Moving a savings account to another bank takes one to three weeks and involves transferring money, closing the old account, and updating automatic payments
You can move your money in two ways: transfer it yourself through online banking or a wire, or ask your new bank to pull it over using your old account details. The self-transfer is faster and gives you control over timing. The bank-to-bank transfer (called an ACH transfer or bank transfer) is simpler if you have a large balance or many linked services, but takes longer because banks process these requests in batches.
Before you move anything, decide whether to close the old account immediately or keep it open for a few weeks. Keeping it open protects you if a payment bounces or a transfer fails — you can fund it again without penalty. Most people close after confirming all automatic payments have switched over.
Key Takeaways
- You can move money yourself through online transfer or wire, or request your new bank transfer it using your old account number and routing number.
- Self-transfers through online banking or wire take one to five business days; bank-to-bank transfers take five to ten business days.
- Before closing your old account, update automatic bill payments, direct deposits, and any linked services to use your new account details.
- Keep your old account open for at least one week after the transfer completes to catch any payments that bounce or fail.
- Closing an account does not hurt your credit score, but leaving it open with a zero balance costs nothing and protects you from overdraft surprises.
Transferring money yourself through online banking
Log into your new bank's website or app and look for "Transfer Money" or "Add External Account." You will need your old bank's routing number (a nine-digit code) and your old account number. Both appear on the bottom left of any check, or you can call your old bank's customer service line to confirm them.
Enter those details and the amount you want to move. Your new bank will usually verify the account by depositing two small test amounts (typically under $1 each) into your old account within one to two business days. Once you see those deposits, you log back in and confirm the amounts to prove you own the account. After verification, you can transfer up to your daily limit — most banks allow $5,000 to $25,000 per day, though you can request a higher limit.
The actual transfer takes one to five business days. Money typically lands in your new account by the end of the next business day, but some banks hold it for up to five days. Check your new bank's transfer policy before you start, because a few banks hold external transfers longer than internal ones.
Requesting a bank-to-bank transfer from your new bank
Some banks offer a service where they contact your old bank directly and pull the money over for you. Call your new bank's customer service or visit a branch and ask if they offer "bank transfer" or "account transfer" services. Not all banks do this, and those that do may charge a small fee ($15 to $50) or waive it if you meet a minimum balance.
If your new bank offers it, you will need to sign a form authorizing the transfer and provide your old account number and routing number. The new bank contacts your old bank, which can take five to ten business days. Your old bank may ask you to confirm the request, so watch for calls or emails. Once approved, the money moves in a lump sum rather than in daily increments.
This method works best if you are moving a large balance or if your old bank's online system is slow. It also means you do not have to worry about daily transfer limits. The downside is the wait — if you need the money quickly, a self-transfer is faster.
Updating automatic payments and direct deposits before you close
Before closing your old account, change the bank details for any automatic payments or direct deposits. This includes paychecks, Social Security, pension payments, insurance refunds, subscription charges, utility bills, loan payments, and any other recurring transaction.
For direct deposits (money coming in), contact your employer's payroll department or the organization sending the payment and give them your new account number and routing number. This usually takes one pay cycle to take effect, so update it at least two weeks before you plan to close the old account. For automatic payments (money going out), log into each biller's website or app and update your bank details there. Some billers let you change it instantly; others take a few business days.
Make a list of every automatic transaction tied to your old account — check your old bank's transaction history for the past three months to catch anything you might have forgotten. Missing a payment because you forgot to update it can trigger a late fee or overdraft charge.
Closing your old account safely
Wait at least one week after your transfer completes and all automatic payments have switched over before you close the old account. This buffer catches any payments that bounce or fail because the account was closed too soon. If a payment fails, you will see a notification from the biller, and you can fund the old account again to cover it.
To close the account, call your old bank's customer service line or visit a branch in person. The bank will ask if you want to close it immediately or on a specific date. Choose immediate closure to avoid any surprise charges. Ask the bank to confirm the account balance is zero and that no pending transactions remain. Request written confirmation of the closure — some banks email it, others mail it.
If your old account has a negative balance (you owe the bank money), you must pay it before closing. If it has a positive balance and you did not transfer it all, ask the bank how to retrieve the remaining funds — some mail a check, others require you to transfer it yourself.
What to do if the transfer fails or takes too long
If your transfer does not arrive within the stated timeframe, log into your new bank and check the transfer status. Most banks show whether it is pending, processing, or failed. If it failed, the bank will give you a reason — usually a mismatched account number, a closed account, or a daily limit exceeded.
Contact your new bank's customer service and ask them to retry the transfer or investigate the failure. If your old bank rejected it, they will tell you why. Common fixes include confirming the routing number is correct (some banks have multiple routing numbers for different regions), increasing your daily transfer limit, or splitting the transfer into smaller amounts across multiple days.
If the transfer is stuck in processing after ten business days, escalate to your new bank's supervisor. Banks are required to investigate transfers that do not complete within the promised timeframe. In the meantime, keep your old account open and funded so you can cover any bills that come due.
Deciding whether to keep or close your old account
Closing an account does not hurt your credit score and does not cost you anything. However, keeping it open with a zero balance also costs nothing and protects you from surprises. If a payment bounces because you forgot to update it, you can quickly fund the old account to cover it without triggering overdraft fees at your new bank.
Some people keep an old account open for three to six months after switching, then close it once they are confident all recurring payments have moved over. Others close it immediately and rely on their new bank's overdraft protection or simply monitor their new account closely for the first month. There is no wrong choice — it depends on how much risk you are comfortable with.
If you decide to keep the old account open, ask your old bank if there is a monthly maintenance fee for an inactive account. Some banks waive the fee if you maintain a minimum balance (often $100 to $500), while others charge $5 to $10 per month. If there is a fee and you do not want to pay it, close the account once you are sure all payments have switched.
Frequently Asked Questions
Can I transfer money if my old bank account is closed?
No. Your old account must be open and active to receive verification deposits or to allow your new bank to pull money from it. If you have already closed it, contact your old bank to see if they can reopen it temporarily. Some banks will reopen a recently closed account for a few weeks to allow transfers to complete.
What if I do not know my old bank's routing number?
Call your old bank's customer service line and ask for your routing number — they can provide it in seconds. You can also find it on any check you have from that account (bottom left corner, first nine digits), or search online using your bank's name and your state. Do not guess or use a number from the internet without confirming it with the bank first.
Will I lose money during the transfer?
No. Bank transfers do not charge you a fee or cause you to lose money. Your new bank may charge a fee for their transfer service (usually $15 to $50), but the full amount of your savings transfers over. The only cost is the fee itself, which your new bank will disclose before you authorize the transfer.
How long does it take to close an old account after transferring?
Wait at least one week after the transfer completes and all automatic payments have switched to your new account. This gives you time to catch any payments that fail or bounce. After one week, you can close the account by calling customer service or visiting a branch. The closure is usually immediate, though some banks take one to two business days to fully process it.
What happens to my debit card when I close the account?
Your old debit card will stop working once the account closes, usually within 24 hours. Destroy the card by cutting it up or shredding it. If you have not received your new bank's debit card yet, request one before closing the old account so you have a working card during the transition.