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There's a lot to think about when opening a new bank account, like what features it offers and how you're going to access your cash. But just as important is knowing how to transfer money to another bank. There are a few ways you can go about this, and we'll talk about each of them below.
There are several ways to transfer your money from one bank account to another, whether the new account is at the same bank or a different one. Usually, all you have to do is tell the bank that currently has your money where you'd like it sent and it will move it for you. But to do this, you need to know two things: your routing number and your account number.
Your routing number corresponds to the institution that's holding your money. You can often find your routing number by:
Your account number identifies your personal account within that bank. This can be 10 or more digits long, depending on the bank.
You can find yours as the second number written on the bottom of your checks or you can contact your bank to ask. You may need to answer some personal questions to verify your identity before the bank will give you this information.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Bonus | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. 
4.90/5
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 |
up to 3.80%
Rate info
Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
|
Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. |
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website.
4.70/5
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 |
4.15%
Rate info
Earn a guaranteed 4.15% APY for 90 days. After that, your savings keep growing at a competitive standard rate — currently 3.97% APY (subject to change). No minimum account balance required. Deposit or withdraw at any time with no additional fees. See product terms for complete details.
Min. to earn: $1
|
Earn up to $1,200 when you sign up and fund your account using code SUMMER26.¹
|
Open Account for NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website. |
Open Account for Happen Bank LevelUp Savings
On Happen Bank's Secure Website.
4.70/5
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 |
4.00% APY with $250+ in monthly deposits
Rate info
*LevelUp Rate of 4.00% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.00% APY. LevelUp Rate applies to first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.happen.com/legal/deposits/levelup-savings-t-and-cs
Min. to earn:
|
N/A
|
Open Account for Happen Bank LevelUp Savings
On Happen Bank's Secure Website. |
¹New customers only. Earn a cash bonus (the "Base Bonus") when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive a Base Bonus of $50 for depositing between $10,000 and $24,999; $125 for depositing between $25,000 and $49,999; $250 for depositing between $50,000 and $99,999; $500 for depositing between $100,000 and $199,999; and $1,000 for depositing $200,000 or more.
Customers may earn an additional bonus by setting up a recurring deposit within 14 days of their initial deposit (the “Recurring Deposit Bonus”). To qualify, the recurring deposit must be established within 14 days of the initial deposit date and it must execute at least two (2) times within 90-days of the initial deposit. Recurring Deposit Bonus eligibility is determined by your Base Bonus tier:
Customers are eligible to earn the Recurring Deposit Bonus associated with their Base Bonus tier or any lower Recurring Deposit Bonus tier. For example, a customer with an initial deposit of $200,000 (qualifying for the highest Base Bonus tier) whose aggregate recurring deposits total $500, is eligible for the lower tier and will receive the $50 Recurring Deposit Bonus. However, setting up a recurring deposit greater than your Base Bonus tier's required threshold will not qualify you for a higher Recurring Deposit Bonus.
The Recurring Deposit Bonus is paid in addition to the Base Bonus. To qualify for the Base Bonus and Recurring Deposit Bonus, your first deposit must be initiated between June 1, 2026, and August 31, 2026, by 11:59 PM ET, and the promo code SUMMER26 must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for the Base Bonus. Bonus cash will be credited directly to your Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.
There are four ways you can transfer funds between banks. Here's a closer look at the pros and cons of each.
Electronic transfers are the simplest option for most people and they're free. All you need is:
When you do an electronic transfer to another account at the same bank, it's often instant. But when you transfer funds to another bank, it can take up to three business days.
Plus, many banks limit how much their customers can transfer per day or per month. Oftentimes, these limits are several thousand dollars, so they should be enough for most people. But those looking to transfer large sums at once may have to explore some other options.
If you want to electronically transfer funds to another bank, follow these steps:
Wire transfers are an alternative if you need to access your funds quickly or if you need to transfer large sums at once. These are similar to electronic transfers, but they happen much faster. Most domestic transfers can be processed on the same day.
TIP
Many banks charge fees for outgoing wire transfers and some charge for incoming wire transfers as well. Wire transfers can also be difficult to stop if you change your mind after you've initiated them.
If you want to move funds via wire transfer, take these steps:
Zelle is a popular money transfer app used by many U.S. banks and credit unions. It doesn't have fees, and transfers between banks are often instant.
Learn more: Full Zelle Review
If you're not comfortable banking online, you may decide to move your funds via a check transfer. This is where you write a check from your current bank account and deposit that check into your new bank account. You need a checkbook to do this and your current account must offer check-writing capabilities.
Security is also a little more of a concern here because if you lose your check, there's a possibility that someone else could find it and use it to steal your money. Another issue for those depositing large checks is that you may only get access to a portion of your funds right away. It can take a few days for your bank to release all the funds to you.
Here are the steps to transfer your money to another bank with a check:
Here are a couple things to keep in mind when moving money between banks.
Before you send money using any of the methods above, make sure you've entered all of your information correctly, especially your account number. If you accidentally transfer your funds to someone else, you may not be able to get them back.
If you do inadvertently send money to the wrong place, reach out to the bank to see if you can stop the transfer before it completes.
When moving your money out of a savings account, you could face excess withdrawal fees if you make more than six withdrawals in a month. This is because of a federal law known as Regulation D that required this limitation on savings accounts.
It's worth noting that not all withdrawals are created equal. The six monthly withdrawal rule usually only applies to "convenient" withdrawals, such as:
But withdrawing money at a bank branch or taking cash out at an ATM doesn't count toward these limits.
If you have any questions about transaction limits or what kind of fees you could face for moving money out of your savings account, reach out to your bank to ask.
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The best way to transfer your money depends on your needs and goals. For most people, electronic transfers are the way to go because they are safe and free.
Wire transfers can move your money quickly, but you'll usually pay a fee for this convenience. Some money transfer apps also allow for instant transfers, again at a cost.
Transferring your money electronically is usually pretty safe, assuming you've got the routing and account numbers correct.
Motley Fool Stock Disclosures
Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target and U.S. Bancorp. The Motley Fool has a disclosure policy.