Traditional savings accounts are a great option if you want to grow your money hassle-free, but they also come with restrictions. For example, you might not be able to withdraw funds whenever you like, and you may have to maintain a certain account balance to earn interest. 

With these limitations in mind, you may wonder—can you write checks from a traditional savings account? Get the answer in this article, learn more about the features of regular savings accounts, and find a worthy traditional savings account alternative.

What Are the Main Features of a Savings Account?

The most valuable feature of a savings account is that it pays interest on your money and helps you grow your funds over time. It’s typically offered at brick-and-mortar banks and credit unions, but some institutions offer online savings accounts as well. 

Traditional savings accounts work best if you invest short-term because they offer low to modest interest rates ranging from 0.01% to 0.35%. This means your money will not grow much, even if you leave it in the account for long periods.

While these accounts were initially limited to six withdrawals per month, the Federal Reserve indefinitely suspended that restriction in 2020. Still, some traditional savings account providers may still have withdrawal restrictions in place, so check if your account has one to avoid incurring fees.

Can You Write Checks From a Savings Account?

No, you can’t write checks from a traditional savings account. While you can transfer money in and out of the account through online banking, by direct deposit, or by ATM, federal law prohibits banks from providing check-writing services for these accounts. Here’s why:

• A check ban keeps your money in the bank
• Your bank can then invest this money with the assurance that you won’t take it out. This helps banks earn interest, some of which they pass on to you

To avoid jeopardizing the bank’s income and your profit, federal law prohibits you from using checks from any savings account, whether online, traditional, or high-yield.

How To Make Payments From Your Savings Account

Although you can’t write checks from your savings account, you can still make payments using its funds. There are four ways to do this:

1. Withdraw your money
2. Transfer money to your checking account
3. Get a cashier’s check
4. Use direct debit

Withdraw Money

The simplest way to pay your bills from your savings account is to withdraw your money at your bank or an ATM.

If your account offers an ATM card, you can withdraw your money at any ATM. However, you may have to pay fees on ATMs that aren’t specific to your bank, and some ATMs also have withdrawal limits.

Transfer Money to Your Checking Account

Instead of physically withdrawing your money, you can also transfer it to your checking account. It’s best if you have one at the same bank where you have a savings account because your money will arrive faster.

Here’s how you can do this through mobile banking: 

1. Log into your mobile banking app
2. Click the Transfer tab
3. Select the account you want to transfer money from (savings) and the one you want to send money to (checking)
4. Enter the amount you want to transfer
5. Click “send” (or a similar option for completing the transaction)

Depending on your financial institution, the transfer will either happen instantaneously or within a day.

Get a Cashier’s Check 

If mobile banking isn’t an option for you, using a cashier’s check to pay your bills is a good alternative. Here’s how to get one:

1. Visit your bank or credit union and ask for a cashier’s check
2. Use money from your savings account to cover the cost of the check 
3. Use the check to make a payment

A cashier’s check is one of the safest ways to make a payment from your savings account without having to share your account details. It’s a guaranteed form of payment drawn directly from the bank’s account. Since the check is covered by the bank’s funds, it won’t bounce.

Use Direct Debit 

Depending on your bank or credit union, you may be able to pay your utility or credit card bills using direct debit. You’ll need to check with your bank before you make a direct debit so it doesn’t block the transaction.

Here’s how to use direct debit:

1. Give your routing and account numbers to the company or person you want to pay
2. Once your banking details have been shared, the company/person will withdraw funds directly from your account

When you’re setting up payments from your savings account, make sure to let the receiving party know that this is a one-time payment. If you don’t, this can spiral into monthly payments, which can negatively impact your savings.

Which Accounts Can You Write Checks From?

If you’re still interested in writing checks only, the following accounts let you do so:

1. Checking accounts
2. Money market accounts
3. Cash management accounts

Checking Accounts 

Checking accounts are bank accounts that you can use to make deposits or withdrawals, whether in person or online. They help you cover day-to-day expenses like rent, utilities, and medical bills.

These accounts have several types: 

• Standard checking—This account provides access to all checking account services like checks and online banking but offers no interest
• Premium checking—This account offers better interest rates (typically equal to a traditional savings account) but comes with high minimum balance requirements 
• High-yield checking—This account offers an interest rate equal to high-yield savings accounts and other perks like rewards and discounts, but you need to maintain a high minimum balance at all times. Plus, you can use checks with this account if needed

Money Market Accounts (MMAs)

Money market accounts are interest-bearing accounts that come with check-writing and debit card privileges. Still, these perks are often offset by minimum account requirements, balance maintenance thresholds, and other restrictions that make MMAs less flexible than savings and checking accounts.

Plus, while MMAs offer high interest rates, these are often variable (dependent on the market), so the amount you earn may differ significantly from month to month.

Cash Management Accounts (CMAs)

A cash management account allows you to save money, earn interest, and withdraw funds using checks and debit cards, depending on your bank. They also have no withdrawal limits.

Plus, while the account’s structure, balance requirements, and fees depend on the provider, they typically come with low account minimums and fees. However, they’re offered only by brokers and investment firms.

Should You Still Have a Savings Account?

A check ban on your savings account doesn’t mean you should do away with savings accounts altogether.

Opening a savings account, especially a high-yield one, might be your best option to save money without having to go for riskier options like stocks. These accounts also let you earn interest, which may be fair compensation for the check ban.

In addition to high interest rates, the safety of your cash reserves should be positioned high on your list of priorities. If scammers obtain your banking information through security breaches or impersonation scams, they could drain your funds in a matter of minutes.

Still, most online savings accounts don’t offer protection against fraud. The only exception is FortKnox by Austin Capital Bank, an FDIC-insured high-yield savings account offering unmatched protection from financial scams.