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A routing number is a unique nine-digit code that identifies a financial institution. Think of it as the digital address for a bank or credit union. For example, the routing number 113000023 is associated with some Bank of America branches in Austin, Texas, while 111000025 is linked to branches in Dallas.
The American Bankers Association (ABA) established the routing number system in the early 1900s to identify specific financial institutions. This system helps determine which bank or credit union should handle a transaction made by paper check or electronic transfer.
Yes, savings accounts have routing numbers. Each financial institution, including those offering savings accounts, has a unique routing number or multiple routing numbers. For instance, if you opened a Wells Fargo Bank savings account in Illinois, the routing number would be 071101307.
Routing numbers, combined with account numbers, direct financial institutions on where to deposit or withdraw money.
While each account at a financial institution has a different account number, the routing number is typically the same. However, routing numbers can change, especially when banks merge. New routing numbers may also appear when a new financial institution is established or an existing one obtains a new routing number.
Unlike checking accounts, savings accounts generally don’t offer check-writing privileges, so you can’t find the routing number on a check. However, you can locate your savings account’s routing number by:
Just like checking accounts, savings accounts have routing numbers. These numbers are crucial for the flow of money among financial institutions. Each routing number uniquely identifies a financial institution based on where you opened the account. So, if you opened a savings account in Florida but moved to Massachusetts, your routing number would remain the same.
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