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A routing number uniquely identifies a bank or credit union. And just like a financial institution's routing number accompanies your checking account, your savings account also features a routing number.
What Is a Routing Number?
A routing number is a one-of-a-kind number, usually nine digits long, that identifies a financial institution. Think of it as the digital address for the location of a bank or credit union. For instance, the routing number 113000023 is attached to some Bank of America branches in Austin, Texas. But to the north, the routing number 111000025 is assigned to some Bank of America branches in Dallas.
Each routing number corresponds to the area where you opened your account.
The American Bankers Association (ABA) set up the routing number system in the early 1900s as a way to identify specific financial institutions. The system's primary purpose is to single out which bank or credit union is supposed to handle a transaction made by paper check or electronic transfer.
A financial institution might have routing numbers that are assigned to different states, regions or branches. For instance, U.S. Bank has 34 routing numbers, such as 122105155 for Arizona and 082000549 for Arkansas.
In other cases, a financial institution might have just one routing number. For example, the sole routing number for Boeing Employees' Credit Union is 325081403.
Learn more >> What Is a Routing Number?
What Are Routing Numbers Used For?
Banks and credit unions rely on routing numbers to process:
- Paper checks
- Deposit slips
- Digital checks
- Fund transfers
- Wire transfers
- Direct deposits
- Online bill payments
- Mobile payments
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Do Savings Accounts Have Routing Numbers?
Yes, savings accounts have routing numbers. That's because each financial institution, including ones that offer savings accounts, has a unique routing number or unique routing numbers.
So, let's say you opened a Wells Fargo Bank savings account in Illinois. In this instance, the routing number would be 071101307.
Savings accounts and other bank accounts come with routing numbers that, combined with account numbers, tell a financial institution where to deposit or withdraw money.
Can a Routing Number Change?
If you have more than one account at a financial institution, each account number is different but the routing number is typically the same.
However, a routing number might change. Most notably, this can happen when one bank merges with another. Different routing numbers also might pop up or change when:
- A new financial institution gets a new routing number
- An established financial institution obtains a new or extra routing number
- A bank shuts down
Learn more >> Routing Number vs. Account Number: What's the Difference?
How to Find Your Savings Account's Routing Number
When you have a checking account, one of the places you can find the routing number is in the lower left corner of a check. But that's normally not possible with a savings account, since savings accounts generally don't offer check-writing privileges.
You can, however, locate your savings account's routing number by:
- Visiting your financial institution's website
- Accessing your online account
- Using your financial institution's mobile app
- Reviewing your account statements
- Calling or visiting your financial institution
- Using the ABA's routing number lookup tool
The Bottom Line
Just like checking accounts, savings accounts have routing numbers. These numbers play a key role in 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 kept the account and moved to Massachusetts, your routing number shouldn't be affected.