The fastest way to transfer your savings is to let the new bank pull the money for you
Most banks offer incoming ACH transfers — a process where your new bank initiates the move directly from your old account. You give the new bank your old account number and routing number, they request the funds, and the money arrives in 1 to 3 business days. This is faster and simpler than moving money yourself, and you do not have to close your old account first.
If your old bank blocks incoming transfers (rare, but it happens), you can transfer money out yourself using ACH, a wire transfer, or a check. ACH takes 3 to 5 business days and costs nothing. Wire transfers arrive the same day or next day but usually cost $15 to $30. A check takes 5 to 10 business days and is free, but you have to deposit it at the new bank.
The key decision is whether to move all your money at once or in stages. Moving everything at once is cleaner but means your old account sits empty for a few days. Moving in stages lets you keep the old account active while you test the new one, but you have to track which money you have moved and which you have not.
Key Takeaways
- Ask your new bank whether they offer incoming ACH transfers; if they do, provide your old account and routing number and let them pull the money — this is the fastest method.
- Incoming ACH transfers take 1 to 3 business days and cost nothing, while wire transfers arrive faster but cost $15 to $30.
- You do not have to close your old account before the transfer arrives; wait until the money clears in the new account before closing.
- If you keep money in both accounts temporarily, set a date to close the old one so you do not forget and pay fees on an unused account.
- Update automatic deposits and bill payments to your new account before or immediately after the transfer, or you will miss payments.
How to set up an incoming ACH transfer at your new bank
Log into your new bank's website or app and look for a link labeled "Transfer Money In," "Link External Account," "Move Money," or "Incoming Transfer." Click it and enter your old bank's routing number and your old account number. The new bank will ask whether the account is checking or savings (choose savings), and may ask for your old bank's name.
Some banks verify your identity by depositing two small amounts (usually under $1 each) into your old account, then asking you to confirm the amounts. This takes an extra 1 to 2 business days but is more secure. Other banks verify instantly using your Social Security number and other personal details. Either way, once verification is complete, you authorize the transfer amount and the new bank pulls the money.
The transfer usually lands in your new account within 1 to 3 business days. Do not close your old account until the money appears in the new one and you have confirmed the amount is correct. If something goes wrong — the transfer does not arrive, or the amount is wrong — you will need the old account open to investigate.
Transferring money out of your old bank if incoming transfers are not available
If your old bank does not allow incoming ACH transfers, you can initiate an outgoing transfer yourself. Log into your old bank's website or app, find "Send Money," "Transfer Out," or "Pay from This Account," and select ACH transfer. Enter your new bank's routing number and your new account number, then the amount and the date you want the money to leave.
ACH transfers out take 3 to 5 business days and are free. The money will land in your new account on the date your old bank processes it, usually the next business day after you request it. You can schedule the transfer for a future date if you want to time it with a deposit or other activity.
If you need the money faster, ask your old bank about wire transfers. A wire transfer leaves the same day or the next morning and arrives within hours or by the next business day. Most banks charge $15 to $30 per outgoing wire. Wire transfers are also final — once sent, they cannot be reversed — so confirm your new account number is correct before you authorize it.
Moving money by check if other methods are not available
If you cannot use ACH or wire transfer, you can withdraw cash or request a cashier's check from your old bank and deposit it at the new one. A cashier's check is safer than a personal check because the bank guarantees the funds. There is usually no fee, though some banks charge $5 to $10 for a cashier's check.
Depositing a check at your new bank takes 5 to 10 business days to clear, depending on the amount and the banks involved. Large checks (over $5,000) may take longer. During this time, the money is in your new account but not yet available to withdraw or transfer — your new bank holds it until the check clears.
Keep the receipt or confirmation number from your old bank until the check clears in your new account. If the check is lost or delayed, you will need proof that you withdrew the money.
What to do with your old account after the transfer
Do not close your old account immediately after the transfer arrives. Wait 3 to 5 business days to make sure no unexpected charges or reversals occur. Some transfers can be reversed if there is a dispute or error, so keeping the account open gives you time to catch problems.
Once you are confident the transfer is complete and correct, contact your old bank and ask them to close the account. Some banks let you close online; others require a phone call or a visit. Ask whether there is a penalty for closing early — most savings accounts have no early closure fee, but some do.
Before you close, check that you have moved or canceled any automatic deposits (paychecks, benefits, transfers from other accounts) and any automatic bill payments that were linked to the old account. If you miss this step, deposits will bounce and bills will go unpaid.
Updating automatic deposits and payments to your new account
This is the most important step and the easiest to forget. Before or immediately after your transfer, log into each service that deposits money into your old account — your employer's payroll system, Social Security, your investment account, or any other source — and update the account number to your new one.
Do the same for any bills you pay automatically from your savings account: insurance, loan payments, subscriptions, or transfers to other accounts. If you do not update these, deposits will fail and bills will not be paid, which can damage your credit and trigger overdraft fees.
Give yourself at least one pay cycle to test the new account before you close the old one. Make sure your paycheck lands correctly, that automatic bill payments go through, and that you can access the money without problems. If something is wrong, you still have the old account to fall back on.
What happens if the transfer goes wrong
If money does not arrive after 5 business days, contact your new bank first. They can check whether the transfer was received and where it is in the process. If your new bank never received the transfer, contact your old bank and ask them to investigate the outgoing transfer.
If the wrong amount arrived — too much or too little — contact both banks immediately. Mistakes usually happen because of a typo in the account number or a misunderstanding about which funds to move. Both banks can review the transaction and correct it if there was an error on their end.
If money was transferred but you did not authorize it, report it to your new bank right away. You have up to 60 days to dispute an unauthorized ACH transfer under federal law, though most banks investigate faster. Your old bank can also help trace where the transfer went.
Frequently Asked Questions
Do I have to close my old account right away?
No. Wait at least 3 to 5 business days after the transfer arrives to make sure it clears and no reversals occur. After that, you can close it whenever you want. Some people keep old accounts open for a few months as a backup, which is fine as long as there are no monthly fees.
Can I transfer money if I do not have online banking set up?
Yes. Call your old bank and ask them to initiate an outgoing ACH transfer or wire transfer over the phone. You will need to provide your new bank's routing number and your new account number. Some banks charge a fee for phone-initiated transfers, usually $10 to $15.
What if my old bank says they cannot do incoming transfers?
Ask whether they can do outgoing transfers instead. If they refuse both, you can withdraw cash or get a cashier's check and deposit it at your new bank. This takes longer but always works. Some very small or online-only banks have restrictions on transfers, so this is not uncommon.
How long does it take to close a savings account?
Closing is usually instant if you do it online or over the phone. The bank will confirm the account is closed and any remaining balance will be transferred to the address on file or mailed as a check. Make sure your address is current before you close.
Will closing my old account hurt my credit?
No. Closing a savings account does not affect your credit score. Credit scores are based on credit accounts like credit cards and loans, not deposit accounts. You can close a savings account anytime without penalty.