be used as everyday accounts, Regulation D prevents consumers from treating their savings accounts like checking accounts. Second, it helps banks maintain cash reserves so they don’t go bankrupt.

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 temporarily waived the fee. If they haven’t, consider comparing a savings account with a lower withdrawal fee.

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.

Which accounts have withdrawal limits?

Regulation D imposes the withdrawal limit on accounts classified as a “savings deposit.” That means the following account types are capped at six monthly withdrawal transactions:

  • Savings accounts
  • Money market 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.

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.

4 ways to avoid savings account withdrawal limit fees

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

  1. 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.
  2. 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.
  3. 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.
  4. 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.

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