Routing numbers are typically associated with checking accounts, and you can easily find them on paper checks. However, if you have a savings account and wish to set up automatic deposits to your account or transfer money between multiple savings accounts, you may need to use your savings account’s routing number.

But do savings accounts have routing numbers, and if so, where do you find them? In this guide, we’ll answer both questions and discuss everything you need to know regarding routing numbers and their use.

What Is a Routing Number?

A routing number is a nine-digit number that indicates the financial institution where you have a bank account. Every U.S. bank has a unique routing number, and its purpose is to help distinguish between banks—especially those with similar names. 

Since there are thousands of banks across the country, routing numbers help avoid transferring money to the wrong bank. What’s more, some banks or credit unions may have more than one routing number. This is usually the case with big banks like the Bank of America, which has two routing numbers in certain states.

Routing numbers were created in 1910 by the American Bankers Association (ABA) to make money transactions more efficient by allowing banks to easily identify the source of transfers and keep track of deposits. Nowadays, they’re also used as an identifying factor in online transactions.

Does a Savings Account Have a Routing Number?

Yes, like checking accounts, all savings accounts in the U.S. have routing numbers. These numbers are issued to all financial institutions that have an account with the Federal Reserve and are necessary to ensure that money transactions go to the right bank.

Routing Number vs. Account Number—What Is the Difference?

Make sure not to mistake the savings account routing number with your account number. While the routing number represents your bank, an account number is a unique set of digits that identifies your account within the bank.

Account numbers have 12 digits, and they serve as your bank account ID. In combination with the bank’s routing number, they help determine exactly where your money transactions go and come from.

How To Find a Routing Number for a Savings Account

You can find routing numbers in the bottom left corner of paper checks—you’ll recognize them as sets of nine digits beginning with a 0, 1, 2, or 3. While savings accounts typically don’t offer checks, this information can be useful if you have a money market account, which usually allows you to write checks.

If you have a regular savings account that doesn’t offer checks or you prefer online banking, you can find the routing number by:

• Going online—Look at the “account information” section on your bank’s website or mobile app. You may also look for it in the FAQ section or the website homepage or search your bank’s name along with the phrase “routing number” in your web browser
• Reviewing your bank statement—Some banks provide their routing numbers on the monthly bank statements, whether electronic or paper statement ones
• Calling or visiting the bank—If the other options don’t work, you can contact your bank’s customer service or visit the bank in person and ask for the routing number 

What Does a Savings Account Routing Number Mean?

Source: American Bankers Association

The digits that make up the routing number have specific meanings. Here’s what each part of the routing number indicates:

1. The first two digits—These identify the regional Federal Reserve bank that supervises financial institutions in your area
2. The third digit—It indicates the check processing center assigned to your bank
3. The fourth digit—It refers to the state of the Federal Reserve district your bank is located in
4. Digits five to eight—These numbers are the bank’s unique identifier
5. The ninth digit—This number is a “checksum,” which is a mathematical formula based on the calculation of the first eight digits that make up the routing number

Can the Routing Number on a Savings Account Change?

Since a routing number is your bank’s unique identifier, it’s not likely to change. In case your bank merges with another bank, its routing number may change, but such situations are rare.

Still, if changes do happen, your bank or credit union will inform you on time, and you’ll need to:

• Update your routing number for any recurring payments to avoid missing a payment
• Order new checks if you use them
• Contact your employer to inform them of the changes so that they can update the information before sending your next paycheck
• Update any automatic withdrawals like credit card payments

This way, you’ll ensure the routing number change doesn’t negatively affect your savings account activity through missed payments or deposits.

What Is the Routing Number for a Savings Account Used For?

Finding the routing number on a savings account can help you complete various banking transactions, including:

• Receiving direct paycheck deposits in your savings account
• Arranging automatic payments, such as subscription fees
• Setting up peer-to-peer payment services like Venmo or PayPal
• Processing checks
• Ordering and reordering checks
• Receiving tax refunds
• Sending and receiving wire transfers
• Making payments via phone using your savings account

A routing number also lets you link your other bank accounts to your savings account to easily transfer money between accounts. For example, if you have a high-yield savings account, you may transfer funds to it to earn more interest.

However, if scammers get their hands on your savings account routing number, they could easily drain your account and leave you with a significant financial loss. The routing number could be the last piece of the puzzle fraudsters need to make unauthorized transfers or withdrawals from your account.

The only banking platform that focuses on protection against these scams is FortKnox—the first high-yield savings account that grows your funds while keeping the scammers at bay.