Yes, you can transfer your savings account to another bank, and the process is straightforward
You can move your savings account from one bank to another without closing the old account first, though most people do close it once the transfer is complete. The bank receiving your money handles most of the work—they contact your old bank, request the funds, and deposit them into your new account. The whole process typically takes three to five business days, though some banks finish in one or two.
You have two main routes: an ACH transfer (the standard method, free, takes a few days) or a wire transfer (faster but costs $15 to $50). For most people moving a savings account, ACH is the right choice because there is no rush and no fee.
Key Takeaways
- Your new bank can initiate the transfer for you by requesting an ACH transfer from your old bank, which is free and takes three to five business days.
- You do not have to close your old account before the transfer—wait until the money arrives in the new account, then close it if you want to.
- Have your old account number and routing number ready when you contact your new bank, and confirm the exact balance you are moving.
- If you need the money faster, a wire transfer moves funds the same day but costs money and requires you to initiate it yourself at your old bank.
- Some banks offer a transfer service where they handle everything, including closing your old account—ask when you open the new one.
How ACH transfers work and why they are the standard choice
An ACH transfer is an electronic movement of money between bank accounts through the Automated Clearing House network. When you ask your new bank to pull money from your old one, the new bank submits a request to the ACH system, which contacts your old bank and asks it to release the funds. Your old bank verifies the account exists and has enough money, then sends it. The whole chain takes three to five business days because the ACH system processes transfers in batches, not when ready.
This method is free at nearly every bank. Your new bank will not charge you to receive the transfer, and your old bank will not charge you to send it. The only reason to pay extra is if you need the money the same day, which is when a wire transfer becomes relevant.
Before you start, gather your old account number and the routing number of your old bank. You can find the routing number on a check, on your old bank's website, or by calling them. Have the exact balance you want to move written down so you can confirm it with your new bank.
What to do at your new bank to start the transfer
Contact your new bank—by phone, in person, or through their website—and tell them you want to transfer money from another bank. They will ask for your old account number and your old bank's routing number. Some banks have an online form you fill out yourself; others have a representative do it for you over the phone. Either way, you are giving your new bank permission to request the funds on your behalf.
The new bank will tell you how long the transfer will take and confirm the amount. Write down the date they say it should arrive. Do not close your old account yet—wait until you see the money in the new account and confirm the amount is correct.
Some banks offer a full account transfer service, where they handle closing your old account for you once the transfer is done. Ask your new bank if they offer this. If they do, you can authorize them to close the old account automatically after the funds arrive. If not, you will need to close it yourself once you confirm the transfer worked.
Wire transfers: faster but with a cost and more steps
A wire transfer moves money the same business day, usually within hours. The tradeoff is that it costs money—typically $15 to $50 depending on your bank—and you have to initiate it yourself at your old bank rather than having your new bank pull the funds.
To wire money from your old bank to your new one, call your old bank and ask to send a wire. They will ask for your new bank's name, routing number, and your new account number. They will also confirm the amount and the fee. Once you approve, they send the wire when ready, and your new bank receives it the same day or the next morning.
Wire transfers are useful if you are closing your old bank and need the money in the new account before the old one shuts down, or if you are moving a large sum and want to avoid the three-to-five-day wait. For a routine transfer of a savings account, the free ACH method is almost always the better choice.
What happens to your old account during and after the transfer
Your old account stays open and active while the transfer is happening. You can still use your debit card, make withdrawals, or deposit checks if you need to. The transfer does not lock the account or prevent you from accessing your money.
Once the money arrives in your new account, you should close your old account to avoid confusion and to stop paying any monthly fees. Some banks charge a small monthly maintenance fee on savings accounts, and closing the account stops that charge. Call your old bank, confirm the balance is now zero (or move any remaining cents to your new account), and ask them to close it. They will confirm the closure in writing.
If your old bank has a minimum balance requirement and you do not meet it after the transfer, they may charge a fee. That is another reason to close the account promptly once the transfer is done.
Moving money from a joint account or account with restrictions
If the savings account is joint (held by two or more people), both account holders usually need to authorize the transfer. Contact your old bank to confirm who needs to sign off. Some banks allow one person to initiate it; others require both to be present or to sign a form.
If the account has a hold or freeze on it—usually because of a dispute, fraud investigation, or legal claim—the bank will not release the funds until the hold is lifted. Contact your old bank to find out why the hold is there and what you need to do to remove it. Until it is gone, you cannot transfer the money.
If the account is a minor's account or a custodial account, the adult or custodian must authorize the transfer. The rules vary by bank and by state, so call your old bank and ask what documentation they need.
Timing, fees, and what can go wrong
ACH transfers take three to five business days, which means weekends and bank holidays do not count. If you initiate a transfer on a Friday afternoon, it will not arrive until Wednesday or Thursday. Plan accordingly if you need the money by a specific date.
Fees are rare for ACH transfers but do happen at some banks. Most charge nothing to send or receive an ACH transfer, but a few charge $1 to $5 per transfer. Ask your new bank about their fee before you start. Wire transfers almost always cost money—$15 to $50—so confirm the fee with your old bank before you authorize it.
The most common problem is a mismatch between the account number or routing number you provided. If the number is wrong, the transfer bounces back to your old bank, and the money returns to your old account. This adds a few extra days. Double-check both numbers before you submit the transfer request.
Another issue is insufficient funds. If your old account does not have enough money to cover the transfer amount, the bank will reject it. Make sure your balance is at least as high as the amount you are trying to move.
Frequently Asked Questions
Do I have to close my old account after the transfer?
No, but you should. Leaving the account open means you may pay monthly maintenance fees or minimum balance fees even though you are not using it. Once you confirm the transfer arrived, close the old account by calling the bank or visiting in person.
What if the transfer takes longer than five days?
Contact your new bank and ask them to trace the transfer. They can check with the ACH system and your old bank to see where the money is. If it has been more than a week, ask your new bank to file a trace request, which forces your old bank to investigate and either locate the funds or return them.
Can I transfer money while I am still using the old account?
Yes. The transfer does not freeze or lock your old account. You can keep using your debit card, writing checks, or making deposits while the transfer is in progress. Just make sure you do not spend money you are planning to transfer.
Is it safe to give my account number to my new bank?
Yes. Your new bank needs your old account number and routing number to request the transfer from the ACH system. This is a standard, find process. Do not give this information to anyone except your new bank.
What if I want to transfer only part of my savings?
You can transfer any amount, not necessarily the whole balance. Tell your new bank the exact amount you want to move. The old account will keep the remaining balance. You can then close the old account or leave it open if you want to keep it active.