Can You Spend From a Savings Account?

Young woman is making web payment holding bank card and working with laptop sitting on bed at home.
silverkblack / Getty Images/iStockphoto

Whether you’re new to the world of banking or simply want to make the most of your financial tools, understanding the capabilities and restrictions of a savings account is key. One question that often surfaces for many is: Can you spend from a savings account? Keep reading to find out.

Can You Spend From a Savings Account?

Yes, you can spend from a savings account. However, it’s crucial to understand that a savings account is primarily designed for saving and not daily transactions. Banks and financial institutions may have specific regulations and limits in place for the number of withdrawals or transactions you can make from a savings account each month.

Limitations and Rules To Consider

Savings accounts are great for keeping and growing money, but they come with specific rules. Knowing these helps avoid unexpected fees or issues.

  • Regulation D: In the U.S., Regulation D once limited certain savings account withdrawals to six per month. Though this was eased during COVID-19, some banks might still enforce it. Always check with your bank for their specific policies.
  • Excess activity fees: If you exceed the limited number of transactions, your bank may charge you a fee. Additionally, if you frequently surpass these limits, the bank might convert your savings account to a checking account or even close it altogether.
  • Limited accessibility: Unlike checking accounts, savings accounts may not offer debit cards, meaning you can’t readily spend from them at retail locations or online shops. However, you might have the option to transfer money from your savings to your checking account, but this still counts towards any transaction limits.

Why It’s Not Ideal to Regularly Spend From a Savings Account

Frequent withdrawals from savings can eat into your earnings and often come with restrictions. Here’s why:

  • Missed interest: Savings accounts often come with an interest rate, rewarding you for keeping your money stored and untouched. Regularly spending from your savings can reduce the amount of interest you earn.
  • Mental accounting: It’s beneficial to have a separation between the money you’re actively spending and the money you’re saving. Regularly dipping into your savings can blur this line and diminish the purpose of having savings.
  • Potential for overdraft: Without keeping a close eye on your balance, frequent transactions might put you at risk of overdrawing, leading to potential fees.
A Better Way to Bank

Alternatives To Traditional Savings Accounts

If you find yourself regularly needing to access your savings for day-to-day expenses, it might be time to reevaluate your budget and financial habits. Remember, your savings account should serve as a financial cushion, not a go-to for daily expenses.

  • Open a checking account: If you don’t already have one, a checking account is designed for daily transactions. They usually come with a debit card, making spending easier and more convenient.
  • Emergency fund: If you’re frequently reaching into your savings due to unforeseen expenses, consider creating a separate emergency fund. This will ensure your long-term savings stay intact while providing a buffer for unexpected costs.
  • Automate transfers: To avoid the temptation of dipping into your savings, automate transfers from your checking account to your savings immediately after payday. By doing this, you’re effectively “paying yourself first” and safeguarding your savings goals.

Final Take

While it’s technically possible to spend from a savings account, it’s not always the wisest choice. These accounts are best suited for accumulating money over time, not facilitating frequent transactions. Before making a withdrawal, always consider the implications, both immediate and long-term.


Here are the answers to some of the most frequently asked questions regarding savings accounts.

  • Can you use your savings account to buy things?
    • Yes, you can use your savings account to buy things, but it's not as direct as using a checking account. You may need to transfer funds from your savings to your checking account first, especially if the savings account doesn't come with a debit card.
    • Keep in mind that frequent transactions from a savings account can incur fees.
  • Can I spend money from my savings account with my debit card?
    • This depends on the terms of your bank. Some banks may offer a debit card for a savings account, but it's more common for checking accounts.
    • If your savings account doesn't come with its own debit card, you'll need to transfer funds to a checking account to use a debit card for transactions.
  • Can I take money out of my savings account without a card?
    • Yes. Many banks allow various ways to withdraw money from your savings account without a card. This can be done via online transfers, writing a check or in-person withdrawals at a bank branch.
  • Can you withdraw money from a savings account at any time?
    • Generally, yes. You can withdraw money from your savings account at any time. However, due to federal regulations like Regulation D, there may be a limit to the number of withdrawals or transfers you can make each month without incurring fees. Always review your bank's specific terms and fees associated with frequent transactions.
  • What is a savings account?
    • A savings account is a bank account where you can deposit money to keep it safe and earn interest over time. Unlike checking accounts, which are designed for frequent transactions, savings accounts are tailored for longer-term storage of funds, with features encouraging saving and growth.
  • What is a savings account best for?
    • A savings account is best for storing money safely over the long term while earning some interest. Savings accounts promote financial stability and growth by discouraging frequent withdrawals with transaction limits and by providing interest returns.
A Better Way to Bank

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.


See Today's Best
Banking Offers