The basic steps to close a current account
To close a current account, contact your bank directly—by phone, in person, or through their online banking portal—and tell them you want to close the account. The bank will ask you to settle any outstanding payments, transfer your remaining balance, and set up a redirect for direct deposits and automatic payments. Once those are done, the bank will close the account, usually within five to ten business days. You will receive written confirmation with a final statement.
The exact process varies by bank. Some banks let you start the closure online; others require a phone call or a visit to a branch. Check your bank's website or call the number on the back of your card to find out which method they use.
You do not need a reason to close an account, and the bank cannot force you to keep it open. However, if you have an overdraft, a loan tied to the account, or outstanding cheques, you will need to resolve those before closure can happen.
Key Takeaways
- Contact your bank by phone, online, or in person and request closure; the bank will tell you what documents or steps they need.
- Pay off any overdraft, settle outstanding cheques, and transfer your remaining balance before the account closes.
- Set up a redirect for direct deposits and standing orders at least two weeks before you close, so payments do not bounce.
- Keep your final statement and confirmation letter for your records, especially if you had regular payments or bills tied to the account.
- Closure usually takes five to ten business days from the date the bank receives your request.
Settling outstanding payments and balances
Before your bank will close the account, you must clear any money you owe. If your account is overdrawn—meaning you owe the bank money—you have to pay that amount back. If you have a loan or credit facility linked to the account, you need to pay that off or move it to another account first.
Check your account for any standing orders or automatic payments that are still active. These will fail if the account closes, which can damage your credit or result in late fees on bills. Contact each company (your utility provider, insurance company, subscription service, or loan servicer) and update your payment method at least two weeks before closure. Do not rely on the bank to redirect these payments.
If you have written any cheques that have not yet cleared, wait until they do before closing. A cheque can take up to ten business days to clear. If you close the account while a cheque is still pending, it will bounce, and the person who received it will be charged a fee.
Redirecting direct deposits and incoming payments
If your salary, benefits, or regular payments go into this account, you must set up a redirect before closure. Contact your employer's payroll department, your benefits provider, or whoever sends you money regularly and give them your new account details. This should happen at least two weeks before you close the account, to allow time for the change to take effect.
Some banks offer a payment redirect service, which automatically forwards incoming payments to a new account for a limited time after closure. Ask your bank whether they offer this and for how long it lasts. Even if they do, it is safer to change the payment details yourself, because redirects can fail or expire without warning.
If you receive cheques by post, make sure anyone who sends you cheques knows your new address and account details. Cheques made out to your old account can still be paid in, but only if you have the account open or if the new account holder agrees to deposit them on your behalf.
What happens to your account after closure
Once the bank closes your account, you can no longer use the debit card or online access. The account number is deactivated, so any payments sent to it after closure will bounce. The bank will send you a final statement showing all transactions up to the closure date and confirming the account is closed.
Your bank keeps records of the closed account for six years, as required by law. If you need a copy of old statements or transaction history after closure, you can request them from the bank, though they may charge a fee for statements older than a certain period.
If you had a mortgage, loan, or other credit product linked to the account, closing the account does not close the loan. You will need to make payments on the loan through a different method or account. Contact your lender to arrange this before you close the account.
Timing and what to expect
The closure process usually takes five to ten business days from the date your bank receives your request. If you close in person or online, the clock starts immediately. If you close by phone, it starts when the bank processes the call, which may be the next business day.
During this time, your account remains open and active. You can still receive payments and make transfers. Once the closure date passes, the account is frozen and no further transactions can occur.
If there are complications—such as a pending dispute, a cheque that has not cleared, or a linked loan—the bank may delay closure until those are resolved. They will contact you if this happens.
Closing an account with an overdraft or debt
If your account is overdrawn, you must pay back the full amount before the bank will close it. The bank will not close an account with an outstanding balance owed to them. If you cannot pay the full amount immediately, contact the bank and ask about a payment plan. Some banks will set up a repayment arrangement that lets you pay off the overdraft over time, even after the account is closed.
If you have a loan or credit card linked to the account, you need to either pay it off or transfer it to another account. The bank will not close the account while an active loan is attached to it. Contact the lender to find out your options.
If the account is in arrears—meaning you have missed payments—the bank may refuse to close it until the arrears are cleared. In this case, you will need to bring the account current before closure can proceed.
Closing a joint account
If the account is held jointly with another person, both account holders usually have to agree to close it. Contact the bank to find out their policy. Some banks require both signatures; others allow one person to close the account unilaterally, though this is less common.
If you want to close a joint account but the other person does not, you may be able to remove yourself as a holder and convert it to a sole account in their name. Ask the bank what options are available. If the account has a balance, you will need to agree with the other person on how to split it.
If you are closing a joint account because of a relationship breakdown, make sure any shared bills or payments are redirected before closure. Unpaid bills can affect both people's credit scores.
Frequently Asked Questions
Can I close my account if I have a pending cheque?
No. Wait until the cheque clears before you close. A cheque can take up to ten business days to clear. If you close while it is pending, the cheque will bounce and the recipient will be charged a fee. You can check the status of a cheque in your online banking or by calling the bank.
What if my salary is paid into this account?
Contact your employer's payroll department at least two weeks before closure and give them your new account details. Do the same for any other regular payments (benefits, pensions, subscriptions). If you do not update these, payments will bounce and you may face late fees or missed benefits.
Do I lose my transaction history when I close the account?
No. The bank keeps records for six years. You can request old statements after closure, though the bank may charge a fee. Ask for copies of the last few years of statements before you close, so you have them for your records.
Can the bank refuse to close my account?
Yes, if you owe money (overdraft, loan, or arrears) or if there are pending transactions. The bank will tell you what needs to be resolved. If you believe the bank is refusing closure unfairly, you can complain to the Financial Ombudsman Service.
How long does closure take?
Usually five to ten business days from the date the bank receives your request. The account remains active during this time. Once the closure date passes, the account is frozen and no further transactions can occur.