Moving a savings account takes three to five business days, and you do not have to close your old account first
The fastest way to move money is to open an account at the new bank, then transfer the balance from your old bank to the new one. You can do this online, by phone, or in person at either bank. The old account stays open until you decide to close it — keeping it open for a few weeks gives you time to make sure all your automatic deposits and payments have switched over.
You have two main routes: an ACH transfer (which you initiate from the new bank) or a wire transfer (which is faster but costs money). For most people moving a savings account, ACH is the right choice because it is free and takes three to five business days. Wire transfers cost $15 to $30 and arrive the same day or next day, but you only need that speed if you are moving money in an emergency.
The money itself is not at risk during the transfer. Your funds sit in your old account until the new bank receives them, then they land in your new account. Nothing disappears in between.
Key Takeaways
- ACH transfers are free, take three to five business days, and are the standard way to move savings between banks.
- You can start a transfer from your new bank's website or app without calling your old bank, and your old account does not need to close first.
- Wire transfers arrive faster but cost $15 to $30, so use them only if you need the money within one business day.
- After the transfer lands, check that all automatic deposits (paychecks, benefits) and automatic payments (bills, transfers) are still going to the right accounts.
- Close your old account after you confirm everything has moved, which usually takes one to two weeks.
How to start an ACH transfer from your new bank
Log into your new bank's website or mobile app and look for "Transfer Money" or "Move Money" in the menu. You will see an option to transfer from an external account. Enter your old bank's routing number and your old account number — both appear on the bottom left of your checks, or you can call your old bank to ask.
The new bank will ask how much you want to transfer. You can move the entire balance or a partial amount. Enter the amount, confirm the details, and submit. Most banks show you a confirmation number on screen and send one to your email as well.
The transfer usually begins within one business day. You can check the status in your new bank's app under "Pending Transfers" or by calling customer service. The money typically lands in three to five business days, though some banks are faster — ask your new bank what their standard timeline is when you open the account.
What to do if your old bank blocks the transfer
Some banks flag transfers to new institutions as a fraud prevention step. If your old bank contacts you to confirm, answer their questions and tell them to approve the transfer. This usually takes a few minutes on the phone.
If your old bank refuses to process the transfer, you have a backup option: withdraw the money in cash or as a cashier's check and deposit it at your new bank. This is slower (deposits can take five to ten business days to clear) but it works. Ask your old bank for a cashier's check made out to you, then deposit it at your new bank in person or by mobile deposit.
Switching automatic deposits and payments before closing the old account
Before you close your old savings account, you need to move any automatic deposits or payments that are tied to it. This includes paychecks, government benefits, insurance refunds, automatic bill payments, or transfers to other accounts.
For automatic deposits like paychecks or benefits, contact the source (your employer, Social Security, your insurance company) and give them your new account number and routing number. They will update their records. This usually takes one to two pay cycles to take effect, so do it as soon as your money lands in the new account.
For automatic payments, log into each biller's website (your utility company, credit card, loan servicer) and update your bank account information there. Do not rely on the old account to forward payments — it will not. If you miss updating a payment and the old account is closed, the payment will fail and you may face a late fee.
Wait one to two weeks after making these changes to confirm that deposits and payments are hitting the new account. Then close the old account.
When to use a wire transfer instead
Wire transfers move money the same day or next business day, but they cost $15 to $30 depending on your bank. Use a wire transfer only if you need the money urgently — for example, if you are closing on a house tomorrow and need funds in your new account by then.
To send a wire transfer, call your old bank or visit a branch in person. You will need your new bank's name, routing number, and your new account number. The old bank will deduct the wire fee from your account and send the rest to your new bank. Wire transfers cannot be reversed once they are sent, so double-check the account number before you confirm.
If you are moving a large amount (over $10,000), your old bank may ask for identification and the reason for the transfer. This is standard anti-money-laundering procedure and does not delay the transfer.
Closing your old account safely
Wait at least two weeks after your transfer lands before closing the old account. This gives you time to confirm that all automatic deposits and payments have switched to the new account without problems.
To close the account, call your old bank's customer service line or visit a branch. Ask them to confirm the account balance is zero (or close to it) before they close it. Some banks charge a fee to close an account early, usually $25 to $50 — ask about this before you close.
After the account closes, ask the bank to send you written confirmation. Keep this for your records. If a payment or deposit tries to hit the old account after it is closed, you will have proof that you closed it on a specific date.
What happens if something goes wrong during the transfer
If your money does not arrive in your new account within the stated timeline, contact your new bank first. They can check whether the transfer is still pending or whether it was rejected by your old bank. If it was rejected, they will tell you why — usually because the account number was wrong or the old bank flagged it as fraud.
If the transfer was rejected, you can try again with the correct information, or you can withdraw the money from your old account and deposit it in person at your new bank. If the transfer was accepted by both banks but the money has not arrived after seven business days, file a complaint with your new bank's customer service department. They can trace the transfer through the Federal Reserve's system.
Money lost or delayed during an ACH transfer is rare, but if it happens, your new bank is responsible for investigating and recovering it. This process can take two to four weeks.
Frequently Asked Questions
Can I transfer money while my old account is being closed?
No — close the old account only after the transfer is complete and you have confirmed that automatic deposits and payments are working at the new bank. If you close the account before the transfer finishes, the transfer may fail and your money could be returned to the old account, which is now closed.
What if I do not know my old bank's routing number?
Call your old bank's customer service line and ask for the routing number. It also appears on the bottom left of your checks, or you can search for it on your old bank's website. Have your account number ready when you call.
Do I lose interest if I move my savings mid-month?
That depends on your old bank's policy. Some banks pay interest through the day you close the account; others stop paying interest on the day you initiate a transfer. Ask your old bank before you move the money if interest timing matters to you.
Can I transfer money to a savings account at a different type of bank, like a credit union?
Yes — the process is the same whether you are moving to another bank, a credit union, or an online bank. You will need the new institution's routing number and your new account number, which work the same way across all types of financial institutions.
What if my new bank says the transfer failed because of the account number?
Call your old bank and confirm your account number is correct — sometimes people mix up checking and savings account numbers. Once you have the right number, try the transfer again from your new bank. If it fails a second time, visit your old bank in person with your ID and ask them to confirm the account number and routing number are correct.