Savings accounts are designed for saving money, meaning they’re built to hold your deposits for an extended period of time. So, they don’t typically come with features that let you make payments, like checks and debit cards.
As a result, it can be much easier to pay bills from a checking account than from a savings account, especially if you want to do it by check. Still, it may be more convenient to pull money from a savings account. Here’s what you need to know about writing checks from a traditional savings account.
Can you write checks from a savings account?
You can’t usually write checks from a savings account since banks don’t generally issue checks for these accounts.
Savings accounts are considered non-transaction accounts, which means they’re not designed for everyday transactions. For that reason, you can’t use a debit card or a check to make purchases and payments from most savings accounts, and there are limits on other types of transactions, too.
For example, up until 2020, the Federal Reserve required banks to limit certain savings account withdrawals to a total of six per month. That policy, which was meant to prevent bank runs and other shortages of cash reserves at banks, is no longer enforced. But your bank might still have an excessive withdrawal limit of six “convenient” transactions per month. Depending on your bank, a convenient transaction could include:
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ATM and teller withdrawals
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Transfers from savings to checking
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Pre-authorized overdraft transfers
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Automatic payments
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Transfers made by phone
If you exceed the limit of six, the bank might charge you a fee as high as $30, close your account, or move the funds to a checking account that doesn’t earn interest.
What accounts can you write checks from?
When you want to write a check, you’re better off relying on your checking account. If you have a traditional bank, you can order paper checks through your bank’s website, mobile app, or by calling or visiting a branch to place an order. But depending on your bank, you might have to pay a fee for the checks.
Some online banks will send you paper checks as well, or you might be able to arrange to have the bank send a check on your behalf. Chime, for example, offers this service for free.
Money market accounts also come with checks, but like savings accounts, they can be subject to bank fees for excessive withdrawals. Additionally, they tend to have minimum balance requirements. So, if you do write a check from your money market account, be careful not to reduce your deposit below the minimum required amount.
Ways to make a payment from your savings account
If you want to make a payment using funds in your savings accounts, there are a few ways to get it done. Depending on your bank, you might have any or all of the following options:
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Transfer the money to your checking account and write a check from that account
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Visit an ATM and use your debit card to make a cash withdrawal
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Go to a bank branch to withdraw funds
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Order a cashier’s check from your bank, either online or in person
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Send a wire transfer
You might also be able to link your savings account to a mobile payment app, too. Neither PayPal nor Venmo explicitly state that savings accounts are ineligible for linking. During the linking process, you may be instructed to look at a check to find your bank account routing number, but you can find that information by logging in to your bank account or looking at an account statement instead.