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Savings accounts can be a good place to stow extra cash and build wealth, but unlike checking accounts, you usually can’t spend straight from a savings account. What’s more, you may find that there are limitations on the number of withdrawals or transfers you can make from out of your savings account.
If you want to avoid getting entangled with savings account rules and restrictions or triggering fees, here’s advice on spending money from a savings account.
Key Points
• Savings accounts typically don’t offer check writing and debit card use, thereby limiting direct spending.
• Funds must usually be transferred to a checking account for spending, such as paying bills or making purchases.
• Some banks enforce a six-transaction limit per month on savings accounts, including online and phone transfers.
• High-yield savings accounts offer higher interest rates, benefiting users by growing their savings faster.
• Money market accounts provide higher interest and more spending flexibility, but may have higher minimum balance requirements.
How Does a Savings Account Differ From a Checking Account?
You might think the main difference between a checking account and a savings account is how you view them — namely, one is for spending now, and one is for using later. But the bank also views these two accounts very differently. Here’s a closer look at how savings accounts work vs. checking accounts.
• Savings accounts typically earn interest while checking accounts generally earn zero or very little interest.
• Savings accounts may come with cash transfer and withdrawal limits. A federal rule called Regulation D used to limit certain types of transactions from a savings account to no more than six per month. While this rule was lifted during the pandemic, some banks still enforce the six-per-month cap on savings account transactions.
• Savings accounts don’t usually come with debit cards that can be used to make purchases with money from that savings account. Only a few banks offer this service.
Can You Write a Check From a Savings Account?
Typically, you can’t write checks from a savings account. Of course, it’s always possible to transfer money from a savings account to a checking account and then write a check from there.
If you want to save money and have the ability to write a check with the money you save, you may want to consider opening up a money market account.
Money market accounts are a type of savings account that often pay a higher interest rate than traditional savings accounts and generally include check-writing and debit card privileges.
However these accounts often come with minimum monthly balances, and falling below the minimum can trigger fees. Like other savings accounts, money market accounts may limit transactions to six per month (which includes writing checks and debit card payments).
How to Spend (and Save) With a Savings Account
To take advantage of the interest you’re earning on your savings and avoid triggering penalty fees or the closure of your account, you may want to keep these savings account spending tips in mind.
Keeping Track of Your Withdrawals
It can be a good idea to find out what your bank’s policy is regarding monthly transactions from savings. Many institutions are sticking with the standard limit of six “convenient transactions” per month, while some are allowing more, such as nine transactions per month.
Convenient transactions include money transfers you make online, by phone, or through bill pay. Transactions, including ATM withdrawals and those that you make in person at the bank, do not typically count towards the monthly cap.
Paying Bills From Your Checking Account
Scheduling automatic bill payments from your savings account may put you over the savings withdrawal limit. It can be a better idea to have automatic bill payments or recurring transfers come out of your checking account.
Withdrawing Money Only for Large Expenses
If you withdraw money from your savings account for everyday spending, it can reduce the amount of interest you earn and make it harder to reach your savings goals.
It can be wiser to only touch your savings when it’s necessary to cover an emergency expense or a large purchase (ideally, one you’ve been saving up for).
Building Your Savings
A savings account can help you work towards your financial goals, such as creating an emergency fund, making a downpayment on a home, or going on a great vacation. In some cases, you may even want to have different savings accounts for different goals. High-yield savings accounts can be especially useful for this purpose, especially if you establish them at online banks, which often have no or low fees.
To help achieve those goals faster, you may want to set up an automatic transfer from your checking account into your savings account on the same day each month (perhaps after your paycheck gets deposited). It’s perfectly fine to start slowly. Even small monthly deposits will add up over time.
Maximizing the Interest You Earn
The higher the interest rate, the faster your savings will grow. That’s why it can be worthwhile to do some research into which institutions and which types of savings accounts are paying the highest rates.
Some options you may want to look into include: A high-interest savings account, money market account, certificate of deposit (CD), checking and savings account, or an online savings account.
Recommended: Savings Account Interest Calculator
The Takeaway
Savings accounts generally aren’t designed for making frequent transactions. Instead, their main purpose is to provide a safe place to store money and grow wealth via the interest earned. To make the most out of your savings account, you may want to look for a high-yield savings account which offers higher interest than standard accounts.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
Can you spend directly from your savings account?
You usually can’t spend directly from a savings account. Savings accounts are a secure place to keep money and earn interest, while checking accounts are designed for spending.
Can I use my savings account to pay for things?
Usually, you use your checking account to pay for things. That’s why checking accounts typically come with a debit card and checks. In order to pay for things with funds in your savings account, you may have to transfer the money into your checking account first.
Is there a limit on transactions from my savings account?
Some banks may limit how many transactions you can complete each month from a savings account. There used to be a six transaction limit but, during the pandemic, this guideline was lifted, but some financial institutions still enforce it. Check with your bank to learn if your account has a cap on monthly transactions.
About the author
Kylie Ora Lobell
Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.
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Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
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