You cannot transfer a bank account itself, but you can move the money and close the account

A bank account is a contract between you and the bank. It has your name, your Social Security number, and your account number tied to it. You cannot hand that contract to someone else. What you can do is move the money out, close the account, and let the other person open their own account with the bank or elsewhere.

If you want someone else to access the money while you are still alive, you have different options depending on what you need: a joint account, a power of attorney, a transfer on death arrangement, or straightforward giving them the money. Each one works differently and has different legal consequences.

If you are planning for what happens after you die, the account will go through your estate or pass directly to a named beneficiary, depending on how the account is set up. That is not a transfer you make now—it is a direction you leave for later.

Key Takeaways

  • Bank accounts cannot be transferred to another person's name; the account holder and the bank's contract are inseparable.
  • A joint account lets two people access the same money during your lifetime, but both names stay on the account.
  • A power of attorney lets someone manage your account on your behalf without their name being on it, and it ends when you die or revoke it.
  • A transfer on death (TOD) or payable on death (POD) designation passes the account to a named person only after you die, without going through your will.
  • If you straightforward want to give the money away, you can withdraw it and give it to them, or transfer it to an account in their name.

Moving money to someone else's account right now

The simplest route is to move the money yourself. You can withdraw cash and give it to them, or you can transfer the funds electronically to an account in their name. Most banks let you do this through online banking or by visiting a branch.

If you transfer electronically, you will need the other person's account number and routing number (for a domestic transfer) or their IBAN and bank details (for an international transfer). The money usually arrives within one to three business days for domestic transfers. International transfers take longer—typically three to five business days—and may have fees on both ends.

Once the money is in their account, it belongs to them. You have no claim to it and cannot get it back unless they agree to return it. If you are sending a large amount, check whether your bank reports the transfer to the IRS. Banks report transfers over $10,000 as a matter of course, but this is a report of the transaction, not a tax on it.

Adding someone to your account as a joint owner

A joint account means two people own the same account and can both access all the money in it. Either person can withdraw, deposit, or transfer funds without permission from the other. Both names appear on the account and the bank statements.

To add someone as a joint owner, go to your bank with that person and bring identification for both of you. The bank will have you both sign new account documents. Some banks let you do this online if you are already a customer, though many still require a branch visit. There is usually no fee.

A joint account is useful if you want someone to help you manage money while you are alive—for example, an adult child helping an aging parent pay bills. It is not useful if you want to keep the account private or if you want to control who can access the money. Once someone is a joint owner, they can take all the money without your permission.

When one joint owner dies, the account usually passes to the surviving owner automatically, depending on how your state treats joint accounts. This is called right of survivorship. Check with your bank about your state's rules.

Giving someone power to manage your account without their name on it

A power of attorney is a legal document that lets you name someone to manage your bank account and other finances on your behalf. Their name does not go on the account. The account stays in your name, but they can withdraw money, pay bills, and make transfers as if they were you.

You create a power of attorney through an attorney or, in some states, using a form from your state bar association or a legal document service. The document must be signed and notarized. Costs vary: an attorney typically charges $200 to $500, while online legal services charge $50 to $150.

There are two types. A durable power of attorney stays in effect even if you become incapacitated—this is the one most people use for financial management. A non-durable power of attorney ends if you become unable to make decisions yourself. Both end when you die.

The person you name (called your agent) has broad power to act on your behalf. They can move money, open accounts, and sign documents in your name. Choose someone you trust completely. You can revoke the power of attorney at any time by notifying your bank and the agent in writing.

Naming someone to receive the account after you die

Most banks let you name a beneficiary on your account—someone who receives the money automatically when you die, without the account going through your will or your estate. This is called a payable on death (POD) account or a transfer on death (TOD) account, depending on the bank's language.

To set up a POD or TOD, contact your bank and ask for the beneficiary designation form. You name one or more people and decide how the money is split among them if you name more than one. There is no cost. The beneficiary has no access to the money while you are alive—it is only theirs after you die.

When you die, the person you named contacts the bank with a death certificate and proof of identity, and the bank transfers the account to them. This happens outside of probate, which means it is faster and more private than money that goes through your will. The account does not become part of your taxable estate for federal tax purposes, though state rules vary.

You can change the beneficiary at any time by contacting the bank. If you do not name a beneficiary, the account becomes part of your estate and goes to whoever your will says it should, or to your closest relatives if you have no will.

What happens if you want to close the account and give the person the money

If you want to end the account entirely and give all the money to someone else, you can withdraw the full balance and close the account. Visit your bank or call and ask to close the account. The bank will ask what you want to do with the remaining balance. You can withdraw it as a check or cash, or have it transferred to another account.

If you withdraw a large amount in cash, the bank may ask questions about what you plan to do with it. This is standard practice and does not mean anything is wrong. If you are withdrawing more than $10,000 in cash, the bank files a Currency Transaction Report with the IRS—again, this is routine and not a sign of trouble.

Once the account is closed, you no longer have access to it. Make sure you have moved any automatic deposits or bill payments to a new account before you close it, or those payments will fail.

Transferring a business account or account with restrictions

If the account is a business account, a trust account, or a savings account with withdrawal restrictions, the rules are different. Business accounts cannot be transferred to a personal account—you would need to close the business account and open a new one. Trust accounts are held for a specific purpose and cannot be transferred to an individual. Savings accounts with penalties for early withdrawal may charge a fee if you close them.

Contact your bank about the specific type of account you have. They can tell you what options are available and what fees or restrictions explore.

Frequently Asked Questions

Can I add someone to my account without going to the bank in person?

Some banks allow you to add a joint owner online if you are already a customer, but many require both people to visit a branch with identification. Call your bank to ask what they require. If you want to give someone power of attorney instead, you can often do that entirely through an attorney or online legal service without visiting the bank.

What if the person I want to transfer the account to is a minor?

A minor cannot own a bank account in their own name. You can open a custodial account in their name, with yourself or another adult as the custodian. The custodian manages the money until the minor reaches the age of majority (usually 18 or 21, depending on your state). After that, the account becomes theirs. Ask your bank about custodial accounts.

If I add someone as a joint owner, can I remove them later?

Yes. You can contact your bank and ask to remove the joint owner. The bank will have you sign new account documents. The joint owner does not have to agree, but they may be notified of the change. After removal, only your name is on the account.

Does transferring money to someone else count as a gift for tax purposes?

Transferring money to someone is a gift if you do not expect repayment. The person receiving the money does not owe income tax on it. You may owe gift tax if you give more than the annual gift tax exclusion amount in a single year, but this threshold is high (currently $18,000 per person per year, though this changes). Consult a tax professional if you are transferring a large amount.

What if I die without naming a beneficiary or a joint owner?

The account becomes part of your estate. It goes to whoever your will names as your heir, or if you have no will, to your closest relatives according to your state's intestacy laws. This process goes through probate, which is slower and more expensive than a POD or joint account. Naming a beneficiary or adding a joint owner now avoids this.