Show Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services When did you open your first savings account? For some of us, it was when we were children and our parents opened custodial accounts for us. For others, maybe you went to college and a bank offered students a deal on a checking and savings account combination. But as the years pass, the accounts we had as children or young adults might not work for us anymore. Whether you move from one state to another (or one city to another) or want to open a savings account with a partner, the time may come when you want to transfer your savings account. In this Guide:
Why You Might Need or Want to Transfer Your Savings AccountAs you grow, your lifestyle will grow too. Things that worked a year or five years ago no longer do. That's OK — change is a part of life! The important thing is to make changes that work for you, rather than against you. Why might you need or want to transfer your savings account?
Things to Consider in a New AccountBefore you transfer any money anywhere, there are a few things to take into consideration.
Transferring a savings account has several steps to it, but luckily none of them is too complicated. Here's your to-do list:
Let's break these down a little more. Finding a new bank or credit union is probably the task that will take you the most time. Using our basic criteria above, find one that works best for your needs. Make sure to spend time comparing the fees of any new accounts as well! Next up, open a new account with the institution you chose. This may require going down in person to sign some paperwork, or you may be able to do it online. Different banks have different requirements, so look into the requirements of the one you've chosen. You'll need to have your Social Security number and a form of ID, such as your driver's license or passport. You also need to be able to make the minimum opening deposit, either in cash or by making an online transfer on the spot. Opening an account should take only about 30 minutes in person and could take even less time online. Once the account has been opened, you are free to transfer your old savings into your new account. Again, you can do this either in person or online. If you have several savings accounts, you can transfer them all into one new account or into several accounts at your new institution. Things to Keep in MindWhen you open a new bank account, you're usually opening both a checking and a savings account. Most institutions like you to have a checking account as a place to receive income like your direct deposit. Here's something to make special note of: Most banks and credit unions have minimum amounts you need to keep in your savings accounts to not incur any fees. So when you're transferring money out of those accounts, keep the minimum required balance in there until you're totally ready to close the account down. When you are ready to bid your accounts adieu for good, head down to your old bank in person and close them yourself. You'll be able to withdraw your remaining funds in cash or possibly make the final transfers into your new account online. Close your accounts in person if possible. This way, you have a record of the account being closed with a person and can get a hard copy printout of the closed accounts. You should also shred all the debit and credit cards associated with your old account. Once all these steps have been taken, you've officially transferred your savings account! You should be able to enjoy the next step in your financial life knowing you've created an account that works best for you.
Kara Perez is a freelance personal finance writer. She is the founder of bravelygo.co, a company that connects women and money. Kara lives in Austin, TX and believes in the power of budgeting and peanut butter. How do I transfer my savings from one bank to another?Steps for Transferring Money Between Banks
Log into your bank's website or connect via the bank's app. Click on the transfer feature and choose transfer to another bank. Enter the routing and account numbers for the account at the other bank. Make the transfer.
Can I transfer from one bank account to another bank account?Many banks allow free bank-to-bank transfers if you're sending to another account that you own. You will just need to link the two accounts. You can usually do this through your bank's online banking platform.
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