How to Withdraw Money From a Savings Account

Category: Personal Finance

Most people know that starting a savings account makes sense financially, so when the time comes to take money out, there are several ways to go about it. Whether you plan on splurging or you need your savings to cover unexpected expenses, the method you choose depends on features of your account and your bank.

Withdraw at an ATM

  • Use an instant cash card. To do this, you need to already have your debit card set up with your bank to use at an ATM. Usually, using an ATM affiliated with your bank is best; however, most cash machines will work but you might incur fees from the ATM owner and/or your bank.

  • Insert your card and enter your PIN number. If you don't have one, call your bank beforehand and request one. You will not be able to withdraw money without a PIN.

  • Follow the on-screen instructions. If you have more than one account (like both checking and savings) you need to specify which account you want the money to come from. Be sure to push the savings button. Then specify how much money you want to withdraw.

  • Wait for the machine to process your transaction, then take your receipt, money and card out of the machine.

  • Withdraw at a Bank

  • Make a withdrawal at your bank. To do this, you will need to fill out a withdrawal slip that has your name, account number and the amount you want. If you don't have a book of withdrawal slips, you can get one at the bank.

  • Take your withdrawal slip to the teller and provide any needed identification.

  • The teller will count out the money for you and then you can be on your way.

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