There is no federal cap on how many transactions are allowed in a savings account. The Federal Reserve removed its six-per-month withdrawal limit in April 2020, and that change is now permanent in the text of federal banking regulations. Your bank or credit union, however, can still set its own limit, and many do. Six withdrawals per statement cycle remains the most common ceiling, though online banks often drop the cap entirely.
What Federal Law Says Now
For decades, Regulation D limited certain savings account withdrawals to six per month. The Federal Reserve deleted that limit in an interim final rule in April 2020, citing pandemic-era disruption and the fact that reserve requirement ratios had already been cut to zero, which made the old distinction between transaction accounts and savings deposits unnecessary.1Federal Reserve Board. Federal Reserve Board Announces Interim Final Rule to Delete the Six-Per-Month Limit on Convenient Transfers From the Savings Deposit Definition in Regulation D
The current text of 12 CFR ยง 204.2(d)(2) defines a savings deposit as one from which the depositor may make transfers and withdrawals “regardless of the number of such transfers and withdrawals or the manner in which such transfers and withdrawals are made.”2eCFR. 12 CFR 204.2 – Definitions Reserve ratios remain at zero for all depository institutions in 2026, so there is no federal reason to bring the old cap back.3Federal Reserve System. Regulation D: Reserve Requirements of Depository Institutions
The rule change did not force banks to abandon their own limits. The Federal Register notice that accompanied the change was explicit: banks may suspend enforcement of the six-transfer limit, but they are not required to.4Federal Reserve System. Regulation D: Reserve Requirements of Depository Institutions That is why “six per month” is still the number most account holders see.
How to Find Your Bank’s Limit
Your specific limit lives in the deposit account agreement and fee schedule your bank gave you at account opening. Under the Truth in Savings Act (Regulation DD), banks must disclose any limits on the number or dollar amount of withdrawals before you open the account.5eCFR. 12 CFR Part 1030 – Truth in Savings (Regulation DD) – Section 1030.4 Account Disclosures
If you no longer have the opening paperwork, three quick options:
- Look up the fee schedule on your bank’s website, usually linked from the savings account product page.
- Sign in to online banking and check the account disclosures section.
- Call customer service and ask directly how many withdrawals and transfers your account allows per statement cycle, and what the fee is for going over.
Online-only banks are more likely to have removed the limit entirely; traditional brick-and-mortar banks are more likely to keep it at six.
Which Transactions Count
Banks that still enforce a cap generally follow the framework the old federal rule used: only outgoing “convenient” or remote transfers count. Deposits into your account are unlimited and were never subject to the rule.
Transactions that typically count against a monthly limit:
- Online and mobile banking transfers from savings to checking or to an external account
- ACH debits pulled by a third party, such as a utility company drawing a payment from your savings
- Preauthorized recurring transfers, including overdraft protection transfers from savings to checking
- Transfers you request over the phone, whether through a live representative or an automated system
- Checks and debit card purchases, if your savings account offers those tools
Transactions that generally do not count:
- ATM withdrawals at any machine
- Cash or check withdrawals made in person at a branch teller
- Transfers made to pay a loan held at the same bank, at many institutions
If you need to move money out of savings more than six times in a month and your bank enforces a cap, an ATM withdrawal or a branch visit is the reliable workaround.
Money Market Accounts
Money market deposit accounts sit under the same federal definition as savings accounts, so the removal of the six-transfer cap applies to them too.2eCFR. 12 CFR 204.2 – Definitions In practice, banks often set slightly different limits on money markets, sometimes six, sometimes as many as ten, and the rules for checks and debit card purchases can differ from a plain savings account. Confirm the number with your bank if you use these features often.
What Happens If You Go Over
When you exceed your bank’s cap, the consequences tend to escalate with repeated violations.
- An excess withdrawal fee, typically $10 to $15 per transaction over the limit. Some banks charge nothing.
- Conversion of the account to a checking account after repeated overages across several statement cycles. That usually means losing your interest rate and picking up a different monthly fee structure.
- Account closure in persistent cases. Closures can be reported to specialty consumer reporting agencies like ChexSystems, which tracks banking history and can make it harder to open a new account elsewhere.6Consumer Financial Protection Bureau. Chex Systems, Inc.
Exact fees and the number of overages that trigger a conversion or closure vary by bank. Check the fee schedule so you know where those lines are.
Your Rights If the Bank Changes Your Account
A bank cannot quietly convert your savings account to a checking account or make another change that cuts your interest rate. Regulation DD requires the bank to send written notice at least 30 calendar days before the change takes effect, and the notice must state the effective date.7Consumer Financial Protection Bureau. 12 CFR 1030.5 – Subsequent Disclosures If you disagree with the change, you have that window to close the account and move your money.
Think a fee was charged incorrectly, say an ATM withdrawal counted toward your limit when it should have been exempt? Start with the bank. If that goes nowhere, you can file a complaint with the Consumer Financial Protection Bureau at consumerfinance.gov/complaint or by calling (855) 411-2372, Monday through Friday, 9 a.m. to 6 p.m. ET.8Consumer Financial Protection Bureau. Submit a Complaint The CFPB forwards the complaint to the bank, which generally responds within 15 days, and you then have 60 days to review the response.