The two ways to move your savings account

You can transfer your savings account in two ways: move the money out and close the old account, or keep both accounts open and move money gradually. The first is faster and cleaner. The second takes longer but lets you test the new bank before fully switching.

Most people use a direct transfer—you give the new bank your old account details, and they pull the money over in a few business days. You can also do it yourself by withdrawing cash or using a wire transfer, but that's slower and costs more. Direct transfer is free at nearly every bank.

The timing matters. Money usually moves in 3 to 5 business days, but some banks take longer. If you have automatic deposits or bill payments hitting the old account, you need to change those before the transfer completes, or the money lands in an account you're trying to close.

Key Takeaways

  • A direct transfer from your new bank pulls money from your old account in 3 to 5 business days and costs nothing.
  • You must update any automatic deposits or bill payments before the transfer completes, or they will keep hitting the old account.
  • The new bank needs your old account number, routing number, and permission to access it—you provide these when you start the transfer.
  • Closing the old account when ready after the transfer is complete prevents accidental charges and confusion later.
  • If the new bank cannot pull the money, you can push it yourself using a wire transfer or ACH push, though these may have small fees.

What information you need before you start

Gather these details from your old bank before you contact the new one. You'll need your account number (usually on your debit card or statement), your routing number (a nine-digit code that identifies your bank), and the name and address of the old bank. Most banks print the routing number on the bottom left of checks.

If you don't have a check or can't find the routing number, call your old bank's customer service line or log into your online account—it's usually listed under account details. Write down the exact account type too (savings, money market, or regular savings), because some banks have different routing numbers for different account types.

You'll also need to know your current balance and whether you have any pending transactions. If you have a large deposit coming in the next few days, wait for it to clear before starting the transfer—moving money mid-deposit can cause delays.

How to start the transfer at your new bank

Log into your new bank's online account or call their customer service line and ask to transfer funds from another bank. Most banks have a "transfer money" or "link account" option in their app or website. You'll be asked whether you want to pull money from the old account (the new bank retrieves it) or push it (you send it from the old bank). Pull is standard and faster.

Enter your old account number, routing number, and the amount you want to move. The new bank will ask you to verify the transfer—some send a small test deposit (usually under $1) to your old account first, and you confirm the amount to prove you own it. This takes an extra day but adds a security step.

Once you confirm, the new bank submits the transfer request. You'll see a pending status in your new account. The money usually arrives in 3 to 5 business days, though some banks take up to 7. You can check the status by logging in or calling the new bank.

Updating automatic payments and deposits before the transfer clears

This is the step most people forget, and it causes real problems. Before the transfer completes, change the account information for anything that deposits or withdraws from your old account. This includes your paycheck, Social Security, pension, tax refunds, insurance payments, and any automatic bill payments.

Start with your employer's payroll department or HR—give them your new account number and routing number. If you receive Social Security or a pension, contact the Social Security Administration or your pension provider and update your direct deposit information. For tax refunds, you can update your account information on the IRS website or when you file your next return.

For automatic bill payments (utilities, insurance, subscriptions, loan payments), log into each company's website or call them and change the account number. Don't assume the old account will stay open long enough for one more payment—close it as soon as the transfer finishes, and any payment that arrives after that will bounce.

What happens if the transfer fails or takes longer than expected

If the new bank cannot pull the money—usually because the account number or routing number is wrong—they'll contact you. Check your email and phone for messages from the new bank. If you see an error, correct it and resubmit the transfer request.

If the transfer is taking longer than 5 business days, call the new bank and ask for a status update. Provide the date you started the transfer and the amount. The new bank can contact your old bank to track it down. In rare cases, the old bank delays the transfer if they see unusual activity, but this usually resolves in a day or two.

If you need the money urgently and the transfer is stalled, you can withdraw cash from the old account and deposit it at the new bank, or ask the new bank about a wire transfer (which costs $15 to $30 but moves in one business day). Keep records of any fees the old bank charges for the wire—you may be able to recover them if the transfer was delayed on their end.

Closing your old account safely

Wait until the transfer shows as complete in your new account before you close the old one. Log into your old bank's online account or call their customer service line and ask to close the savings account. They'll confirm the balance is zero (or ask what to do with any remaining cents). Some banks mail a final statement; others email it.

Ask the old bank to confirm the account is closed and get a reference number for your records. Keep this confirmation for at least a month—if a payment bounces or a deposit arrives after closure, you'll need proof the account was officially closed.

Check your old account one more time a week after closure to make sure nothing else posted. If you see a charge or deposit, contact the old bank when ready. Once you're confident nothing else is coming, you can delete the old bank's app and stop monitoring it.

Frequently Asked Questions

Can I transfer my savings account without closing the old one?

Yes. You can move some or all of the money and keep the old account open. This is useful if you want to test the new bank first or if you have automatic payments still hitting the old account. Just remember that keeping an old account open costs money if there's a monthly fee, so close it once you've confirmed everything has switched over.

What if I have a large balance—does the transfer limit change?

Most banks don't limit the amount you can transfer, but some cap transfers at $25,000 or $100,000 per day. If your balance is very large, call the new bank before you start and ask about limits. You may need to do multiple transfers over several days, or the bank may require you to move the money in person at a branch.

How long does it take for the money to show up in my new account?

Usually 3 to 5 business days. Weekends and bank holidays don't count. If you start a transfer on a Friday, the money typically arrives by the following Wednesday or Thursday. Some banks are faster; a few take up to 7 days. The new bank can tell you their standard timeline when you start the transfer.

Do I lose interest if I move my savings account mid-month?

It depends on your bank's policy. Some banks calculate interest daily and pay it on the last day of the month, so moving mid-month doesn't affect what you've earned. Others calculate it on the account balance on a specific date. Call your old bank and ask when they calculate interest—if it's before the transfer completes, you won't lose anything. If it's after, you might earn a few cents less.

What if my new bank asks for a wire transfer instead of a direct transfer?

A wire transfer is faster (usually one business day) but costs $15 to $30. Use it only if you need the money urgently. For a wire, call your old bank, give them the new bank's name and your new account number, and authorize the transfer. The old bank will send the money directly. This is more expensive but avoids delays if the direct transfer is stuck.