Yes, you can move your savings account to another bank, and the process is straightforward
You can close a savings account at one bank and open one at another without penalty or waiting period. The bank you're leaving cannot stop you or charge you a fee for closing, though some banks do charge a fee if you close within a certain window (usually 90 to 180 days of opening). The new bank will not charge you to open an account. The main work is moving your money and updating any automatic deposits or withdrawals that point to the old account.
The simplest path is to open the new account first, transfer your balance, then close the old one. This way you never have a gap in savings access. If you have automatic deposits (like a paycheck) or automatic payments going to the old account, you'll need to update those with your new account number before you close the old one—otherwise those transactions will fail.
Key Takeaways
- Open your new savings account before closing the old one so you always have access to your money.
- Transfer your full balance using an ACH transfer, wire transfer, or by visiting a branch in person with a check or debit card.
- Update any automatic deposits (paychecks, benefits) and automatic payments with your new account number before closing the old account.
- Close the old account by phone, online, or in person—confirm the account is closed and ask for written confirmation if the bank offers it.
- Some banks charge a closure fee if you close within 90 to 180 days of opening; check your account agreement before you open.
Three ways to move your money to the new bank
ACH transfer is the most common method. Log into your new bank's website or app, select "Transfer Money," and choose "From Another Bank." You'll enter your old bank's routing number, your old account number, and the amount you want to move. The new bank will contact your old bank electronically and pull the funds over. This usually takes one to three business days. Most banks let you transfer up to $25,000 per day this way, though limits vary.
Wire transfer is faster but costs money—usually $15 to $30 per transfer. You call or visit your old bank and ask them to wire the funds to your new bank. You'll need to provide your new bank's routing number, your new account number, and your name. The money arrives the same day or next business day. Use this only if you need the money quickly and the fee is worth it to you.
In-person transfer works if both banks have physical branches near you. Visit your old bank with your ID and debit card, withdraw the money in cash, then walk to your new bank and deposit it. This is instant but only practical for smaller amounts. For large sums, carrying cash is risky and time-consuming.
Updating automatic deposits and payments before you close
If your paycheck, Social Security, or other regular deposit goes to your old account, you must change it before closing that account. Log into your employer's payroll system or your benefits portal (like Social Security's website or your state's unemployment system) and update your bank account information. This usually takes one pay period to take effect, so do it at least a week before you plan to close the old account.
If you have automatic bill payments set up on the old account—insurance premiums, loan payments, utilities—update those too. Log into each biller's website or call them and provide your new account number. Some billers let you change it online; others require a phone call. Do this before closing the old account so payments don't bounce.
If you miss updating something and a transaction tries to post to the closed account, it will be rejected and marked as a failed payment. This can trigger late fees or damage your credit if it's a loan or credit card payment. Check your old account for at least 30 days after closing to catch any stragglers.
How to close your old savings account
Once your balance is moved and all automatic transactions are updated, close the account. You can do this by phone, online, or in person. Call the customer service number on the back of your debit card or visit a branch. Tell them you want to close the account. They may ask why (you don't have to give a detailed reason), confirm the balance is zero, and process the closure.
Ask the bank to send you written confirmation that the account is closed. This protects you if there's a dispute later about whether the account was actually closed. Some banks email this automatically; others only provide it if you ask. Keep the confirmation for your records.
If your old account has a negative balance (you owe the bank money), you must pay that before closing. The bank will not close an account with an outstanding balance. If you're unsure whether there are any pending charges, ask the representative to review the account before you close it.
Closure fees and timing to watch for
Some banks charge a fee if you close a savings account within a set period after opening it—commonly 90 to 180 days. This fee is usually $25 to $100. You can find this information in your account agreement or by calling customer service. If you're planning to move banks, check whether your current account has this restriction before you open the new one.
If your old bank does charge a closure fee, you have two choices: wait until the window closes and then close the account, or close it now and pay the fee. If the fee is small and you want to move your money immediately, paying it may be worth the peace of mind. If the fee is large and you can wait, set a calendar reminder for when the window closes.
What happens to your debit card and online access
Once the account is closed, your debit card for that account stops working. If you haven't received your new debit card yet, ask your new bank to expedite it or request a temporary card number you can use online. Most banks can issue a temporary card number within 24 hours.
Your online login for the old account will stop working after closure. If you need to look up old transactions for tax or record-keeping purposes, take screenshots or download your transaction history before you close the account. Once the account is closed, you may not be able to access that history.
If something goes wrong during the transfer
If an ACH transfer doesn't arrive within three business days, contact your new bank first. They can check the status and see whether the transfer was rejected by your old bank. Common reasons for rejection include a wrong routing number, a wrong account number, or insufficient funds. Your new bank can help you resubmit with the correct information.
If money was deducted from your old account but never arrived at the new one, both banks are responsible for finding it. File a claim with your new bank (they usually have a form for this) and ask them to investigate. They will contact your old bank and trace the transfer. This usually takes 10 business days. You should receive the money back if the transfer was lost in transit.
If you closed the old account and then realized a transaction was still pending, contact the old bank immediately. Some banks can reopen closed accounts temporarily to process pending items. The sooner you call, the better your chances of recovering the money.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit because savings accounts are not reported to credit bureaus. Only credit accounts (credit cards, loans, lines of credit) show up on your credit report. Closing a savings account is a routine banking action with no credit impact.
Can I keep both accounts open at the same time?
Yes. You can keep your old account open while using the new one. Some people do this to keep a backup account or to maintain a long account history. There's no rule against having multiple savings accounts at different banks. Just be aware that some banks charge monthly maintenance fees if your balance falls below a minimum, so keeping an unused account open may cost you money over time.
How long does it take to close a savings account?
The closure itself is instant—the bank processes it immediately when you request it. However, any pending transactions may take a few more days to clear. Once the account shows a zero balance and all transactions have posted, the account is fully closed. This usually happens within one to five business days after you request closure.
What if I have a negative balance when I try to close?
You cannot close an account with a negative balance. You must deposit enough money to bring the balance to zero or positive first. Once the balance is zero or above, you can close it. If the negative balance is due to overdraft fees, ask the bank whether they will waive some or all of the fees—many banks will do this if you've been a customer in good standing.
Do I need to tell my old bank where I'm moving my money?
No. Your old bank doesn't need to know where your money is going. They only need to process the closure. However, if you're moving because of poor service or high fees, you can mention that when you close—some banks use this feedback to improve. It won't change the closure, but the bank may note it in their system.