You can place a hold on the savings account, but for no longer than you would allowed to place a hold on the transaction account.
229.19(e) Holds on other funds.
(1) A depositary bank that receives a check for deposit in an account may not place a hold on any funds of the customer at the bank, where--
(i) The amount of funds that are held exceeds the amount of the check; or
(ii) The funds are not made available for withdrawal within the times specified in Secs. 229.10, 229.12, and 229.13.