Savings books allow you to set aside money for unexpected expenses. They are offered by banks, often in conjunction with a checking account, so you can earn a small interest on your deposits each month. Savings books, in addition to making you accumulate interest, are also insured by governments. Another advantage of passbooks is that money is set aside and cannot be distributed through checks; however, there are national and bank restrictions on how and when to withdraw money from a savings account. This article will tell you how to withdraw money from a savings account.
Steps
Step 1. Review your bank statement
These statements are sent by email or available through the online portion of your bank account. In this way you can understand if he has a basic savings account, a term savings account with a high yield; an Internet account or a health account.
- The basic savings account is often called a passbook. When you open your account, you will receive a booklet in which to write all deposits and withdrawals. A basic savings account may have minimum budget requirements or none at all. This also means that interest rates will be very low, so the money won't go up that much.
- A term account or market account has higher minimum balance requirements, in the order of a few thousand Euros. It is often called a high yield account. These accounts invest in government or corporate bonds and pay interest on these investments. It is completely different from a financial account, offered by a financial intermediary precisely.
- An online savings account is a relatively new type of account, very similar to the basic account. Money is usually deposited or withdrawn from another account over the Internet.
- A health account is for amounts of money that allow you to meet medical bills. This money cannot be taxed by the state at the time of deposit. To have a health account you will need to have a health plan with great ability to deduct expenses.
Step 2. Contact your bank or read the institution's website to find out if there are any limits on withdrawing money from your account
These accounts usually allow you to withdraw money whenever you want, and distribute it to other accounts. You have many withdrawal options because you can make online transfers, withdraw at a bank or at an ATM
Step 3. Log into your online account
It is the best way to withdraw and deposit money into your account. Many banks do not consider this operation a real withdrawal because no money is given to third parties. The money stays in the bank for some time at least.
Click on the transfers button. Indicate the amount of money you want to transfer from your account and the date you want to transfer it. Many transfers are immediate
Step 4. Go to the bank if you don't have a checking account linked to your savings account
Fill out a withdrawal form indicating the amount of money you want to withdraw. The cashier will be able to ask you for an identity document, your account number and to type in a password or a personal pin.
Step 5. Insert your card into the ATM to withdraw funds from your savings account
The latter option is very common. Many passbooks are linked to checking accounts, so banks allow you to withdraw from ATMs. Insert the card, enter the pin, select the savings account and choose the amount of money to withdraw.
Always check the limits related to the number of withdrawals that can be made. While many banks do not set limits, terms and conditions may change. It is always a good idea to check
Method 1 of 3: Withdrawals from Term Accounts
Step 1. Contact the bank or visit the website to find out how many withdrawals you can make in a month
There may be restrictions in this regard.
Step 2. Check the number of withdrawals you have made in the last month
These accounts follow state rules and you can be penalized if they fall below the minimum balance threshold.
Step 3. Transfer a sum online to your checking account
This operation can already be considered a withdrawal, even if it is not directed to a third party.
Step 4. Fill out a check
Fixed-term account holders always have checks available. They can be allowed to complete up to 3 checks per month.
Method 2 of 3: Withdrawals from Online Savings Accounts
Step 1. Check your balance online
You can also check the withdrawal conditions.
Step 2. Link the money to another banking institution
You can do this with an online form on which to write the bank details of your savings account and your other bank account.
You may have to pay a fee to access this money, and you may have fees to pay for both institutions
Step 3. Transfer funds online to a debit account through the same online procedure
You will be given a debit card to access the funds, but the number of possible withdrawals may be limited.
Method 3 of 3: Withdraw from a Health Account
Step 1. Compile a list of specialist medical expenses
You can withdraw money from such an account without any taxation if you can prove that you need to use it for medical expenses.
Step 2. Doctor's visits, prescribed treatments and cures are the basis of the tax-free withdrawals typical of these accounts
Step 3. Use the debit card provided for these accounts
You can use it in doctors' offices and pharmacies.
Step 4. Fill out a check
Some such accounts provide checks. One of these methods allows you to maintain a specific account, which can be easily checked if needed.
