Can You Withdraw Money From A Savings Account?

Q:

Can you withdraw money from a savings account?

A:

Yes, you are able to withdraw money from a savings account. There are two main ways to withdraw money: an automated teller machine (ATM) and through a bank teller.

ATM Savings Withdrawal

To withdraw money from your savings account at an ATM, you need an ATM card that is issued by your bank. Your ATM card is typically mailed to you when you open your savings account. If you do not have an ATM card, you can contact your bank to have one issued in most cases.

You will also be provided with a personal identification number (PIN) when you obtain your ATM card. This number is keyed into the ATM in order to access your savings account.

Below are the steps to withdraw money from a savings account at an ATM:

  • Insert your ATM card into the machines’ card slot.
  • Enter your PIN when the ATM requests the number. Press enter.
  • Select “Withdraw”  when prompted by the machine.
  • Select “Savings” for the account type you want to withdraw the money.
  • Input or select the amount you want to withdraw.
  • Collect your money, ATM card, and the printed receipt.

Please view the short video below for a visual demonstration on how to use an ATM for a withdrawal.

Bank Teller Withdrawal

Some people may not wish to use an ATM or the bank does not allow ATM withdrawals from certain accounts. The alternative to using an ATM is to go inside a bank branch or the drive-through and have a bank teller complete the savings withdrawal.

Here is how to complete a withdrawal with a bank teller:

  • Complete a withdrawal slip. The following information is typically required on this slip: account holder name, date, account number, the amount to withdraw, and signature.
  • Hand the withdrawal slip and your photo ID, if required, to the teller.
  • The teller will access your account through the bank’s computer system and then will issue your cash from your savings account.

View the video below for an example on how to complete a deposit slip.

Online Savings Withdrawal

Online savings accounts have become popular in recent years because they often pay decent interest. However, the downside to online bank accounts is that there is not typically a branch location available nearby. So, how do you withdraw from a saving account using online banking?

ATM – Many online accounts offer ATM cards so that you can easily access your cash at nearly any ATM. Be aware that there may be a transactions fee when using an ATM not associated with your online bank. You may want to review all potential fees before opening an online account.

Transfer – Many people hold several bank accounts for various reasons. For example, a person may have a main bank account that they established at a local branch and a separate online savings account. In this situation, a person could transfer funds from their online savings account to their main bank account. Once the transfer was complete, they could withdraw funds using an ATM or teller.