Can You Get a Debit Card for a Savings Account?

Do Savings Accounts Offer Debit Cards?

In most cases, you won't have the option to use a debit card to pay for items from your savings account. A savings account is for setting aside your hard-earned money, and having a debit card could lead to a lot of withdrawals, causing your emergency fund or other savings goals to suffer.

Many banks, in fact, limit the number of free transactions you can make from your savings account. A common limit is six or 10 transactions per month, though some banks and credit unions have no savings withdrawal limits at all.

It is possible that your financial institution will offer you an ATM card linked to your savings account. This can be convenient if you need cash fast and you don't have time to transfer funds to your checking account. But an ATM card does not allow you to make purchases at stores or online as a debit card would.

Alternatively, if you have both a checking and savings account at the same institution, you may have the option to use your debit card to withdraw money from your savings account at an ATM.

What Accounts Offer Debit Cards?

While traditional savings accounts don't typically offer debit cards to make purchases with, these accounts do:

• Checking accounts: The main purpose of a checking account is to make your money easily accessible for daily expenses. To that end, you'll get a debit card so that you can make purchases using the funds in your checking account. You can also use a debit card to withdraw cash at an ATM; pay bills; send money to others via Venmo, Zelle or other services; or transfer money from checking to other bank accounts.
• Money market accounts: A money market account is a type of savings/checking account hybrid that pays you a higher interest rate than a traditional savings account but also provides checks and, potentially, a debit card for withdrawals. Because it offers the possibility to earn more interest on your savings, a money market account shouldn't be a source of regular withdrawals or debit purchases. It's better used as an account where you can accumulate money that you'll then need to make occasional payments from, such as property taxes or insurance premiums.
• Prepaid debit accounts: A prepaid card is a debit card that's not connected to a bank account. Instead, you or another entity, like an employer, loads money onto the card. You can then make purchases or withdraw cash from ATMs. A prepaid account isn't a savings account, and it doesn't earn interest. For making regular purchases, paying bills and withdrawing money from ATMs, a traditional checking account—especially one at an institution where you can set up a linked savings account that earns interest—is a stronger choice.

How to Access Money From Your Savings Account

Here are two options for withdrawing money from a savings account without using a debit card:

1. ATM card: If your bank offers an ATM card for savings accounts, you'll likely be able to withdraw cash from savings at an ATM. Or, if you have both a checking account and a savings account at the same bank, you'll have the option to choose which account to withdraw money from when you're at the ATM.
2. Money transfer: Another option is to transfer money from your savings account to your checking account, which is typically fast and easy if you have both accounts at the same institution. Then you can use your debit card to withdraw money from your checking account. Even if your accounts are at different institutions, you can make a transfer using your bank's online platform, a wire transfer or a peer-to-peer payment app.

In both cases, look closely at your savings account fees to understand any withdrawal limits in place, and how much you'll be charged if you exceed them. Some banks that limit free withdrawals charge nominal fees, such as a $5 fee for every withdrawal or transfer from a savings or money market account that exceeds six per month, up to a limit of six fees per statement period. Some banks and credit unions set no limits on the number of savings account withdrawals you can make, though you can't withdraw more than a certain amount of money per day.

The Bottom Line

You most likely won't receive a debit card when you open a savings account. Depending on the bank or credit union's policies, though, you may get an ATM card or have the option to withdraw from savings if you already have a checking account with the institution. Read up on each bank's offerings before you choose an account. Additionally, make sure you opt for the right type of savings account, taking into consideration what you're saving for and how many transactions you may want to make from it.