Can you get a debit card for a savings account?
Quick insights
- Savings accounts typically don't come with debit cards.
- Savings accounts sometimes come with ATM cards, which allow you to withdraw cash but usually can't be used for everyday purchases.
- Linking a checking account to your savings is a common way to access your money with a debit card.
Many people might use a savings account to build an emergency fund. When an unexpected expense arises, you might wonder if it's possible to get a debit card linked directly to those funds for quick access. While it might seem like a streamlined way to manage your money, banks may issue ATM cards for savings accounts instead. Let's explore how you can access your savings when you need it most.
Difference between ATM cards and debit cards
When you open a savings account, you generally won’t receive a debit card, but you might receive an ATM card instead. While they might sound similar, they serve different purposes.
An ATM card is the type of payment card typically issued with a savings account. It allows you to withdraw cash, check your balance and sometimes deposit money at an automated teller machine. However, you generally can't use it to make purchases directly with vendors.
A debit card, on the other hand, is linked directly to a checking account. It allows you to withdraw cash at an ATM and make purchases online or in stores. Because a checking account is designed for daily spending, a debit card offers more flexibility for everyday transactions.
Can you have a debit card on a savings account?
In most cases, you cannot get a debit card for a savings account. Savings accounts are designed to help you store money for the future and earn interest, rather than for daily spending.
Because these accounts are meant for saving, banks typically limit how you can spend directly from them. In the past, federal regulations limited certain types of savings account withdrawals to six per month. While that specific federal rule was pausedOpens overlay, many banks still enforce their own limits. If you exceed these limits, you might face a fee or the bank could convert your account to a checking account.
If you're looking for a debit card-savings account combination, you might be disappointed. However, keeping your savings slightly less accessible may actually be a benefit. It can help create a barrier that might prevent you from impulsively spending the money you've set aside for a down payment or an emergency fund.
Ways to access money from your savings account
Even without a debit card, you still have several ways to access your funds when a need arises. Whether you're paying for a medical bill or covering a home repair, here are a few common methods:
- Using an ATM card: You can withdraw cash directly at an ATM using the card provided with your savings account.
- Transferring funds: You can move money from your savings to your checking account using online banking or a mobile app, then spend it using your checking debit card.
- Visiting a branch: You can withdraw money using a branch teller if you prefer in-person assistance.
- Setting up wire transfers: You might be able to send money directly to another person or business, though fees may apply.
Finding a savings account with ATM card access
If you want the ability to withdraw your funds quickly, you might consider looking for a savings account with ATM card access. Many traditional banks and credit unions offer an ATM card when you open your account and make your initial deposit.
Online-only banks might operate differently. Some may not provide an ATM card at all, requiring you to transfer funds to an external checking account before you can withdraw cash. It may be helpful to check with your bank for specific requirements and features before opening an account.
In summary
While you typically can't get a debit card for a savings account, you still have plenty of ways to access your money. Whether you use an ATM card or transfer funds to a checking account, managing your savings can be straightforward. You might consider checking with your bank to see what options might be a fit for your financial goals.
