The basic steps to transfer your savings account
Moving a savings account to another bank means closing the old account and opening a new one at the new bank, then moving the money between them. You do not have to close the old account first — in fact, you should open the new account and fund it before you close anything. The new bank will not move your account history or statements; those stay with your old bank. What moves is the money.
The process takes between three and ten business days, depending on how you move the funds and whether your old bank processes transfers quickly. Some banks are slower than others. If you have automatic deposits or payments tied to the old account, you will need to update those separately — the bank transfer itself does not redirect them.
You have three main ways to move the money: an ACH transfer (electronic, free, takes three to five business days), a wire transfer (faster but costs $15 to $30), or a cashier's check (free, takes one to three days if you deposit it in person). For most people, ACH is the right choice because it is free and reliable, even though it is slower.
Key Takeaways
- Open your new account before closing the old one, so you always have access to your money.
- ACH transfers are free and take three to five business days; wire transfers are faster but cost $15 to $30.
- You must update automatic deposits and bill payments separately — the bank transfer does not redirect them.
- Keep your old account open for at least one billing cycle after the transfer to catch any missed payments or deposits.
- Request your account statements and history from your old bank before closing, since they do not transfer automatically.
Opening your new account and gathering what you need
Before you move money, open the new savings account at your new bank. You will need a government-issued ID, your Social Security number, and proof of address (a recent utility bill or lease works). Some banks let you open an account online; others require you to visit a branch. Online accounts usually open within one business day.
Once the new account is open and active, write down the account number and routing number — you will need both to set up the transfer. The routing number is a nine-digit code specific to your new bank's location or processing center. You can find it on a check, on the bank's website, or by calling customer service.
At the same time, gather your old account number and the routing number for your old bank. You will give this information to your new bank so they can pull the money out. Do not give your old account login information to anyone — the new bank only needs the account and routing numbers.
Initiating an ACH transfer from your new bank
The easiest way to move money is to ask your new bank to pull it from your old account using an ACH transfer. Log into your new bank's online banking portal or call their customer service and ask to set up an incoming ACH transfer. Tell them you want to transfer funds from another bank.
You will provide your old account number, your old bank's routing number, and the amount you want to transfer. The new bank will initiate the transfer on their end. The money usually arrives in three to five business days. Some banks show the transfer as pending when ready; others do not show it until it settles.
If you are transferring a large amount (usually over $10,000), your new bank may ask you to verify the transfer by making a small test deposit to your old account first, or by providing documentation of the account ownership. This is a fraud prevention step and is normal.
Transferring money from your old bank instead
If your new bank cannot initiate the transfer, you can do it from your old bank's side. Log into your old bank's online portal or call customer service and ask to set up an outgoing ACH transfer. You will provide your new account number, your new bank's routing number, and the amount.
The timeline is the same — three to five business days. Some older banks do not offer ACH transfers online and require you to visit a branch or mail a form. If that is the case, ask how long it takes them to process the form once they receive it, because mail delays add to the total time.
If you are in a hurry, ask your old bank whether they offer wire transfers. A wire transfer moves money the same day or next business day and costs $15 to $30. It is worth the cost if you need the money quickly or if you are closing the old account soon.
Updating automatic deposits and bill payments
This is the step most people forget, and it causes real problems. Your employer's direct deposit, government benefits, insurance refunds, and any other regular deposits will still go to your old account unless you change them. Your new bank cannot redirect these automatically.
Make a list of every automatic deposit and payment tied to your old account. For deposits, contact your employer's payroll department, your benefits administrator, or whoever sends you money regularly and give them your new account and routing number. For bill payments, log into each biller's website or call them and update your bank information.
Do this before you close your old account, and do it as soon as you open the new account. If a deposit lands in your old account after you close it, the bank will return it to the sender, and you will have to contact them to resend it — a process that can take weeks.
Timing the closure of your old account
Do not close your old account when ready after the transfer completes. Wait at least one full billing cycle (usually 30 days) to make sure no unexpected deposits or payments show up. If your employer's payroll system is slow to update, a paycheck might land in the old account. If you closed it, that money bounces back.
After one billing cycle, log into your old account online or call and confirm the balance is zero and there are no pending transactions. Then call customer service and ask to close the account. Some banks let you close online; others require a phone call or branch visit.
When you close, ask the bank to confirm the closure in writing and to send you a final statement. Keep that statement for your records. If the old bank finds an error or a missed payment after closure, you will need proof that the account was closed and what the final balance was.
What to do if the transfer fails or takes too long
If three to five business days pass and the money has not arrived, log into your new bank account and check the transfer status. Most banks show whether a transfer is pending, completed, or rejected. If it is rejected, the new bank will tell you why — usually a mismatched account number or routing number.
If the account or routing number was wrong, you can start a new transfer with the correct information. The old transfer will not go through; the money stays in your old account. If the transfer was initiated from your old bank and it is delayed, call your old bank's customer service and ask them to check the status on their end.
If money is stuck or missing after five business days, contact both banks and ask them to investigate. Provide the date you initiated the transfer, the amount, and the account numbers involved. Banks can usually locate a transfer within one business day if it is recent.
Keeping records and protecting yourself
Before you close your old account, read or request copies of your statements for the past year. Your old bank is required to keep statements for seven years, but it is easier to get them now while the account is still open. Save them as PDFs or print them.
Take a screenshot or photo of the transfer confirmation from your new bank showing the amount transferred and the date it was supposed to arrive. If there is ever a dispute about whether the money moved, you will have proof.
If you had automatic bill payments set up on the old account and you forgot to update one, you will see a failed payment notice. Contact the biller when ready and provide your new bank information. Most billers will not charge a late fee if you update within a few days and the payment was not your fault.
Frequently Asked Questions
Can I transfer money while I am still using the old account?
Yes. You can transfer money and keep the old account open for as long as you want. In fact, you should keep it open for at least 30 days after the transfer to catch any missed deposits or payments. After that, you can close it whenever you are ready.
What if I do not know my old bank's routing number?
Call your old bank's customer service line (the number is on your debit card or statements) and ask for the routing number. You can also find it on a check if you have one, or on the bank's website. Do not guess — a wrong routing number will cause the transfer to fail.
Do I lose my account history when I move banks?
Yes. Your old bank keeps your statements and transaction history, but they do not transfer to your new bank. read or request copies of your statements before you close the account. Your new bank will only show transactions that happen after you open the account.
How much does it cost to transfer a savings account?
ACH transfers are free. Wire transfers cost $15 to $30, depending on the bank. Closing your old account is free. Some banks charge a fee if you close an account within a certain time period (usually 90 days), so ask before you open the new account.
What if my old bank will not let me transfer the money?
Banks are required to process ACH transfers, but some older institutions are slow or require you to visit a branch. If your bank refuses or delays, ask to speak to a supervisor and explain that you are closing the account. If they still refuse, you can withdraw the money in person and deposit it at your new bank, though this takes longer.