You can close a savings account at any time, for any reason
Yes. You own the account and the money in it. You can close a savings account whenever you want, and no bank can force you to keep it open. The process takes a few minutes to a few days depending on how you close it and whether the account has a balance.
The main things you need to do: withdraw or transfer any money still in the account, tell the bank you want to close it, and confirm the closure is complete. If you have automatic deposits or payments tied to the account, you'll need to update those first so money doesn't try to land in a closed account.
Key Takeaways
- You can close a savings account in person at a branch, by phone, by mail, or sometimes through the bank's website or app.
- You must withdraw or transfer all money from the account before closing, or the bank will hold it and may charge fees.
- If you have direct deposits or automatic payments linked to the account, change those to a different account first.
- Ask the bank for written confirmation of the closure, including the date and final balance, so you have proof.
- Some banks charge a fee to close an account early if you opened it recently, so check your account agreement first.
How to close the account in person or by phone
Call your bank's customer service number or visit a branch in person. Have your account number ready. Tell them you want to close the savings account and ask what they need from you. Most banks will ask you to confirm your identity by answering security questions or providing your Social Security number.
If you're closing in person, bring a photo ID. The bank will verify the account is yours, confirm the current balance, and ask how you want the money. You can take cash, have them write a check, or transfer it to another account at the same bank or a different bank. Once you choose, the bank processes the closure right away, though it may take a few business days for the money to reach you if it's being transferred elsewhere.
If you're closing by phone, the bank will walk you through the same steps. Ask them to mail you a check or transfer the balance to an account you name. Get the name of the person who helped you and ask them to note in your file that you requested closure. This creates a record if something goes wrong.
Closing through the bank's website or mobile app
Some banks let you close a savings account through their website or app without calling or visiting a branch. Log in, find the account settings or account management section, and look for a "close account" or "close this account" option. Not all banks offer this, and some only let you close certain types of accounts online.
If your bank's website has this option, it will walk you through the steps and ask how you want your remaining balance handled. The closure may be instant, or the bank may send you a confirmation email and process it within one to three business days. Keep the confirmation email or screenshot as proof.
If you don't see a close account option online, the bank doesn't offer online closure for savings accounts. Call or visit a branch instead.
What to do with money still in the account
You must move or withdraw all money before the account officially closes. If you leave money in the account, the bank will hold it and may charge monthly maintenance fees until you claim it. Some banks will eventually send unclaimed money to your state's unclaimed property program, but this can take months or years.
Your options: withdraw cash at a branch or ATM, have the bank write a check, or transfer the balance to another account. If you're transferring to another bank, provide the receiving bank's routing number and your account number there. The transfer usually takes one to three business days. If you're transferring to another account at the same bank, it's often instant.
If the account has a very small balance — sometimes under $1 — ask the bank what they recommend. Some will waive the balance or let you leave it rather than charge you to process a small transfer.
Updating direct deposits and automatic payments first
Before you close the account, change any direct deposits or automatic payments that are tied to it. This includes paychecks, government payments, insurance refunds, subscription charges, or bill payments. If money tries to deposit or withdraw from a closed account, it will be rejected, and you may face late fees or missed payments.
Contact your employer, the government agency, or the company sending the payment and give them your new account number. Do this at least one week before you close the savings account. For automatic payments you make (like utility bills or loan payments), log into each company's website and update your payment method.
After you've updated everything and given it a few days to take effect, check your old account one more time to make sure no new transactions have posted. Then close it.
Early closure fees and account agreements
Some banks charge a fee if you close a savings account within a certain time after opening it — often 90 days to one year. The fee is usually $25 to $50. Check your account agreement or call the bank and ask whether a closure fee applies to your account.
If there is a fee, the bank will deduct it from your balance when you close. For example, if you have $500 and the fee is $25, you'll receive $475. Ask the bank to confirm the fee amount before you proceed so there are no surprises.
Some banks waive the fee if you ask, especially if you've been a customer for a while or if you're closing because of poor service. It doesn't hurt to ask, but don't count on it.
Getting proof the account is closed
After the bank processes your closure, ask for written confirmation. This should include the account number, the date the account closed, and the final balance. If you closed in person, ask the teller to print or write this on a receipt. If you closed by phone, ask the representative to email or mail you a confirmation letter. If you closed online, save the confirmation page or email.
Keep this proof for your records. If the bank later tries to charge you a fee on the closed account or if there's a dispute about whether the account was actually closed, you'll have documentation to show it was.
If you don't receive confirmation within a week, call the bank and ask for it. Some banks send it automatically, but others only provide it if you request it.
What happens if you don't close it formally
If you simply stop using a savings account and never withdraw the money, the account stays open. The bank will continue to charge monthly maintenance fees (if the account has them) until the balance reaches zero or until you formally close it. Some banks will eventually close inactive accounts on their own, but this can take years, and fees will have eaten away at your balance by then.
If you have money in an inactive account and want to recover it, contact the bank with your account number and ask for the current balance. You can then withdraw it or close the account. If you've lost track of an old savings account, you can search your state's unclaimed property database — most states have one online — to see if the bank has already sent the money there.
Frequently Asked Questions
Can a bank refuse to close my savings account?
No. You have the right to close your account. However, if the account is overdrawn or has a negative balance, the bank may require you to pay that amount before closing. If there's a dispute or legal hold on the account, the bank can delay closure until it's resolved.
What if I have a negative balance when I try to close?
You'll need to pay the negative amount before the bank will close the account. For example, if you're $50 in the red, you'll need to deposit $50 to bring it to zero, then close it. Some banks will let you transfer money from another account to cover it.
How long does it take to close a savings account?
If you close in person or by phone and take the money as cash or a check, it's done immediately. If you request a transfer to another bank, the closure is instant but the money transfer takes one to three business days. Online closures typically process within one to three business days.
Will closing a savings account hurt my credit score?
No. Closing a savings account has no effect on your credit score because savings accounts don't appear on your credit report. Only credit accounts — credit cards, loans, lines of credit — affect your score.
What if I closed the account but money is still being deposited?
Contact the bank immediately and tell them the account is closed. They'll return the deposit to the sender. Then contact whoever is sending the money (your employer, a government agency, etc.) and provide your correct account information. Ask them to resubmit the payment to the right account.