Some bank account holders only have a bank account for checking and don’t have a savings account. If you are thinking about getting a savings account, it’s good to know that you will have a lot of flexibility when it comes to withdrawing money. There are many good reasons to have a savings account, and the most obvious one is the fact that it’s a safe place to put money for a rainy day. Savings accounts have better interest rates than checking accounts, and you can put your money to work for you. In the event you need to access the money in your savings account, you can do it quickly.
One of the most common ways people get money out of their savings account is to go to the bank and do a withdrawal with a withdrawal slip. There are usually no limits as to how much money you can get at a time, but if your withdrawal amount is really large, you may have to give the bank some advance notice to accommodate your full withdrawal amount. For example, if you want to take out a million dollars, the bank will not likely have that kind of cash on hand, so you will need to plan ahead. Most withdrawal amounts under ten thousand dollars will not be an issue and will require no advanced notice.
With the advancements of online banking, it’s beginning to be easier to withdrawal funds through funds transfers. If you want to withdrawal from your savings to your checking, for example, you can usually do that in a matter of seconds online. You can also request that money be sent from your savings to another person’s bank. This can be done in the form of a check or in the form of a wire transfer of some kind.
In addition to paying someone with a check, you can also withdrawal chunks of money from your account and receive that amounts in checks. You can request a cashier’s check, for example, and it will be guaranteed by the bank. Many banks have ATM cards that can be used to withdrawal money from an ATM from your savings. This is the preferred option of a lot of customers who like getting their money without having to go into the bank. You can use your ATM card like a debit card with some savings accounts.
Knowing all the ways you can move money around with your savings account makes it easier to manage your funds. Your bank may have other ways to get money fast. You will want to be clear on any restrictions your bank has on withdrawal amounts, and you will want to know about all the fees you may have to pay. That way, you can be prepared when you need to make a big withdrawal.