How to: Make a withdrawal from your savings plan | Rocket Money Help Center (2024)

FAQs

How to: Make a withdrawal from your savings plan | Rocket Money Help Center? ›

From your Dashboard, tap the word “Savings” to expand the savings section. Tap on your Smart Savings plan. Select Options in the upper right corner. Tap on Withdraw and enter the amount of money you'd like to withdraw from Smart Savings.

Typically, yes — your money is yours. But a savings account is designed to discourage frequent transactional use and may carry monthly withdrawal limits. Exceeding these limits can incur fees, have your account re-classified or have it closed altogether.

If you occasionally exceed the limit of the number of withdrawals, your bank may decline your excess transactions or charge you a fee. If you exceed that limit often, some banks may convert your savings account to a checking account or close the account.

You can withdraw money from your IRA at any time. However, a 10% additional tax generally applies if you withdraw IRA or retirement plan assets before you reach age 59½, unless you qualify for another exception to the tax.

Use an ATM

Every ATM is slightly different but you simply insert your debit card, enter your PIN (personal identification number), select the account you wish to withdraw money from (if you have more than one), enter the amount, and then wait for the ATM to give you your cash and a receipt.

It is generally set at a lower threshold than the account's total withdrawal capacity. This limit enhances security by minimising potential losses due to theft or unauthorised account access. For instance, a bank might cap ATM withdrawals at ₹25,000 daily.

Switch to Cash-Only

Switch to cash only to pay for the majority of your expenses. Set up auto debit for all your bills and savings contributions, then see how much money you have left over. That's how much you have to spend. Take out that amount each week or month, and when it's gone, it's gone.

How to transfer money from savings account to checking account online? ›

Online transfers

You can quickly set up an ACH payment by logging into your account from your computer or the bank's mobile app. In the menu, you should see an item titled "transfers" or "send money." Select the account you want to transfer money from (savings) and the one you want to transfer money to (checking).

Getting cash from an ATM is an easy way to take money from your savings account. Simply use your debit card or, in some cases, your bank's mobile app to make a withdrawal.

Using your bank's mobile app, scan the QR code on the ATM's screen and withdraw cash. Biometric verification. Relying on fingerprint or facial recognition, an ATM equipped with biometric technology verifies your identity and then allows you to withdraw cash without inserting a plastic card.

Take Money Out at an ATM

One of the quickest ways to withdraw money from a savings account is at an ATM. Depending on your bank, you can use your physical debit card or mobile wallet to access the funds in your account. Keep in mind there may be fees to take out money from a savings account at an out-of-network ATM.

That means there's no longer any government regulation on how many monthly withdrawals you can make from your savings account. However, some banks still have their own limits in place. Most banks that have savings account withdrawal limits set the limit at six per month. But some set it even lower.

Someone with access to both your account number and routing number could withdraw money from your personal bank account.

With few exceptions, you can't spend money directly out of your savings account. Instead, money in savings needs to be moved to another account. Even then, financial institutions often limit the number of withdrawals or transfers account holders can make from savings accounts during each statement period.

Most banks that have savings account withdrawal limits set the limit at six per month. But some set it even lower. You can find out whether your bank has a withdrawal limit and the penalties for breaking it in your account's terms.

With a certificate of deposit (CD) your money is stuck for a set time of your choosing — usually anywhere from one month to five years — while it earns a fixed interest rate. It's more restricting than a traditional savings account because you can't access your money until the term is finished.