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Banking

Can you get an ATM card for a savings account?

These savings accounts allow you to withdraw money using an ATM card — but think twice before you do.

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The Mint app has shut down as of Jan. 1, 2024. For alternatives, check out CNBC Select's ranking of the best budgeting apps.

While savings accounts typically don't offer a debit card, some come with an ATM card, making it easier for you to access cash from your savings when you need it.

Savings accounts aren't meant for everyday spending. But when an emergency strikes, the option to withdraw the money you have saved at an ATM can be helpful. Below, CNBC Select lists the best savings accounts that offer ATM cards and explains what to consider before pulling cash from your savings.

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Savings accounts that offer ATM cards

Since the primary goal of your savings account is to allow your money to grow safely, ATM access isn't the most common feature.

However, several of CNBC Select's picks for the best high-yield savings account offer ATM cards:

The LendingClub High-Yield Savings account ranked as the "best overall," mainly due to its high APY. Plus, it provides a free ATM card and doesn't charge any ATM fees.

LendingClub High-Yield Savings

LendingClub Bank, N.A., Member FDIC
  • Annual Percentage Yield (APY)

    5.00%

  • Minimum balance

    No minimum balance requirement after $100.00 to open the account

  • Monthly fee

    None

  • Maximum transactions

    None

  • Excessive transactions fee

    None

  • Overdraft fees

    N/A

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes

Terms apply.

Pros

  • Strong APY
  • No minimum balance required
  • No monthly fees
  • Free ATM card and no ATM fees

Cons

  • $100 minimum opening deposit required, though there's no minimum balance after that
  • No physical branch locations

UFB Secure Savings also offers excellent returns. UFB Direct is an online-only bank and doesn't have any physical branches, but it does offer free ATM cards for savings account holders.

UFB Secure Savings

UFB Secure Savings is offered by Axos Bank ® , a Member FDIC.
  • Annual Percentage Yield (APY)

    Up to 5.25% APY on any savings balance; add a UFB Freedom Checking and meet checking account qualifications to get an additional up to 0.20% APY on savings

  • Minimum balance

    $0, no minimum deposit or balance needed for savings

  • Fees

    No monthly maintenance or service fees

  • Overdraft fee

    Overdraft fees may be charged, according to the terms; overdraft protection available

  • ATM access

    Free ATM card with unlimited withdrawals

  • Maximum transactions

    6 per month; terms apply

  • Terms apply.

Pros

  • Strong APY on any savings balance
  • Get an additional up to 0.20% APY on savings when you add UFB Freedom Checking and set up direct deposit of $5,000 monthly, maintain minimum balance of $10,000 and make 10 debit card transactions per statement cycle.
  • No minimum deposit or balance required for savings
  • No monthly fees
  • Free ATM card with unlimited withdrawals
  • Free transfers between direct deposit accounts
  • Online and SMS banking available
  • Mobile check deposits
  • Security features include fraud and anti-virus protection, SSL encryption for secure connection, automatic logouts after inactivity

Cons

  • Potential overdraft fee, though overdraft protection is offered
  • Certain types of withdrawals and transfers may be limited
  • $10 excessive transaction fee per transaction over 6/month
  • No physical branch locations

Finally, Synchrony Bank High Yield Savings is our top pick for easy access to your cash. Besides getting an optional ATM card, you can access your cash by wire transfer or through an electronic transfer. Even better, you can conduct unlimited ATM transactions.

Synchrony doesn't charge ATM fees, but the ATM provider may. Synchrony Bank refunds ATM fees in the U.S. up to $5 per statement cycle.

Synchrony Bank High Yield Savings

Synchrony Bank is a Member FDIC.
  • Annual Percentage Yield (APY)

    4.75% APY

  • Minimum balance

    None

  • Monthly fee

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    None

  • Overdraft fee

    None

  • Offer checking account?

    No

  • Offer ATM card?

    Yes

Terms apply.

Pros

  • Strong APY
  • No minimum balance or deposit
  • No monthly fees
  • Easy ATM access

Cons

  • No option to add a checking account

When it comes to high-yield savings accounts from big banks and brick-and-mortar savings accounts, many offer ATM access if you also have a checking account with the bank. The Citi® Savings Account stands out for providing an ATM card even if you don't have a checking account with Citi.

Citi® Savings Account

  • Annual Percentage Yield (APY)

    3.85%

  • Minimum balance

    None

  • Monthly fee

    $4.50 per month, with options to waive.

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    N/A

  • Overdraft fees

    Overdraft protection when you link your savings account to your checking account

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes

Terms apply.

Pros

  • Low monthly maintenance fee, plus option to waive with $4500 minimum daily balance
  • No minimum deposit to open an account
  • Up to 6 free withdrawals or transfers per statement cycle
  • Higher APY relationship rates are available

Cons

  • Low APY
  • Has monthly maintenance fees (although lower than others)

Here are some additional options for savings accounts with an ATM card from smaller financial institutions:

  • Amalgamated Bank Give-Back Savings account
  • Alliant High-Rate Savings Account
  • Bank of South Texas Savings Account
  • Beneficial State Bank Savings Account
  • Bethpage Federal Credit Union Savings Account
  • Citizens State Bank Personal Savings Account
  • Connexus Credit Union Members Savings Account
  • First Independence Bank Personal Savings Account
  • Golden Bank Regular Savings Account
  • Hope Credit Union Savings Account
  • Interamerican Bank Regular Savings Account
  • Puerto Rico Federal Credit Union Regular Actions Account
  • The Harbor Bank of Maryland Statement Savings Account
  • Transit Employees Federal Credit Union Share Savings Account
  • Valley All Access Savings Account
  • Zapata National Bank

What you need to know about using a savings account ATM card

Unlike debit cards, ATM cards can generally only be used to withdraw cash from your savings account and not to make purchases from stores. Having quick access to your savings with an ATM card can be convenient, but it's best not to make withdrawing money from your savings account a habit.

There may be limitations and fees in place when it comes to using your ATM card. Normally, you're limited to six withdrawals from a savings account per month. With an ATM card, the limit may be different or not apply at all, so make sure to look for this information before taking cash out of your savings account. To add to that, you might be hit with ATM fees for each transaction.

Even if your bank allows unlimited ATM withdrawals and you have no fees to worry about, it's wise to still avoid tapping into your savings if you can. Savings are an essential part of your financial well-being, and a savings account is meant to keep these funds intact. That's why unlike a checking account designed for daily spending, a savings account has features in place to prevent frequent withdrawals.

If you find yourself often needing to access your savings to cover daily expenses, it may be a good idea to revise your budget. Ensure you've set realistic goals and know how you're planning to achieve them. You can use a budgeting app to help you with that. For instance, here are some of CNBC Select's favorite budgeting apps:

Mint

Information about Mint has been collected independently by CNBC Select and has not been reviewed or provided by Mint prior to publication.
  • Cost

    Free

  • Standout features

    Shows income, expenses, savings goals, credit score, investments, net worth

  • Categorizes your expenses

    Yes, but users can modify

  • Links to accounts

    Yes, bank and credit cards

  • Availability

    Offered in both the App Store (for iOS) and on Google Play (for Android)

  • Security features

    Verisign scanning, multi-factor authentication and Touch ID mobile access

Terms apply.

Pros

  • Free to use
  • Syncs to your bank accounts and credit cards
  • Users can create savings goals, track investments
  • Customized alerts when over budget, for large transactions, ATM fees, etc.
  • Bill payment reminders
  • Credit monitoring service
  • Offers blog and education tools, such as a loan repayment calculator
  • Security features include Verisign scanning, multi-factor authentication and Touch ID mobile access

Cons

  • Some user reviews complain of ads, glitches in app, expenses assigned to wrong category

You Need a Budget (YNAB)

  • Cost

    34-day free trial then $99 per year or $14.99 per month (college students who provide proof of enrollment get 12 months free)

  • Standout features

    Instead of using traditional budgeting buckets, users allocate every dollar they earn to something (known as the "zero-based budgeting system" where no dollar is unaccounted for). Every dollar is assigned a "job," whether it's to go toward bills, savings, investments, etc.

  • Categorizes your expenses

    No

  • Links to accounts

    Yes, bank and credit cards

  • Availability

    Offered in both the App Store (for iOS) and on Google Play (for Android)

  • Security features

    Encrypted data, accredited data centers, third-party audits and more

Terms apply.

Pros

  • Offers a 34-day free trial, and college students get 12 months free
  • Designed to help you get out of debt
  • YNAB website claims average user saves $600 in their first two months and $6,000 in their first year
  • Syncs to your bank accounts and credit cards
  • Users can set goals, customize spending categories
  • Offers educational resources, such as budgeting advice and free, live workshops
  • Personal customer support
  • Security features include encrypted data, accredited data centers, third-party audits and more

Cons

  • Costs $99 per year or $14.99 per month
  • Customer reviews note that it takes longer to set up than other apps

Honeydue

Information about Honeydue has been collected independently by CNBC Select and has not been reviewed or provided by Honeydue prior to publication.
  • Cost

    Free

  • Standout features

    Allows couples to see both partners' bank accounts, credit cards, loans and investments (and each partner can select what to share with the other) so you can manage money together and see everything at one glance

  • Categorizes your expenses

    Yes, but users can customize

  • Links to accounts

    Yes, you and your partner's bank and credit cards

  • Availability

    Offered in both the App Store (for iOS) and on Google Play (for Android)

  • Security features

    Data encryption, Touch ID and multi-factor authentication

Terms apply.

Pros

  • Free to use
  • Helps couples manage their money together, track spending, coordinate bills
  • Syncs to you and your partner's bank accounts
  • Choose what accounts you want to share
  • Users set up monthly spending limits in each category and are alerted when they or their partner is reaching limit
  • Bill payment reminders
  • Chat and send emojis to your partner through the app
  • Offers joint bank account
  • Security features include data encryption, Touch ID and multi-factor authentication

Cons

  • Some reports of app being buggy and transactions not showing up immediately

When you might want a savings account with an ATM card

There's one type of savings an ATM card can be beneficial for: an emergency fund.

Your emergency fund is a financial cushion you can fall on in case of large unexpected expenses or situations such as job loss. It's generally recommended to have between three and six months' worth of basic expenses saved for emergencies. You never want to touch this money unless absolutely necessary, but when an emergency happens, you want to have quick and easy access to the funds.

If your checking and savings accounts are at different financial institutions, an electronic transfer can take days. When you need cash urgently, this may become a major obstacle. In such cases, an ATM card can be incredibly helpful, allowing you to get money when you need it.

What is Regulation D?

Until April 2020, Regulation D limited the number of withdrawals and transfers you can make from a savings account to six per statement cycle. These restrictions were lifted in response to financial hardships associated with the coronavirus pandemic and there are no plans to re-impose the transfer limits at this time. However, these changes were optional for banks, meaning they weren't required to alter or lift their limits — and many haven't.

That said, even before the changes, Regulation D limited only certain withdrawals, such as electronic transfers and withdrawals via checks. The rule didn't apply to withdrawals from an ATM or bank teller.

Bottom line

Some financial institutions offer savings accounts with an ATM card, with the three main ones being LendingClub High-Yield Savings, UFB Secure Savings and Synchrony Bank High Yield Savings. In emergencies where you need cash quickly, the option to use an ATM to draw from your savings can be a lifesaver. At the same time, make sure not to make it a habit to dip into your savings too often — they're less liquid than money in your checking account for a reason.

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Information about the Synchrony Bank High Yield Savings Account has been collected independently by CNBC and has not been reviewed or provided by the bank prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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