Do Savings Accounts Have Routing Numbers?
Updated
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The short answer is yes. U.S.-based savings accounts all have routing numbers.
A routing number corresponds to a banking institution, not to a specific type of account. Routing numbers are used for several purposes in addition to check-writing, such as setting up direct deposit or transferring money between banks -- both of which are common practices in savings accounts.
With that in mind, here's some more information on what a routing number is, how to find the routing number for your own savings account, and what you may need your savings account's routing number for.
A routing number -- its technical name is an ABA routing transit number -- is a nine-digit code that identifies the financial institution where a bank account is held. Along with your account number, a routing number is used to identify your individual U.S.-based bank account.
Every U.S. bank has at least one specific routing number assigned to it, as this helps to accurately distinguish between banks -- especially those with similar-sounding names.
Routing numbers are most commonly associated with checking accounts, where they appear on the bottom of every check along with the account number. They appear in order to tell the receiving financial institution where the check writer's account is held.
However, all U.S. savings accounts also have a routing number associated with them, as they are issued to all banks that have an account with the Federal Reserve.
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| Account | APY | Promotion | Next Steps |
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3.70%
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|
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Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Open Account for CIT Platinum Savings
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Our ratings are based on a 5 star scale.
5 stars equals Best.
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2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.10% APY for balances of $5,000 or more
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|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
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|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
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N/A
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
If you have a book of personalized savings deposit slips, your routing number is likely on them. Look for a nine-digit code towards the bottom left of one of the slips.
If you don't have any deposit slips handy, you can also typically find your routing number on your account statement or on your bank's website.
If you're still having difficulty, or if you aren't 100% sure that the number you're looking at is the correct routing number, call your bank to find out.
In checking accounts, routing numbers are often used to set up bill pay by direct debit, but things like this aren't too common in savings accounts.
However, there are numerous situations where you'll need to know your savings account's routing number.
While this isn't an exhaustive list, here are a few common reasons you may need to use your savings account's routing number:
To sum it up, not only do savings accounts have routing numbers, but you'll need to know this important piece of account-identifying information in several possible scenarios.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
