Money & Life Archives

Mar

2025

Guide to Bank Account Closure Letters

By Rebecca Lake | Growing Wealth, money, Money & Life | Comments Off

From time to time, it may be necessary to close a bank account. Depending on your bank’s policy, you may need to submit an account closure letter to make it final.

A bank account closure letter is simply a written request to have one or more accounts at a financial institution closed. If you have to submit a bank letter to close an account, you may have the option to mail it in or return it in person at a branch.

Knowing how to write a letter to close a bank account can ensure that you’re not leaving any loose ends behind if you decide to move your money elsewhere. Here, you’ll learn:

• What is a bank account closure letter?

• Are bank closure letters required?

• What must a bank closure letter include?

• What do sample bank closure letters look like?

What Is a Bank Letter to Close an Account?

A bank account closure letter is a letter you write to your bank or credit union asking them to close your account. If you’re closing a savings account at one bank so you can open a new account elsewhere, for example, the bank might ask you to do so in writing.

Writing a letter to close a bank account can ensure that it’s actually closed and that no new deposits or withdrawals can be made. You can write a closing bank account letter to your bank for one account that you have there or for all of them. You can also specify where the bank should forward any remaining money in the account(s).

If you write a bank account closure letter, it’s still a good idea to confirm that the account is closed and update account information for any automatic payments or direct deposits you have set up. Otherwise, you could end up reopening a closed bank account by accident if the bank allows new deposit or credit transactions to post.

How Do Bank Closure Letters Work?

Bank account closure letters work by directing the bank to close any accounts that you specify in the letter. Your bank may have an account closing letter template or form that you can download from its website or pick up at a branch. If not, you can draft your own bank closure letter by including the required information.

Once you submit a bank closure letter to the bank, they’re supposed to close the account or accounts listed in the letter. Any other accounts not listed in the letter should not be affected.

A bank closing letter may or may not need to be notarized. If your bank requires notarization, you may be able to have the bank notary witness your signature at a branch. Bank notary services are usually free for existing customers.

Note that if you have a joint bank account, both of you may need to sign the letter for account closing.

Are Bank Closure Letters Required?

Whether you need to provide a letter to close a bank account or not can depend on the bank. It’s possible that you may be able to close a bank account over the phone or at a branch, without having to submit anything in writing.

You may be more likely to need a written bank account closure letter if there are special reasons for the closure. For example, a letter may be necessary if you:

• Were named as a beneficiary to a bank account and are closing it after the death of the primary account owner.

• Are going through a divorce and it’s necessary to close the account to divide assets.

• Need to close an account for someone who’s passed away and you’re acting as their executor.

Your bank or credit union should be able to tell you when, if ever, a bank account closure letter might be needed. If a letter is necessary, your bank may also be able to provide you with a template or, at the very least, tell you what information you’ll need to include.

Recommended: How to Automate Your Finances

Bank Letter to Close an Account Sample

Bank closure letter templates can vary from bank to bank, but they generally include the same information. If you’re wondering what you can expect, here are a few sample bank account closing letters that you can use as a guide for what to include.

• Heritage Bank account closing letter

• First Bank of Highland Park account closing letter

• Bank of America account closing letter template .

Again, not all banks offer a set template for a bank closing letter. U.S. Bank, for example, directs customers to mail in written requests but doesn’t provide a standard form for doing so.

How to Write an Account Closure Letter?

If you need to write an account closure letter to close a bank account, the process is fairly straightforward. The letter doesn’t need to be long; usually just one page will suffice. But your letter does need to include the right information, as follows:

Basic Information

The first thing to include is some basic information that’s common to any business letter. So, at the top you’ll write:

• Name of the bank

• Bank address

• The date.

You can also add a separate line underneath that referencing what the letter is about. For example, you might add a line that says RE: Account closure for [your name].

After the initial information, you can follow up with the greeting. You can use Dear Banker or To Whom It May Concern if you’re not sure who will receive the letter.

Closure Request

Next, you’ll want to specify what you’re writing about. So, you might say something like:

“Dear Banker,
I’m writing to request the closure of the following accounts at your bank. Please close the account(s) listed below and forward a check for the remaining balance(s) to the address listed below. If you have any questions regarding this request, you can contact me in writing or by phone at XXX-XXX-XXX.”

You don’t need to go into detail about why you’re closing a bank account. If your banker asks, you can provide them with an explanation, but you shouldn’t be required to do so.

Account Information

After making the closure request, you’ll need to tell the bank which accounts to close. Specifically, you can include the following:

• Account name(s) or type(s)

• Account number(s)

Once you’ve listed out the accounts, you can ask the bank to send a written confirmation that your request was received and the accounts have been closed. The final step is to sign and date the letter so you can submit it to the bank.

Opening a Bank Account With SoFi

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

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FAQ

Which documents are required to close a bank account?

If you’d like to close a bank account, all you might need is a bank account closure letter. Additional documents, such as a divorce decree or a death certificate, may be needed to close bank accounts that you own jointly or that belonged to someone else in the circumstances of a divorce or death.

Can you close a bank account without going to the bank?

If your bank allows you to close accounts online or over the phone, it’s possible to do so without setting foot in a branch. You can contact customer service to find out what options you have for closing a bank account and whether a bank closure letter might be required.

What constitutes proof of bank account closure?

It’s a good idea to get a written confirmation from your bank that an account is closed. That way, if there are any issues with the closure later, you have a paper trail to show that the bank acknowledged your request.

About the author

Rebecca Lake

Rebecca Lake has been a finance writer for nearly a decade, specializing in personal finance, investing, and small business. She is a contributor at Forbes Advisor, SmartAsset, Investopedia, The Balance, MyBankTracker, MoneyRates and CreditCards.com. Read full bio.

Photo credit: iStock/Pheelings Media
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBK0323019

Mar

2025

What Is an Authorized Signer on a Bank Account?

By Rebecca Lake | Family Finances, money, Money & Life | Comments Off

An authorized signer is a person who has access to a bank account but doesn’t actually own the funds in the account. Their limited rights to the account differentiate an authorized signer from, say, a joint owner.

It could make sense to add an authorized signer to personal or business bank accounts if you’d like someone else to have access either for convenience or in case you’re unable to manage the account yourself. Here’s a closer look at what it means to be an authorized signer on a bank account and how to add one.

Key Points

• An authorized signer can conduct transactions within a bank account but does not own the funds within it.

• Account owners are legally responsible for activities conducted by authorized signers on their accounts.

• Authorized signers can write checks, pay bills, and make deposits, but their authority ends upon the account owner’s death.

• The account owner can limit the authorized signer’s access, such as restricting check-writing privileges.

• Adding or removing an authorized signer requires completing a form with the bank and possibly an in-person visit to add the signer, and the account owner can revoke the signer’s status at any time.

Definition of an Authorized Signer

An authorized signer on a bank account is someone who has the right to make transactions from the account, at the discretion of the account owner. However, an authorized signer does not own the funds in the account. The account owner can choose to whom to grant authorized signer status, and they can revoke that designation at any time.

In addition, it’s worth noting that the account holder may be able to limit the authorized signer’s access. For instance, some financial institutions may allow the account owner to cap check-writing privileges at $500 or $1,000 for the authorized signer. Any amount above that could require two signatures on the check.

Online banks and traditional banks often allow customers to add authorized signers; some may allow you to add more than one. A bank account authorized signer may be a:

• Spouse

• Adult child or grandchild

• Parent

• Sibling

• Another relative

• Friend

• Business partner (if you’re adding someone to business bank accounts)

Some points to note:

• Authorized signers are often added to business accounts so that the authorized signer can make deposits or write checks as needed.

• Authorized signer status applies while the account owner is still living. You can’t be an authorized signer on, for example, a savings account after death of the account owner, as your authority ends with their passing.

• As briefly noted above, an authorized signer is different from a joint owner of an account. With a joint account, the parties each have access to, as well as ownership of, the money in the account.

Also, adding an authorized signer is not the same as opening a bank account for someone else. For example, a parent might open a bank account for a minor child. The parent is the primary account owner, while the child is a joint owner, or it might be a custodial account. (This will depend on the financial product chosen.)

Roles and Responsibilities of an Authorized Signer

An authorized signer on a bank account typically has the right to:

• Check account balances

• Sign checks drawn on the account

• Pay bills

• Schedule transfers to other accounts

• Use a debit card to make purchases or withdraw cash from the account

• Deposit funds to the account

• Stop payments

You may be able to add an authorized signer to a business account, checking account, or savings account. If state laws allow, an authorized user may also be able to close the account.

You may wonder why someone would add an authorized signer to a bank account. It could make sense in certain situations.

• Seniors may choose to add their children as authorized signers to help them manage their money.

• A business owner may add one of their employees to the account and delegate certain tasks, such as paying invoices or making deposits.

• Someone who’s undergoing medical treatment for a serious condition may add a family member or friend to make sure their bills are paid so they can focus on their health.

An authorized signer has no right to any assets in the account after the account owner passes away unless they’re also listed as a beneficiary. If you’d like your authorized signer to be able to inherit your account, you’d need to fill out a beneficiary form with your bank.

Recommended: How Do Savings Accounts Work?

Differences Between an Authorized Signer and Account Holder

The main difference between an authorized signer and an account holder is simple: The account holder owns the account; an authorized signer doesn’t.

An authorized signer can’t make any changes to the account’s ownership. They don’t have any automatic right to the money once the account holder passes away. The account owner can revoke their authorized signer status at any time. Account holders are also legally responsible for anything authorized signers do with the funds in the account.

To recap:

• Account owners (including joint account owners) own the funds in the account and have discretion over how the account is managed, including when to add or withdraw an authorized signer.

• Authorized signers have the right to conduct certain transactions in the account, but they don’t own it and their authority ends when the account holder dies. (In other words, there’s no access or rights for an authorized signer on a bank account after the death of the owner.)

• Beneficiaries inherit funds in the account once the account passes away, but have no rights to it during the account owner’s lifetime.

Another angle on this matter: The difference between an authorized signer vs. joint owner bank account is that joint owners have equal ownership, control, and access with one another. They also share equal legal responsibility for account transactions.

A joint bank account owner may or may not automatically inherit a bank account when the other account owner passes away. If the account is held with rights of survivorship, the account becomes theirs. If it’s held as tenants in common, the share of the account belonging to the deceased owner passes to their heirs.

How to Add or Remove an Authorized Signer

Adding or removing an authorized signer typically requires you to fill out a form with your bank. You may add an authorized signer when you open a new bank account or after the account is established.

You’ll need to give the bank some information about the person you want to add, including their:

• Name

• Date of birth

• Social Security number

• Address and phone number

The bank may allow you to specify the level of access you’d like your authorized signer to have. This is similar to how credit cards may allow you to set spending controls for an authorized user. Your bank may also request an in-person meeting with your authorized signer to confirm their identity and create a signature card.

If you want to remove an authorized signer, you’ll need to let the bank know and complete any paperwork that’s required. You may be able to complete the process on your bank’s website or in their app. Once an authorized signer is removed, they no longer have any rights to transact in the account.

Legal Implications and Considerations

As the account holder or owner, you’re responsible for anything that an authorized signer does. That could lead to tricky legal situations if they engage in irresponsible or even criminal behavior, such as check fraud. At the very least, you could put yourself at risk for overdraft charges or other fees if the authorized signer mismanages funds in the account.

Before you add someone as an authorized signer, it’s important to consider how trustworthy they are and how comfortable you feel giving someone else access to your bank account. If your bank allows you to set controls on what an authorized signer can or can’t do, you may want to weigh the benefits of doing so. That way, you could likely minimize worries about an authorized signer overspending from your account.

Recommended: Savings Account Calculator

The Takeaway

Adding an authorized signer to a bank account may be something to consider if you’d like to have a backup person who could access your account if needed or someone to whom you could delegate some personal finance tasks.

If you’re interested in opening a new checking account or savings account, and are exploring joint accounts, see what SoFi offers.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Can an authorized signer withdraw money from the account?

Authorized signers can typically write checks on the account, use a debit card to make purchases, withdraw cash at ATMs, or make withdrawals in person at bank branches. If your bank gives you the option, you may be able to limit the types of withdrawals an authorized signer can make. For instance, you could possibly put a cap on ATM withdrawals, or make it necessary to have two signatures on checks for more than $1,000.

Does an authorized signer have access to online banking?

An authorized signer can have access to online and mobile banking if the bank offers that feature. They would need to create a unique user ID and password to log in and access any accounts they have access to.

Can an authorized signer be held liable for account activities?

Account owners, not authorized signers, are legally responsible for any activity that occurs in the account. That’s an important legal point to consider if you’re thinking of adding an authorized signer to bank accounts you own. It’s wise to be sure you feel they are a trustworthy individual.

About the author

Rebecca Lake

Photo credit: iStock/miniseries

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOBNK-Q324-032

Mar

2025

Guide to Adding a Beneficiary to a Bank Account

By Rebecca Lake | Family Finances, Life & Career, money, Money & Life | Comments Off

Adding a beneficiary to a bank account is similar to naming a beneficiary to a life insurance policy or retirement account. A bank account beneficiary is entitled to receive the assets in the account when you pass away.

Should you name a beneficiary to your bank accounts? Maybe, if you’d like to ensure that the money goes to a specific person, group of persons, or entity after you die.

There are, however, some bank account beneficiary rules to keep in mind when deciding how to handle your accounts. Here, you’ll learn more about:

• What a bank account beneficiary is

• What privileges a beneficiary has

• The pros and cons of naming a beneficiary to a bank account.

What Is a Beneficiary on a Bank Account?

A bank account beneficiary is an individual or entity who’s entitled to inherit assets once the account owner passes away. Generally, the beneficiary to a bank account can be anyone you choose to name, including:

• A spouse

• Adult children

• Siblings or other relatives

• Trusts

• Charitable organizations.

It may be possible to name a minor as the beneficiary to a bank account if your financial institution allows it. However, you might be better off appointing someone to act as a custodian for them and naming that person as the beneficiary, since leaving assets to children can get tricky from a legal perspective.

You could also set up an account in their name if you want to establish an account for a minor. The minimum age to open a bank account alone is typically 18 or 19, depending on which state you live in. However, parents can open youth savings accounts or teen checking accounts on behalf of minor children.

All beneficiaries to the account have an equal share. So, if you have five adult children and you name each of them as beneficiaries to your bank account, it would be a five-way split when it’s time to divide the assets. Each person would receive 20%.

Bank Account Beneficiary Rules

If you’re interested in naming one or more beneficiaries to your bank accounts, it’s helpful to understand a little more about how it works. Your bank can offer more information on adding beneficiaries or removing them, if necessary. In the meantime, here are a few key things to know.

Is a Beneficiary Required?

You’re not required to name a beneficiary to a bank account. However, if you’re opening a new bank account, the bank might ask you if you’d like to name one or more beneficiaries.

Is there an advantage to naming a bank account beneficiary? There are a couple, actually.

• Naming a beneficiary ensures that the person you choose will inherit the assets in your account after you’re gone.

• Bank accounts that have a beneficiary are not subject to probate. Probate is a legal process in which a deceased person’s assets are inventoried, outstanding debts are paid, and remaining assets are distributed to their heirs. It can be costly and time-consuming, but accounts with named beneficiaries are exempt from the process.

Can Beneficiaries Interact With Your Account?

You might be wondering what control, if any, a beneficiary might have over your account. For example, when can a beneficiary withdraw money from a bank account?

The simple answer is that a beneficiary can’t do anything with the account until you pass away. Unless you add them as a joint owner, they wouldn’t be able to make withdrawals or get information about the account.

Once you pass away, however, the money becomes theirs. At that point, they could do whatever they like with it since they technically own it. Keep in mind that naming a beneficiary wouldn’t prevent a government withdrawal from your account if your balance is offset for unpaid debts.

Recommended: What Is Private Banking?

Does Marriage Affect Beneficiary Rules?

Whether marriage impacts bank account beneficiary rules can depend on how the account is owned and what state law dictates.

If you and your spouse are both listed as joint account owners, for instance, then the beneficiary you name would likely need to wait until both of you pass away to collect any money. An account that’s owned solely by you could be passed on to your beneficiary without any of the money going to your spouse.

However, your spouse may be able to contest the beneficiary designation with the probate court. You may also need your spouse’s consent to leave assets in a bank account to someone other than them after your death.

If you get divorced and your spouse was the beneficiary to your bank account, you’d likely want to update that designation. Otherwise, they’d still be entitled to any money from the account after you’re gone.

Are There Any Downsides to Having a Beneficiary?

Naming a beneficiary to a bank account has its upsides, but there are some potential drawbacks to keep in mind as well.

• The beneficiary can do what they want with the money once they inherit it. If you’d like to have a say in how they manage those funds after you’re gone, you might be better off leaving the money in a trust instead. With a trust, you can specify exactly how and when your heirs can access their inheritance.

• Beneficiary designations can also get tricky if you change your mind later. You may need to close the account and open a new one to remove a beneficiary, depending on your bank’s policy.

• Naming beneficiaries can also be problematic if it causes infighting among your heirs. For example, you might name your daughter the beneficiary to your checking account but not your son. That could lead to squabbles between them and even legal disputes if your son challenges the beneficiary designation after your death.

Do All Banks Allow Beneficiaries?

Do bank accounts have beneficiaries automatically? Usually, the answer is no. But most banks allow you to name a beneficiary to bank accounts. Credit unions can allow them too. You can check with your bank to see if naming one or more beneficiaries is an option.

If your bank does allow beneficiaries, it’s a good idea to familiarize yourself with the rules. For example, the bank might restrict who you can name and the number of beneficiaries allowed. Or it might have certain guidelines for changing or removing beneficiaries later.

Can you open a bank account for someone else if your bank doesn’t allow beneficiaries? You might be able to, depending on the bank’s rules. For example, you could set up a joint account for yourself and someone else or open an account for a minor child. Either one could allow you to bypass beneficiary designation rules.

Payable-on-Death Accounts vs. Bank Account Beneficiaries

When you open a new bank account you may be able to designate it as a payable on death (POD) account. Payable on death means that when you pass away, the money in the account is payable to the beneficiary or beneficiaries that you named at the account opening.

It’s possible to add a beneficiary to a bank account after the fact. That may be as simple as filling out a form or logging onto online banking and adding the beneficiary’s information to an existing account. The money in the account would still be payable on death to the beneficiary once you pass away.

Whether your bank specifically refers to your account as payable on death or not, the beneficiary rules are the same. Anyone who’s named to inherit the assets in the account would not be able to touch them until after you’ve died.

Recommended: How Many Bank Accounts Should I Have?

The Takeaway

Adding a beneficiary to a bank account could make transferring money to loved ones easier, especially if you’d like them to be able to sidestep probate or just feel financially secure during a trying time. If you’re not sure whether you can add a beneficiary to a bank account or not, you can ask your bank for more details.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Can a beneficiary take over a bank account?

A beneficiary is entitled to inherit a bank account when the original account owner passes away. Someone who is listed as a beneficiary, but not a joint owner, would not be able to take over the account or access it during the owner’s lifetime.

What happens when you add a beneficiary to your bank account?

When you add a beneficiary to your bank account, you’re telling the bank that you’d like the money in the account to go to that person (or persons) when you pass away. The beneficiary would be able to inherit the account from you after your death.

Who gets the money in your bank account after your death?

If you name one or more beneficiaries to a bank account, then those beneficiaries would be entitled to get the money in your account when you pass away. On the other hand, if you don’t name a beneficiary, then your bank account can get included in your estate. It would then be distributed to your heirs, according to the terms of your will or state inheritance law if you die intestate (without a will).

About the author

Rebecca Lake

Photo credit: iStock/g-stockstudio
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SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This article is not intended to be legal advice. Please consult an attorney for advice.

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Mar

2025

What Is the Average Salary by Age in New York?

By Rebecca Lake | Life & Career, Money & Life, relay | Comments Off

Ever wondered if location makes a difference in the size of your paycheck? New Yorkers on average earn an annual salary of $74,870, according to a Forbes analysis of data from the Bureau of Labor Statistics (BLS). For perspective, the average annual salary in the U.S. is $63,795 according to the national average wage index.

Here’s a deeper dive into the average salary in New York by age and location.

Average Salary in New York by Age in 2024

The average income by age in New York increases with age until people hit their mid-60s. Adults under 25 earn an average annual salary of $39,366, while those in the 25 to 44-year-old range pull in an average income of $85,570. Workers in the 45- to 64-year-old range earn the most, with average annual pay of $88,827.

That makes sense, given that most people don’t reach their highest-earning years until their 40s. The average salary in New York by age drops to $51,837 for those 65 and older, which can be attributed to more people leaving the workforce to retire or cutting back on the number of hours worked.3

Using a money tracker can help you stay on top of your income and expenses through every stage of your earnings journey.

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Recommended: Highest Paying Jobs by State

Average Salary in New York by City in 2024

The average salary in New York is higher than the average pay in the United States but earnings aren’t the same in every city.

If you’re using a budget planner app to keep a close eye on your finances, your choice of hometown can make a difference in how far your money goes. Here’s a comparison of the top 10 highest-earning cities in New York, according to ZipRecruiter.

City	Annual Salary
Queens	$103,148
Islip	$101,069
Albany	$99,106
Monroe	$98,563
Bronx	$96,858
Brooklyn	$96,659
Deer Park	$95,266
Vernon	$94,513
Oyster Bay	$93,458
Borough of Queens	$92,914

In these cities, the average monthly salary in New York ranges from $8,595 at the high end to $7,742 at the low end. By comparison, the average salary in the U.S. breaks down to $5,316 monthly.

Recommended: How to Calculate Your Net Worth

Average Salary in New York by County in 2024

What’s considered a good entry-level salary or annual salary in New York can vary by county. Here’s a look at the average salary for 10 counties across the state, according to BLS data.

County	Annual Salary
New York	$157,465
Westchester	$95,004
Albany	$79,768
Nassau	$78,312
Saratoga	$68,640
Erie	$66,300
Richmond	$65,884
Kings	$60,476
Oneida	$60,008
Broome	$59,332

Examples of the Highest-Paying Jobs in New York

The highest-paying jobs in New York pay well over $100,000 annually, with some of the best-paying jobs topping $200,000 in yearly salary on average. Even the top 100 highest-paying jobs offer an entry-level salary in the six-figure range.

Have your sights set on landing a six-figure salary job? Some of the most lucrative job titles in New York, according to Zippia, include:

• Finance Services Director: $226,494

• Hospitalist Physician: $215,888

• President/Chief Executive Officer: $201,998

• Executive Vice President: $192,649

• Internal Medicine Physician: $192,457

• Chief Administrative Officer: $188,629

• Operator and Truck Driver: $185,868

As you can see from this list, many of the highest-paying jobs in New York are in the business and medical fields, though some may be good jobs for introverts. Your average earnings can depend on your years of experience, education, and chosen career path.

The Takeaway

Understanding the average income by age, for New York or any other state, can give you an idea of how you compare to other workers. It’s important to remember, however, that earning six figures or more isn’t an automatic guarantee that you’ll be financially secure. Student loan debt, high housing costs, and inflation can test just how far your money goes.

If you’re working your way up the career ladder while paying down debt and focusing on savings, your net worth may be a better metric to track. You can use a net worth calculator by age to see where you should be, compared to people in your age range. If you’re ahead, then you know your financial plan is working. And if you’re behind, you can work out a strategy for getting caught up.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What is a good average salary in New York?

A “good” average salary in New York state depends on the cost of living in your city or county and your spending habits. Your marital status can also make a difference. A single person living in New York City might be able to live comfortably on $70,000 a year, while a couple with two kids may need $300,000 a year in salary to cover expenses.

What is the average gross salary in New York?

The average New Yorker earns an annual salary of $74,870. That’s nearly $15,000 more per year than the average worker in the U.S. earns.

What is the average income per person in New York?

The average income per capita in New York is $47,173. This number is below the average salary figure for New York overall, as per capita income counts all people, including those who are not working or earning income.

What is a livable wage in New York?

A livable wage for a single person with no children in New York is $26.60 per hour. If you assume a 40-hour workweek and 50 weeks of work per year, with two off for vacation, that adds up to $53,200 per year. Meanwhile, to earn a livable wage, a married couple with two kids would need $33.53 per hour if both parents work, or $46.47 per hour if only one works. That’s an annual income of $69,742 or $96,658, based on the same 40-hour week and 50 weeks of work per year.

About the author

Rebecca Lake

Photo credit: iStock/LeoPatrizi

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL-Q224-1906928-V1

Mar

2025

Can You Get a Debit Card for a Savings Account?

By Rebecca Lake | money, Money & Life, Terminology | Comments Off

You usually can’t get a debit card for a savings account. Typically, debit cards are issued for checking accounts.

There’s a simple reason for that. Savings accounts are designed to hold money that you don’t plan to spend right away. Earning interest on deposits is the reward you get for adding money to your savings balance. Checking accounts, on the other hand, are designed for spending.

There’s a backdoor way to use a debit card for a savings account, but it requires you to have a checking account and transfer funds. Knowing the rules for debit cards and bank accounts can make it easier to manage your money.

Key Points

• Savings accounts typically don’t come with debit cards; they are designed for holding money and earning interest.

• Debit cards are often linked to checking accounts, which are meant for spending.

• ATM cards can sometimes be issued for savings accounts, allowing limited access to funds.

• Alternatives to debit cards for savings accounts include transferring funds to checking accounts or making in-person withdrawals.

• Understanding the rules and limits of savings accounts can help you manage funds effectively.

What Accounts Offer Debit Cards?

Usually, you cannot get a debit card with standard or high-yield savings accounts. You can, however, get a debit card with other types of bank accounts, such as:

• Traditional checking accounts

• High-yield checking or interest checking

• Money market accounts

• Cash management accounts

• Health savings accounts

You can find traditional checking accounts, high-yield checking, and money market accounts at traditional banks or online banks. Some banks also offer HSAs with a debit card so that paying for health care is easy and convenient.

A cash management account is a little different. These accounts, which you can find at a brokerage, blend features of savings and checking accounts. You can use them to pay bills, make purchases with a debit card, or hold funds that you plan to transfer into your investment account.

Debit Cards vs. ATM Cards

Debit cards and ATM cards may look the same at first glance, but there are some key differences between them.

• A debit card is a PIN-enabled card that’s linked to a checking account or a money market account. You can use a debit card to make purchases, pay bills, or withdraw cash at ATMs. When you complete a debit card transaction, the money is deducted from your checking or money market account.

• ATM cards are also PIN-based but they have less functionality than a debit card. You can use an ATM card to view your balance, withdraw cash, or make deposits at an automated teller machine. You cannot, however, use a debit card to make purchases.

Banks can issue ATM cards for checking accounts, though it’s more common to get a debit card instead. Some banks also offer ATM cards for savings accounts, though that’s more of an exception than the rule. If you have an ATM card for checking or savings, there may be an ATM withdrawal limit that dictates how much cash you can take out daily or weekly.

Accessing Your Savings Account Funds

If you want to access money in your savings account but don’t have a debit card, your options will depend on your bank’s policies. Generally, the alternatives can include:

• You can use an ATM card if you’re issued one for transferring funds into a checking account and withdrawing from there. Or you can make a transfer on your financial institution’s website or in the app. That’s the backdoor method that was mentioned earlier. This process can be especially easy if you have linked checking and savings accounts at the same financial institution.

• If you have a savings account at a traditional bank, you could also make withdrawals in person at the teller window.

When accessing savings account funds, it’s important to know what limits your bank imposes. For instance, it’s not uncommon for banks to limit you to six withdrawals from savings per month. If you go over that limit, the bank can charge an excess withdrawal fee for each additional transaction or convert your savings into a checking account.

Tips for Using Your Savings Account

Savings accounts are not meant to be complicated or confusing, but there are some rules to know about using them. These tips can help you make the most of your savings.

• Choose the right bank to open a savings account. Online banks can offer higher interest rates on savings with fewer fees, compared to traditional banks. The trade-off is that you don’t have access to bank branches.

• Know your limits. As mentioned, banks may limit you on the number of withdrawals you can make from savings per month. There may also be limits on how much you can transfer from savings to checking or withdraw in cash at a teller.

• Link savings to checking. Linking your savings account to a checking account can make it easy to transfer funds between them. Just keep in mind that linking accounts is not an excuse to siphon away money from savings unnecessarily. This is especially true if your savings account is your emergency fund.

• Automate deposits. Setting up automatic deposits to savings is an easy way to grow your balance. You can also use direct deposit to send some of your paycheck to savings or create a recurring transfer from checking to savings each payday.

If your bank offers an ATM card with a savings account, remember to check the ATM withdrawal limits. Also, it’s important to be aware of any added ATM fees you might pay for using another bank’s machine to withdraw cash.

Alternatives to Getting a Debit Card for Savings Accounts

If you can’t get a debit card for a savings account, you have some other options for managing your money. For instance, you could:

• Link your savings account to a checking account (especially an interest-bearing one) for convenient transfers.

• Set up a cash management account that combines features of a checking and savings account, including a debit card.

• Open a money market account that includes a debit card and check-writing privileges.

• You could also use a prepaid debit card to hold your savings. That can make it easy to access your money, but there are a few drawbacks. You won’t earn interest the way that you could with a savings account at a bank. Also, if your card is lost or stolen you might be out your entire savings if you don’t report the loss to the card issuer right away. Prepaid debit cards can also charge fees, which can nibble away at your savings balance.

These are some work-arounds since you usually can’t get a debit card with a savings account, and as you see, each can have its pros and cons.

The Takeaway

Savings accounts can help you set aside money toward your big (or small) financial goals. While you usually don’t get a debit card for savings accounts, you could still get a great rate for your money to make up for it. If you are determined to get something akin to a debit card with a savings account, you might look at such alternatives as money market or cash management accounts or link your checking and savings accounts for easy transfers and then withdrawals.

Another smart move: Bank with SoFi. We offer checking and savings in one convenient place, with debit card access.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Do banks give debit cards for savings accounts?

Banks usually do not issue debit cards for savings accounts. Money market savings accounts may be an exception, as those can sometimes come with a debit card, paper checks, or both. Debit cards are most commonly associated with checking accounts.

Is there a card for a savings account?

A bank may offer an ATM card for a savings account. If you get a savings account with an ATM card, you could use your card to deposit or withdraw cash at ATMs. You would not, however, be able to make purchases with the card.

Can I use an ATM card to access my savings account?

You could use an ATM card to access a savings account if the bank issues one to you. If you don’t have an ATM card for your savings account, you may need to first transfer money to checking and then withdraw it using your debit card.

About the author

Rebecca Lake

Photo credit: iStock/Miljan Živković

SOBK1222077

Guide to Bank Account Closure Letters

Get up to $300 when you bank with SoFi.

What Is a Bank Letter to Close an Account?

How Do Bank Closure Letters Work?

Are Bank Closure Letters Required?

Bank Letter to Close an Account Sample

How to Write an Account Closure Letter?

Basic Information

Closure Request

Account Information

Opening a Bank Account With SoFi

FAQ

Which documents are required to close a bank account?

Can you close a bank account without going to the bank?

What constitutes proof of bank account closure?

What Is an Authorized Signer on a Bank Account?

Definition of an Authorized Signer

Roles and Responsibilities of an Authorized Signer

Differences Between an Authorized Signer and Account Holder

How to Add or Remove an Authorized Signer

Legal Implications and Considerations

The Takeaway

FAQ

Can an authorized signer withdraw money from the account?

Does an authorized signer have access to online banking?

Can an authorized signer be held liable for account activities?

Guide to Adding a Beneficiary to a Bank Account

What Is a Beneficiary on a Bank Account?

Bank Account Beneficiary Rules

Is a Beneficiary Required?

Can Beneficiaries Interact With Your Account?

Does Marriage Affect Beneficiary Rules?

Are There Any Downsides to Having a Beneficiary?

Do All Banks Allow Beneficiaries?

Payable-on-Death Accounts vs. Bank Account Beneficiaries

The Takeaway

FAQ

Can a beneficiary take over a bank account?

What happens when you add a beneficiary to your bank account?

Who gets the money in your bank account after your death?

What Is the Average Salary by Age in New York?

Average Salary in New York by Age in 2024

Track your credit score with SoFi

Check your credit score for free. Sign up and get $10.*

Average Salary in New York by City in 2024

Average Salary in New York by County in 2024

Examples of the Highest-Paying Jobs in New York

The Takeaway

FAQ

What is a good average salary in New York?

What is the average gross salary in New York?

What is the average income per person in New York?

What is a livable wage in New York?

Can You Get a Debit Card for a Savings Account?

What Accounts Offer Debit Cards?

Get up to $300 when you bank with SoFi.

Debit Cards vs. ATM Cards

Accessing Your Savings Account Funds

Tips for Using Your Savings Account

Alternatives to Getting a Debit Card for Savings Accounts

The Takeaway

FAQ

Do banks give debit cards for savings accounts?

Is there a card for a savings account?

Can I use an ATM card to access my savings account?

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