Email FacebookTwitterMenu burgerClose thin

Do Savings Accounts Have Their Own Routing Numbers?

Byline profile imageEdited by Chris Thompson
|
Byline profile imageEdited by Marie White, CEPF®
Updated on
SmartAsset maintains strict editorial integrity. It doesn’t provide legal, tax, accounting or financial advice and isn’t a financial planner, broker, lawyer or tax adviser. Consult with your own advisers for guidance. Opinions, analyses, reviews or recommendations expressed in this post are only the author’s and for informational purposes. This post may contain links from advertisers, and we may receive compensation for marketing their products or services or if users purchase products or services. | Marketing Disclosure
Share

We often use checking account information for bank transfers and direct deposits, but do savings accounts have their own routing numbers? Yes, savings accounts have routing numbers, which are the same as the bank’s checking accounts. A routing number comes from a bank or financial institution and is unique to that institution. This number identifies a bank, which is why it is essential for facilitating electronic transactions. They ensure funds are directed to the correct financial institution. Then, your account number instructs the bank where to direct the money once it is received. For most transactions involving a savings account, you will need to use the bank’s routing number along with your specific account number.

Do you want professional help with your savings plan? Speak with a financial advisor today.

What Is a Routing Number?

A routing number, also known as an ABA routing number, is a nine-digit code used to identify financial institutions in the U.S. 

This unique number is essential for processing checks, wire transfers and direct deposits. Whether you are setting up direct deposit for your paycheck, transferring money between accounts or paying bills online, the routing number ensures that your money reaches its intended destination without delay or error. Each digit in the routing number has a specific meaning, providing critical information about the bank and its location. 

  • The first four digits of a routing number represent the Federal Reserve Bank district in which the bank is located, and identify the specific bank or branch within that district.
  • The following four digits are the unique identifier for the particular bank.
  • The final digit is a checksum used to verify the accuracy of the routing number.

Just like how checking accounts work, savings accounts have their own account number used to facilitate transactions. Unlike routing numbers, which have a standard code across all financial institutions, each bank has a different methodology for creating the numbers used in customer’s checking and savings accounts.

Routing numbers and account numbers are both needed to identify your specific bank account. While the routing number directs the transaction to the correct bank, the account number specifies which account should receive the funds. This dual identification system is crucial for the security and accuracy of financial transactions.

How to Find Your Bank’s Routing Number

The easiest way to find your bank’s routing number is through your bank’s website. Log in to your online banking account and navigate to the account information or details section. Many banks display the routing number prominently alongside your account number. If you cannot find it immediately, use the search function on the site or consult the bank’s online help section, where routing numbers are commonly listed.

If you prefer mobile banking, open your bank’s mobile app and sign in to your account. Similar to online banking, you will typically find the routing number in the account details section. The exact navigation may vary, depending on the app’s design, but it usually involves a few taps on your smartphone. If you are having trouble, the app’s customer service chat feature can be a quick way to get assistance.

Checks remain the most reliable source for finding your bank’s routing number. The routing number is the first set of nine-digit numbers printed at the bottom left of your check. This number is followed by your account number and the check number. Even if you primarily bank online or through an app, keeping a checkbook handy can be useful for quick reference.

In addition to online and mobile resources, you can find your bank’s routing number on your bank statements and official documents. These documents are mailed to you periodically and can also be accessed digitally through your bank’s online portal. If you are ever in doubt, visiting a local branch or calling your bank’s customer service can provide you with accurate information.

Where You Might Need to Use a Routing Number

An investor uses the banking app on their phone to check their savings account.

Direct deposits are one of the most common transactions that require a savings account’s routing number. Employers or other entities depositing funds directly into your account will need your routing number, along with your savings or checking account number. Similarly, you must provide your routing number if you want to set up automatic withdrawals for paying bills or making bank transfers.

Transferring money between different bank accounts, whether within the same bank or between different banks, also necessitates the use of your account’s routing number. This applies to electronic fund transfers (EFTs), including moving money from your savings account to a checking account or vice versa. This process ensures that the funds are routed correctly and efficiently.

For those who opt to receive their tax refunds via direct deposit, the routing number for the bank where you have your savings account is also necessary. This allows the IRS to deposit your refund directly into your account, ensuring you receive your funds faster than waiting for a check by mail.

ACH transactions, which include a wide range of payments such as payroll, Social Security benefits and utility payments, require your account and routing numbers, as well. When used in international money transfers, such as receiving money from overseas, these numbers may also be needed alongside other information like the SWIFT code.

Can a Routing Number Change?

Routing numbers are generally stable over time but can change under specific circumstances. One common example is a bank merger or acquisition. When banks merge, they consolidate their routing numbers to streamline operations and ensure consistency across the new, unified institution. This change helps maintain smooth and efficient transaction processing.

Another scenario that might necessitate a change in routing numbers is a bank restructuring or some other significant organizational change. This could involve relocating the bank’s headquarters or altering its operational structure, thus requiring a new routing number to reflect the updated organization.

Additionally, banks might change routing numbers due to technological upgrades or improvements in their systems. As banking technology evolves, updates in processing systems might require new routing numbers to ensure compatibility and efficiency in transaction processing.

Routing Numbers: Common Issues and Security Tips

Routing numbers are essential for directing money transfers to the correct bank, but mistakes can happen. One common issue is when the wrong routing number is entered for direct deposits or bill payments. This can delay transactions or send money to the wrong institution. That is why it’s so important to double-check both the routing and account numbers before submitting any banking forms.

It is also important to use your routing number safely. You should avoid sharing it unless absolutely necessary for a trusted transaction. Just like account numbers, routing numbers can be used for fraudulent purposes when someone has access to both. Be cautious when giving out your banking information online or over the phone–especially if you did not initiate the contact.

To protect your bank account, monitor it regularly for suspicious activity. Many banks offer alerts for large or unusual transactions that can help you catch problems early. Also, make sure to use secure websites and trusted devices when accessing your account. If you suspect your routing or account numbers have been compromised, contact your bank right away to take protective steps.

Bottom Line

A mother with her children at a bank, making a deposit into their savings accounts.

Routing numbers identify the financial institution involved in a transaction and are typically associated with checking accounts, but all bank accounts use them. Savings accounts share the routing number as checking accounts from the same bank. This is because the routing number only identifies the bank itself, not the specific account. When you need to transfer money to or from a savings account, you will use the same routing number as you would for a checking account at that bank, along with the account number provided by your bank. You could consider working with a financial advisor who can help you structure your bank accounts to help meet your financial goals.

Savings Tips

  • A financial advisor can help you build a long-term financial plan, which can account for your savings. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Interested in seeing what kinds of savings rates are available on the market today? Check out SmartAsset’s rate table to learn more.

Photo credit: ©iStock.com/AsiaVision, ©iStock.com/Thx4Stock, ©iStock.com/Fly View Productions