Yes, you can transfer your savings account to another bank, and the process is straightforward
Moving a savings account from one bank to another is a normal transaction that banks handle regularly. You have two main paths: transfer the money yourself, or ask your new bank to pull the funds directly from your old account. The second method, called an ACH transfer or bank-to-bank transfer, is faster and requires less work on your part. Most transfers complete within one to three business days, though some banks take longer.
You do not have to close your old account to move money out. Many people keep both accounts open for a period, especially if they have automatic deposits or bill payments still tied to the old account. Once you have confirmed the new account is working and all your regular payments have switched over, you can close the old one.
Key Takeaways
- You can move money to a new bank by transferring it yourself online, or by having your new bank pull the funds directly using your old account details.
- Bank-to-bank transfers through ACH usually take one to three business days, though some banks process them more slowly.
- Before closing your old account, check that all automatic deposits and bill payments have been switched to the new account.
- You will need your old account number and routing number to start a transfer, which you can find on a check or by logging into your old bank's website.
The two ways to move your money
The first method is to transfer money yourself. Log into your new bank's website or app, find the transfer or move money section, and select the option to transfer from an external account. You will enter your old bank's name, your old account number, and the routing number (a nine-digit code that identifies your old bank). Then you enter the amount and confirm. This method works immediately for viewing purposes, but the actual money usually arrives within one to three business days.
The second method is to ask your new bank to initiate the transfer. Some banks call this a direct transfer or bank transfer. You provide your old account details to the new bank, and they contact your old bank to pull the money over. This is often faster than doing it yourself and requires less back-and-forth. Not all banks offer this service, so ask your new bank whether they do before you open the account.
A third option, less common but still available, is to withdraw cash from your old bank and deposit it at the new one. This is slower, riskier, and leaves no paper trail, so it is not recommended for large amounts. Stick with electronic transfer if you can.
What information you will need
To transfer money between banks, you need your old account number and your old bank's routing number. The routing number is a nine-digit code that identifies your bank within the Federal Reserve system. You can find both pieces of information on a check from your old account — the routing number is on the left side at the bottom, and the account number is on the right side at the bottom. If you do not have a check, log into your old bank's website or call their customer service line.
You will also need to know how much money you want to transfer. You can move all of it at once, or move it in stages if you want to test the process first. Many people move a small amount ($5 to $25) first, confirm it arrives, and then move the rest.
How long the transfer takes
Most bank-to-bank transfers complete within one to three business days. This timeline applies whether you initiate the transfer yourself or ask your new bank to do it. The clock starts when the transfer is submitted, not when you request it, so a transfer submitted on a Friday afternoon may not begin processing until Monday morning.
Some banks are slower. Smaller regional banks or credit unions may take up to five business days. If your new bank is a large national bank like Chase or Bank of America, transfers usually land within two business days. Check your new bank's website or ask at the time you open the account what their typical timeline is.
During the transfer period, the money is in transit and not available in either account. Once it lands in your new account, it is yours to use immediately — there is no hold period for transfers between banks.
Switching over automatic deposits and payments
Before you close your old account, make sure all your regular money coming in and going out has been moved to the new account. This includes direct deposit from your employer, automatic bill payments, and recurring transfers to other accounts. If you miss one, a payment could bounce or a deposit could land in the wrong place.
Start by logging into your old bank's website and looking for a section called "Direct Deposit," "Automatic Payments," or "Recurring Transfers." Write down everything you find. Then log into your new bank and set up the same payments and deposits there. Most employers let you change your direct deposit information online through their payroll system, or you can call your HR department and ask them to update it.
Wait at least one full pay cycle after switching direct deposit before you close the old account. If your employer is slow to process the change, you want to catch it before the account is gone. The same goes for bill payments — let at least one billing cycle pass to confirm everything is hitting the new account.
What happens to your old account
You can close your old account once you have confirmed all your money has moved and all automatic payments have switched. Call your old bank's customer service line or visit a branch in person. They will ask you to confirm your identity and may ask why you are leaving. You do not have to explain — you can simply say you are moving to another bank.
If your old account has a negative balance (you owe the bank money), they will deduct that amount from your transfer before releasing the funds. If you have pending transactions that have not cleared yet, the bank may hold the account open for a short period to let them process. Ask the bank how long they will keep the account open after you request closure.
Once the account is closed, you will no longer be able to use any debit card or checks tied to it. If you have checks left in a box, destroy them or write "VOID" across them so they cannot be used by mistake.
If the transfer gets stuck or takes too long
If more than three business days have passed and the money has not arrived, contact your new bank first. Ask them to check the status of the transfer using the reference number they gave you when you submitted it. They can see whether the transfer is still pending, whether it was rejected, or whether it arrived but has not posted to your account yet.
If your new bank says the transfer was sent but your old bank never received it, contact your old bank and provide them with the reference number. They can search their records and tell you what happened. In rare cases, a transfer is rejected because the account number or routing number was entered incorrectly. If that happens, you will need to start a new transfer with the correct information.
Most banks will not charge you a fee to transfer money between accounts, but some do. Ask both your old and new bank whether there are any transfer fees before you move the money. If your new bank charges a fee, you might decide to move the money in smaller amounts or to wait until you have a reason to switch anyway.
Frequently Asked Questions
Do I have to close my old account right away?
No. Many people keep both accounts open for several weeks or months while they make sure all their deposits and payments have switched over. Once you are confident everything is working, you can close the old account. There is no penalty for keeping it open longer.
What if I have a check that has not cleared yet?
Wait for it to clear before you close the old account. If you close the account while a check is still pending, it may bounce. You can usually see pending checks in your old bank's app or website. Once they show as cleared, it is safe to close.
Can I transfer money from a savings account to a checking account at a different bank?
Yes. The process is the same — you provide the new bank with your old account details, and they pull the money over. The account type (savings or checking) does not matter for the transfer itself.
Will transferring my money affect my credit score?
No. Moving money between your own accounts does not show up on your credit report and does not change your credit score. Only borrowing and repayment activity affects your credit.
What if I want to transfer money to a bank account in someone else's name?
That is a different process and is not a bank transfer. You would need to send money using a service like wire transfer, ACH payment, or a money transfer app. Contact your bank about which options they offer and what the fees are.