Yes, you can transfer your savings account to another bank
You can move money from a savings account at one bank to a savings account at another bank. The bank you're leaving doesn't own your money — you do — so there's no legal barrier to taking it elsewhere. What matters is understanding the mechanics: whether you're moving the account itself (rare) or moving the money out and opening a new account (the standard path), how long it takes, and what happens to automatic payments or deposits tied to the old account.
Most people don't transfer the account itself. Instead, they open a new savings account at the destination bank, move their balance over, and close the old account once everything is settled. This takes a few days to a week depending on the transfer method you choose.
Key Takeaways
- You own the money in your savings account, so you can move it to another bank at any time without permission from your current bank.
- The fastest way to move money is an internal transfer between banks using your account numbers, which typically clears in one to three business days.
- Before closing your old account, confirm that no automatic deposits (like payroll or benefits) or automatic payments are still linked to it.
- Some banks charge a fee to close an account early or may require a minimum balance; check your account agreement before you start.
- If you're moving a large amount, ask your destination bank whether they need documentation to verify the source of the funds.
Three ways to move money between banks
ACH transfer (one to three business days) is the standard method. You log into your new bank's website or app, select "transfer funds," and enter your old bank's routing number and your old account number. The money moves electronically from the old account to the new one. This is free at most banks and works whether the banks are large national chains or small regional ones.
Wire transfer (same day to one business day) is faster but usually costs $15 to $30. You call or visit your old bank, give them the new bank's routing number and your new account number, and request a wire. The money arrives the same day if you send it before the bank's cutoff (usually 2 p.m. local time) or the next business day if you miss it. Wire transfers are useful if you need the money quickly or if you're moving a very large sum.
Cashier's check or in-person withdrawal is the slowest but works if the other two options fail. You withdraw the money as cash or a cashier's check, then deposit it at the new bank. The deposit clears in one to five business days depending on the amount. This method is rarely necessary but can be useful if your banks don't communicate well electronically or if you're moving an unusually large amount that triggers extra scrutiny.
Steps to move your savings account
Step 1: Open the new account. Visit the destination bank in person, online, or by phone and open a new savings account. You'll need a government ID, proof of address (usually a recent utility bill or lease), and your Social Security number. The account opens immediately or within one business day. Write down your new account number and the bank's routing number — you'll need both for the transfer.
Step 2: Transfer the money. Log into your old bank's website or app and initiate an ACH transfer to your new account, or call your old bank and request a wire transfer. If you use ACH, the money usually arrives in one to three business days. If you use a wire, it arrives the same day or next business day. Check your new account to confirm the money arrived before you close the old one.
Step 3: Redirect automatic deposits and payments. Before closing your old account, log into any services that send money to it (payroll, Social Security, pension, benefits) and update the account information. Do the same for any automatic payments you've set up (insurance, utilities, subscriptions). This step is critical — if you close the account while money is still flowing to it, deposits will bounce and payments will fail.
Step 4: Close the old account. Once you've confirmed the transfer arrived and redirected all automatic activity, contact your old bank and request to close the account. You can do this online, by phone, or in person. The bank will confirm there are no pending transactions, then close it. Some banks charge a fee if you close within a certain period (often 90 days to a year); check your account agreement first.
Timing: How long the whole process takes
If you use an ACH transfer, the entire move takes five to ten business days from start to finish. The new account opens immediately, the transfer takes one to three business days, and you should wait another few days to confirm no automatic payments or deposits are still hitting the old account before you close it.
If you use a wire transfer, the money arrives the same day or next business day, so you can close the old account within two to three business days. However, wire transfers cost money, so use them only if you need the speed.
If you use a cashier's check, add another three to five business days for the deposit to clear at the new bank. This method is slower and should be a last resort.
Fees and account requirements to watch for
Most banks don't charge to receive an incoming transfer, but some charge to send one out. ACH transfers are usually free, but wire transfers typically cost $15 to $30. Check your old bank's fee schedule before you start — it's usually listed on their website under "Fees" or "Service Charges."
Some banks charge an early closure fee if you close an account within 90 days to a year of opening it. This fee is usually $25 to $50. Your account agreement (the document you signed or agreed to online when you opened the account) will specify the exact period and amount. If you're moving because of a high fee or low interest rate, the closure fee might still be worth paying.
A few banks require a minimum balance to keep the account open. If your balance drops below that minimum, they charge a monthly fee. Before you transfer money out, check whether your old bank has a minimum balance requirement — if it does and you're moving all your money, you'll trigger a fee unless you close the account immediately after the transfer clears.
What to do if the transfer fails or takes too long
If you initiated an ACH transfer and it doesn't arrive within three business days, log into your old bank's website and check the transfer status. Most banks show whether the transfer is pending, completed, or failed. If it failed, the money returns to your old account within one to two business days, and you can try again or use a different method.
If a wire transfer doesn't arrive within one business day, call your old bank and ask them to trace it. Provide the confirmation number from when you sent it. The bank can contact the receiving bank and confirm whether the money arrived. If there was an error in the routing number or account number, the receiving bank may reject it and send it back, which takes another one to two business days.
If you've redirected automatic deposits or payments and they're still hitting the old account, contact the service sending the money (payroll, Social Security, your employer) and ask them to confirm the new account information in their system. It can take one to two pay cycles for the change to take effect, so don't close the old account until you've seen at least one successful deposit or payment go to the new account.
Moving a very large amount
If you're moving more than $10,000, your destination bank may ask for documentation showing where the money came from. This is a federal requirement called Know Your Customer (KYC) compliance, and it applies to all banks. You might need to provide a recent bank statement from your old bank, proof of income, or an explanation of the source of the funds.
This doesn't mean you can't move the money — it just means the bank needs to verify it's legitimate. Provide the documentation the bank asks for, and the transfer will proceed normally. The process adds a few days but is routine and nothing to worry about.
If you're moving money from multiple accounts or in multiple transfers to stay under $10,000 per transfer, banks may flag this as suspicious activity. It's better to move the full amount in one transfer and provide documentation if asked than to split it up.
Frequently Asked Questions
Do I have to close my old account after I move the money?
No, but most people do because keeping an unused account costs money in monthly fees or requires maintaining a minimum balance. If your old bank charges no fees for inactive accounts and you want to keep the account open as a backup, you can leave it open. Just make sure no automatic deposits or payments are still linked to it.
What if my old bank won't let me transfer the money out?
Banks cannot legally prevent you from moving your own money. If a bank refuses to process a transfer or wire, contact your state's banking regulator or the Consumer Financial Protection Bureau (CFPB). In practice, this almost never happens — banks process transfers routinely.
Can I transfer a savings account that has a hold on it?
If your bank has placed a hold on your account (usually because of a large recent deposit or suspected fraud), you cannot withdraw or transfer the money until the hold is lifted. Contact your bank and ask when the hold will be released. Once it's lifted, you can transfer normally.
Will transferring my savings account affect my credit score?
No. Moving money between banks is not reported to credit bureaus and does not affect your credit score. Your credit score is based on borrowing and repayment history, not on where you keep your savings.
What happens to interest I've earned if I close the account mid-month?
Most banks calculate and pay interest monthly, so you'll receive interest through the end of the month you close the account. Some banks calculate interest daily and pay it monthly, so you'll get a prorated amount for the days you held the account. Check your account agreement or call the bank to confirm how they calculate interest.