Don’t Withdraw From Your Savings Account on This Day of the Week
Written by
Cindy Lamothe
Edited by
Rebekah Evans
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
We all have our quirks — some of us avoid checking our bank balance after a weekend splurge, others swear by budgeting apps and color-coded spreadsheets.
But did you know what day you tap into your savings could actually matter?
It might sound a little superstitious, but there’s some logic behind it. Before you hit “transfer” on your savings account, here’s why you might want to pause — especially on the particular day of the week below.
Monday Is the Worst Day To Pull Money From Your Savings Account
Monday is frequently the worst day to pull money from your savings account for a number of important reasons, according to Rami Sneineh, vice president of Insurance Navy.
For one, he said banks usually catch up with transactions from the previous weekend on Monday, which can cause discrepancies in your account balance.
“If you are taking a withdrawal early Monday morning, the movement could settle before your weekend transactions have a chance to properly update,” he added.
That means you could end up spending more than you actually have in the bank, which could lead to overdraft fees and your payment could be declined if the funds have not been taken yet.
Most People Are Paid on Fridays — Creating Downturn in Funds
In addition to the above, Sneineh said numerous individuals are paid on Fridays, which can create a natural downturn in funds by the time Monday comes around.
This makes Monday an extra hard day to withdraw funds, as many people have less money in their accounts and those extra fees or unexpected withdrawals could really set us back.
“Waiting until midweek to withdraw, for most of us, is the smarter move,” he said.
Not only does it give our accounts a chance to update, but we also have a better view of our available funds after the weekend.
Monday Is a Touchy Time To Attempt a Withdrawal
Essentially, Monday’s mix of not-yet-there banking updates and skimpy account balances can make it a touchy time to attempt a withdrawal, ramping up the risk that you’ll get slapped with an overdraft fee and that you’ll somehow manage to stay within the bounds of your budget.
Even small purchases — your morning coffee, a spontaneous lunch out or that tempting flash sale — can quietly chip away at your available balance before weekend transactions have fully cleared. Add in automatic payments or surprise charges and suddenly your “safe to spend” number might be misleadingly high.
By midweek, your account has typically had a chance to settle, giving you a more accurate picture of what’s really available. So unless it’s urgent, pressing pause on that Monday withdrawal could help you dodge both fees and financial stress.
More From GOBankingRates
