![]() If you’re reluctant to leave the house or find an ATM, you may be able to make a withdrawal or transfer by having your bank send you a check in the mail. Going to your bank and making transfers and withdrawals in-person may be classified as “convenient” and may contribute toward the withdrawal limit. Withdrawals and transfers made from an automatic teller machine (ATM) may contribute toward your monthly withdrawal limit. Double-checking with your bank first may help prevent accidentally exceeding your allotted transactions. Note that some financial institutions may still count these toward a monthly limit if your bank has one. Let’s look at a few ways to access the funds in your savings account. Using your savings account for infrequent expenses, such as a medical emergency or that much-needed vacation, isn’t usually problematic. Your savings account is more like the deep freezer in the basement it’s much better for long-term storage than your refrigerator upstairs, but a little inconvenient if you want to eat something now. For many, it’s the refrigerator door of their personal finances, designed for quick access. Your checking account is designed for fast, flexible use. How to withdraw money from your savings account Banks may charge you fees, convert your savings account into a checking account or even close your account altogether if your bank has a withdrawal limit. To avoid any confusion, it may be helpful to check with your financial institution about which transactions count as convenient. If there is a monthly limit, wire transfers, withdrawals made at an ATM, or in person at a branch, are just a few of the kinds of transactions that may fall under the convenient transactions banner, contributing to this monthly limit. What’s considered “convenient” is defined by your specific bank. ![]() Yes, you can take money out of your savings account anytime however, some financial institutions may only allow you to make up to six "convenient" transactions per month before they charge a fee. Let’s look at the dos and don’ts of taking money out of savings accounts. There are, however, certain restrictions on the number of withdrawals you can make within a time period with some banks. The answer is, put simply, yes - you can take money out of a savings account. But, once there, can you take money out of a savings account? Unlike checking accounts, they are typically designed for depositing money long-term, with interest payments as an incentive to keep it there. Savings accounts are, for many, one of the first steps on their journey into personal finance.
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