Yes, you can move your savings account to another bank, and the process is straightforward
You can transfer money from a savings account at one bank to a savings account at another bank. The bank you're leaving does not own your money — you do — so there's no permission needed and no penalty for moving it (unless your account has a specific early withdrawal restriction, which is rare for savings accounts). The transfer itself takes a few days to a week, depending on the method you choose and whether both banks process it the same day.
The simplest route is to open an account at the new bank first, then move the money over. You don't have to close the old account immediately; many people keep both open for a week or two to make sure everything landed correctly. Once you confirm the transfer went through, you can close the old account by phone, online, or in person.
Key Takeaways
- You can move money between savings accounts at different banks using an ACH transfer, wire transfer, or by withdrawing cash and depositing it yourself.
- ACH transfers are free and take three to five business days; wire transfers are faster but usually cost $15 to $30.
- Open your new account before you move the money so you have the account number and routing number ready.
- Keep the old account open for at least a week after the transfer completes to catch any problems before closing it.
- If your old bank holds a hold on your funds or the transfer stalls, contact the sending bank's customer service to find out why.
Three ways to move money between banks
ACH transfer is the most common method. ACH stands for Automated Clearing House, and it's the system banks use to move money between accounts electronically. You log into your old bank's website or app, find the transfer or move money section, and enter the new bank's routing number and your new account number. The money leaves your old account in one to two business days and arrives at the new bank in another one to three business days. ACH transfers are free.
Wire transfer is faster but costs money. You call your old bank or go in person and give them the new bank's routing number, your new account number, and the amount you want to move. The money usually arrives the same day or the next business day. Wire transfers typically cost $15 to $30 per transfer, depending on the bank. Use this method only if you need the money to arrive quickly.
Cash withdrawal and deposit is the slowest but most direct method. You withdraw the money from your old bank and deposit it at the new bank. This works if the amount is small enough to carry safely and if you have time to visit both banks in person. There's no fee, but you lose a day or two of interest while the money is out of any account.
What you need before you start
Have your new bank account open and ready. You'll need the account number and the routing number of the new bank. The routing number is a nine-digit code that identifies the bank in the ACH system; you can find it on a check from the new bank, in the bank's app, or by calling customer service.
If you're doing an ACH transfer, you'll also need to know how much money you want to move. You can transfer all of it or just part of it. Some banks let you set up the transfer online; others require you to call or visit in person. Check your old bank's website to see which method they offer.
If you're doing a wire transfer, have the exact amount ready and know that some banks charge a fee to receive a wire as well as to send one. Ask the new bank whether they charge an incoming wire fee before you send the money.
How long the transfer takes
ACH transfers take the longest but are free. The money usually leaves your old account within one business day and arrives at the new bank within two to three more business days. If you initiate the transfer on a Friday afternoon, it may not start processing until Monday, which means it won't arrive until Wednesday or Thursday. Weekends and bank holidays add extra days.
Wire transfers are much faster. The money usually leaves the same day you request it (if you request it before the bank's cutoff time, usually 2 or 3 p.m.) and arrives at the new bank by the next business day. Some banks can wire money the same day if you go in person and request it early enough.
Cash deposits are immediate if you're depositing at a branch. If you're using an ATM, the deposit may take one business day to post to your account, depending on the bank.
What to do if the transfer gets stuck
If the money doesn't arrive within the time frame the bank quoted, contact the bank that sent the money first. They can tell you whether the transfer was processed and, if so, when it left their system. If it left on time, the delay is on the receiving bank's end, and you'll need to contact the new bank.
If the sending bank says the transfer failed, ask why. Common reasons include a wrong account number, a wrong routing number, or a mismatch between the account number and the account holder's name. The bank can usually resend the transfer once you correct the information.
If money disappears and neither bank can find it, this is extremely rare with ACH transfers because the system is designed to prevent loss. Document everything — the date you initiated the transfer, the amount, and the confirmation number if you have one — and escalate to the bank's dispute department. Keep records until the money shows up.
Closing your old account
Wait at least a week after the transfer completes before you close the old account. This gives you time to confirm the money arrived and to catch any automatic payments or recurring deposits that might still be going to the old account. Check your email and the old bank's website to see if any direct deposits or bill payments are still scheduled.
Once you're sure nothing else is coming in or going out, you can close the account. Most banks let you close an account online, by phone, or in person. Some banks require you to have a zero balance before they'll close it; if you transferred everything, you should already be at zero. If there's a small amount left (from interest or a pending transaction), ask the bank to send it to your new account or issue a check.
After you close the account, keep the confirmation number or email for your records. If a payment bounces or a deposit fails because the account is closed, you'll have proof of when you closed it.
Moving money from a savings account to a checking account
The process is identical whether you're moving to another savings account or to a checking account at a different bank. Use the same ACH transfer, wire transfer, or cash method. The only difference is that checking accounts and savings accounts have different account numbers, so make sure you enter the correct account number for whichever type of account you're moving the money into.
Some people move money from savings to checking at the same bank to consolidate accounts. That's usually instant or takes just a few hours because it's happening within the same bank's system. Moving between different banks always takes longer because it has to go through the ACH system or a wire network.
Frequently Asked Questions
Will I lose interest if I move my money mid-month?
It depends on the bank's interest calculation method. Some banks calculate interest daily and pay it monthly, so moving your money mid-month means you'll earn interest only for the days the money was in the account. Other banks calculate interest on the balance on the last day of the month, so moving early in the month means you earn nothing. Check both banks' terms before you transfer.
Can I transfer money if I have a hold on my account?
A hold usually prevents you from withdrawing the money, which includes transferring it out. Contact your bank to find out why the hold is there and when it will be lifted. Once the hold is gone, you can transfer the money. If the hold is from a check deposit, it typically lasts three to five business days.
What if the new bank rejects the transfer?
The new bank might reject an incoming transfer if the account number doesn't match the account holder's name or if the account is frozen. Contact the new bank to find out why it was rejected. Once you fix the problem, the sending bank can resend the transfer, usually at no extra cost.
Do I have to transfer all the money at once?
No. You can transfer part of the money now and the rest later, or transfer money gradually over several weeks. There's no limit on how many transfers you can make between your own accounts at different banks. Some people keep a small amount in the old account for a few months just in case an old payment or deposit shows up.
Can I transfer money to someone else's savings account at another bank?
Yes, but it works differently. You'll need their account number and the routing number of their bank. Use an ACH transfer or wire transfer the same way you would for your own account. The money will go into their account, and they'll own it. Be certain you have the right account number because you can't reverse an ACH transfer once it's sent.