Savings Account Routing Numbers, Explained
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Do Savings Accounts Have Routing Numbers?
How Do You Find the Routing Number on a Savings Account?
Your check: Some savings accounts have printed checks, and the bottom of your paper checks should list the routing number and bank account number. Your bank’s website: There may be an FAQ section or other area on the bank’s website listing the routing number. Your bank’s online account portal or app: In many cases you can log in and see your routing number within your account overview
What Is a Savings Account Routing Number?
What Do the Numbers in a Savings Account Routing Number Mean?
The first four digits indicate the location of the Federal Reserve Bank that oversees the financial institutions in a certain area The next four digits identify your financial institution, or the ABA identification number The last digit is the check digit number
What Are Savings Account Routing Numbers Used For?
Setting up direct deposit to have your paycheck deposited into your savings account Having a tax refund deposited to your account Transferring money to pay for bills like a mortgage payment Authorizing recurring payments or withdrawals, such as payments for subscription services Linking another one of your bank accounts to your savings accounts so you can easily transfer money to and from accounts Making wire transfers to a U.S. account, such as when wiring money to an escrow account during the mortgage closing process Ordering or reordering checks Making international wire or money transfers
Can a Routing Number Change?
Update your routing number for any relevant recurring bills or subscription accounts so you don’t accidentally miss any payments Contacting your employer (like the HR department) to let them know your routing number changed and to direct your payments using the updated information Update any other automatic withdrawals, such as ones for mortgage or credit card payments Order new checks if you regularly use them, and get rid of old ones Keep any relevant financial accounts current so you have the information on hand when you need it
3 Money Tips
Because online banks don’t have the overhead costs that brick-and-mortar banks have, they may offer a higher savings account interest rate. Just keep an eye out for minimum balance requirements and monthly fees. An emergency fund is a key financial safety net. Aim to have three- to six-months worth of living expenses tucked away in a separate account that earns interest, but allows you to access the money if needed (such as a high-yield savings account). In some situations, it may be appropriate to have up to 12 months of living expenses saved. To get into the savings habit, consider having 10% of your paycheck directly deposited into your savings account. Or, set up a small automatic recurring transfer from your checking account into your savings account on the same day each month.
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