The fastest way to move your savings is to open an account at the new bank, then transfer the balance using an ACH transfer or wire

You can move money from one savings account to another in two ways: pull it from the old account (the new bank initiates the transfer) or push it from the old account (you or the old bank sends it). The pull method is usually faster and more reliable. Open your new savings account first, then log into your new bank's website or app and look for a link called "Transfer Money," "Link External Account," or "Add Account." You'll enter your old bank's routing number and your account number, and the new bank will pull the funds over.

The entire transfer typically takes three to five business days. Some banks offer faster options—a few will move money the same day or next business day if you initiate the transfer before their cutoff time (usually 2 p.m. Eastern). Wire transfers are faster (often same-day) but cost $15 to $30 and are better suited to moving large amounts. ACH transfers are free and work for most savings balances under $25,000.

Before you transfer, check whether your old bank charges a closing fee or requires a minimum balance to keep the account open. Some banks waive the fee if you maintain a small balance or close within 30 days of opening. If you have automatic deposits or bill payments tied to the old account, update those before the transfer clears, or you risk a missed payment or deposit going to the wrong place.

Key Takeaways

  • The new bank can pull money from your old account using an ACH transfer, which is free and takes three to five business days.
  • You will need your old bank's routing number and your account number to start the transfer from the new bank's website or app.
  • Wire transfers move money faster (often same-day) but cost $15 to $30 and are best for larger amounts.
  • Update any automatic deposits or bill payments before the transfer clears to avoid missed payments or deposits sent to the closed account.
  • Check your old bank's terms for closing fees or minimum balance requirements before you move your money.

How to find your routing and account numbers

Your routing number is a nine-digit code that identifies your bank. Your account number is unique to your savings account at that bank. Both appear on the bottom left of any check you have from that account—the routing number comes first, then your account number. If you don't have checks, log into your old bank's website or app and look for account details, account information, or statements. Most banks display both numbers there.

You can also call your old bank's customer service line (the number is on your debit card or bank statements) and ask for your routing and account numbers. Write them down before you start the transfer, because you'll need to enter them exactly as they appear.

Setting up the transfer from your new bank

Log into your new bank's website or mobile app and find the transfer or external account section. This is usually under "Transfers," "Move Money," "Link Account," or "Add External Account." Click that option and select "Transfer from another bank" or "ACH transfer." Enter your old bank's routing number, your old account number, and the amount you want to move. Most banks let you transfer your full balance or a specific amount.

The new bank will ask you to verify the account by sending small test deposits (usually $0.01 to $0.99) to your old account. This takes one to two business days. Once the deposits appear in your old account, you log back into the new bank and confirm the amounts. After verification, the full transfer begins and typically completes within three to five business days.

Some banks skip the verification step if you provide a recent statement from your old bank showing your name and account number. Ask your new bank whether they accept statements in place of test deposits—it can save you a few days.

What to do if your old bank won't release the funds

Occasionally a bank will block an outgoing ACH transfer if the account has been inactive, if there's a hold on the account, or if the bank suspects fraud. If your transfer is denied, call your old bank immediately and ask why. Common reasons include a frozen account (usually due to inactivity or a security flag), a dispute or claim against the account, or a hold placed by the bank pending an investigation.

If the account is frozen due to inactivity, the bank may require you to visit a branch in person with a photo ID to reactivate it. If there's a hold or dispute, ask how long it will remain and whether you can transfer the funds once it's lifted. If the bank suspects fraud, they may require you to verify recent transactions or confirm your identity before releasing the money. In rare cases, you may need to withdraw the funds in person at a branch and deposit them at your new bank, though this bypasses the ACH system's fraud protections.

Timing and what happens to your old account

Once the transfer completes, your old account still exists unless you close it. You can close it immediately after the transfer clears, or you can leave it open with a small balance if you want to keep the account history or avoid a closing fee. Some banks charge $25 to $50 to close an account within 90 days of opening, so check your old bank's policy before you decide.

If you close the account, do it after the transfer has fully cleared—not before. If you close it while the transfer is in progress, the bank may reject the incoming funds and send them back to your new bank, which can delay the process by several days. After you close the account, the bank will send you a final statement showing the closing date and any remaining balance or fees.

Moving money if you have automatic deposits or payments

Before you transfer, make a list of any automatic deposits (paychecks, benefits, refunds) or automatic payments (insurance, subscriptions, loan payments) tied to your old savings account. Contact your employer, benefits provider, or creditor and ask them to update your account information to your new bank. This usually takes one to two business days to process.

For automatic payments, log into each biller's website and update your bank account details there. Do not rely on the old account to forward payments—if the account is closed, the payment will fail and you may face a late fee or service interruption. If you're unsure whether you've updated everything, leave the old account open for at least one full pay cycle (usually two weeks) after the transfer clears. This gives you time to catch any deposits or payments that didn't get rerouted.

Using a wire transfer for faster movement

If you need the money to move faster than ACH allows, you can request a wire transfer from your old bank. Wire transfers typically complete the same day or next business day, depending on when you initiate them and your bank's cutoff time. Call your old bank and ask to wire funds to your new bank account. You'll need to provide your new bank's routing number, your new account number, and the amount to transfer.

Wire transfers cost $15 to $30 per transaction, depending on your bank. Some banks waive the fee for customers with high balances or premium accounts. Ask your old bank about the fee before you authorize the wire. Once the wire is sent, it cannot be stopped or reversed, so double-check the account number and routing number before you confirm. The funds should appear in your new account within one business day.

Frequently Asked Questions

Can I transfer money while my old account is still active?

Yes. You can transfer your full balance and keep the old account open, or transfer a partial amount and leave funds behind. The account remains active until you close it. If you're worried about forgetting to close it later, close it after the transfer clears and any automatic payments have been rerouted.

What if I enter the wrong routing or account number?

The transfer will fail and the funds will be returned to your new bank within one to three business days. You'll receive a notification explaining why the transfer was rejected. Correct the information and try again. If you're unsure about the numbers, call your old bank to confirm before you re-initiate the transfer.

Do I lose interest if I move my savings mid-month?

Most banks calculate interest daily and pay it monthly, so you'll earn interest on the balance up to the day the transfer clears. Once the funds leave your old account, you stop earning interest there. You'll start earning interest at your new bank on the day the transfer arrives, assuming the new account earns interest. Check both banks' terms to understand when interest is calculated and paid.

Can I transfer to a savings account at a different type of bank, like a credit union?

Yes. Credit unions use the same ACH system as traditional banks, so the process is identical. You'll need the credit union's routing number and your account number. If you're unsure whether your credit union participates in ACH transfers, call them before you start the transfer at your new bank.

What if the transfer takes longer than five business days?

Contact your new bank and ask for the status. Delays can happen if there's a verification issue, a hold on your old account, or a processing error. Your new bank can contact your old bank to investigate. If the delay is longer than seven business days, ask your new bank whether they can expedite the transfer or initiate a wire instead.