The basic steps to close an online savings account
Most online banks let you close an account through their website or mobile app without calling anyone. Log in, find the account settings or "Close Account" option (usually under Account Management or Settings), confirm your identity if prompted, and submit the request. The bank will then move any remaining balance to another account you own — usually a checking account at the same bank or an external account you provide — and close the account within a few business days.
Some online banks still require a phone call to close an account, even though they let you open one online. Check your bank's website first to see if the option is available in your app or on their site. If not, call the customer service number on the back of your card or on their website. Have your account number and the last four digits of your Social Security number ready.
Before you close, make sure your account balance is zero or that you have given the bank instructions on where to send any remaining money. If you leave a balance behind, the bank will hold it and may charge a fee for inactivity after a certain period. Some banks will eventually send unclaimed balances to your state's unclaimed property program, but this can take years.
Key Takeaways
- Most online banks allow you to close an account through their website or app by finding the account settings and confirming your identity.
- You must move any remaining balance to another account before closing, or tell the bank where to send it.
- The account closure typically completes within a few business days after you submit the request.
- Some online banks require a phone call to close an account even if you opened it online, so check your bank's website first.
- Closing an account does not hurt your credit score, but leaving a balance behind may result in fees or the account being sent to collections.
Where to find the close account option
Log into your online banking portal or open the mobile app and look for a menu labeled Account Settings, Account Management, or simply Settings. Some banks put the close account option under a "More" or three-line menu icon. If you cannot find it after checking these common locations, search the help section or FAQ for the words "close account" or "close savings account."
If your bank does not offer the option online, you will need to call. The phone number is usually on your bank statement, on the back of any debit card the bank issued, or on their website's contact page. When you call, have your account number ready and be prepared to answer security questions to confirm your identity.
What happens to your money when you close
Before the bank will close your account, you must tell them where to send any balance remaining in the account. You can usually choose to transfer the money to another account at the same bank (such as a checking account) or to an external account at a different bank. If you choose an external transfer, you will need to provide the receiving bank's routing number and your account number at that bank.
The transfer typically takes one to three business days. Once the money arrives in the destination account, the savings account will close. If you do not provide transfer instructions and the account has a balance, the bank will not close it until you do. Some banks will hold the money in the account and charge a monthly fee for inactivity, so contact the bank if you are unsure what happened.
Timing: how long the closure takes
After you submit a close account request, the bank usually processes it within one to five business days. If you are transferring money to another account at the same bank, the closure is often faster — sometimes the same day or next business day. If you are transferring to an external bank, add one to three business days for the transfer itself, so the total time is usually three to seven business days from start to finish.
Weekends and bank holidays can add time. If you submit a closure request on a Friday evening, the bank may not process it until Monday. If a holiday falls during the processing window, add an extra day or two. Once the account is closed, you will no longer see it in your online banking portal.
What to do if you have pending transactions or automatic payments
Before closing the account, check whether any automatic payments or transfers are set to come out of it. This includes recurring bills, subscription services, paycheck direct deposits, or transfers to other accounts. If you close the account while these are still active, the payments will fail, and you may face late fees or service interruptions.
Log into your account and review the last few months of transactions to see what is coming in and going out. Update any automatic payments to use a different account before you close. If you receive direct deposit paychecks into this account, contact your employer's payroll department and provide them with your new account information. Allow at least one pay cycle for the change to take effect before closing the old account.
Reasons a bank might refuse to close your account
Banks rarely refuse to close an account, but they may delay closure if the account has a negative balance (you owe the bank money) or if there are pending disputes or fraud investigations. If your account is overdrawn, you must pay the negative balance before the bank will close it. If there is an active dispute or investigation, the bank will hold the account open until the matter is resolved.
Some banks also require a waiting period if you recently opened the account or if there have been multiple closure requests in a short time. If the bank tells you it cannot close your account, ask for the specific reason and what you need to do to resolve it. Most issues can be cleared up with a phone call to customer service.
After the account closes: what to keep and what to expect
Once the account is closed, save a copy of the final account statement for your records. This shows the closing date, the final balance, and where the money was transferred. You may need this for tax purposes or if a dispute arises later. Most banks keep statements available online for seven to ten years, but downloading a copy gives you a backup.
After closure, you will no longer receive statements or account notifications from that bank for this account. If you see any charges or activity on the closed account after the closure date, contact the bank immediately — this could indicate fraud or an error. The bank should have no reason to contact you about the account after it is closed, so be cautious of any emails or calls claiming to be from the bank about a closed account.
Frequently Asked Questions
Does closing a savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit accounts like credit cards, loans, and lines of credit appear on your credit report. Closing a savings account is a routine banking action with no credit impact.
What if I close the account but money is still being deposited into it?
Once an account is closed, deposits will be rejected and returned to the sender. If you receive regular deposits like paychecks or benefits, update the account information with the sender before closing. If a deposit is rejected after closure, contact the sender to provide your new account details and ask them to resubmit the payment.
Can I reopen a closed savings account?
Most banks will let you reopen a closed account within a certain window — often 30 to 90 days — without opening a brand new account. After that period, you will need to open a new account from scratch. Contact the bank to ask about their specific policy on reopening closed accounts.
What if the bank lost my transfer request and the money is still in the closed account?
Contact the bank's customer service immediately and explain that you requested closure but the money was not transferred. The bank can manually transfer the balance to your new account or send you a check. Keep records of your closure request and any confirmation numbers or emails the bank sent you.
Do I need to close the account in person or can I do it entirely online?
Most online banks allow you to close entirely online through their website or app. A few still require a phone call, but very few require you to visit a physical branch. Check your bank's website or call customer service to confirm whether your bank offers online closure before making a trip to a branch.