The steps to close an E*TRADE savings account

You can close an E*TRADE savings account by phone, through the E*TRADE website, or in person at a branch if you have access to one. The fastest method is calling E*TRADE customer service at 1-800-387-2331 and asking to close the account. You will need your account number and Social Security number to verify your identity. E*TRADE will ask where you want any remaining balance sent — to another bank account, a check, or another E*TRADE account you own.

Before you call, withdraw or transfer any money you want to keep. If your savings account holds funds, E*TRADE will not close it until the balance reaches zero or you direct them where to send it. The process itself takes minutes on the phone, but the actual closure and any fund transfers can take three to five business days to complete.

If you close the account online through your E*TRADE dashboard, go to the Account menu, select the savings account, and look for the close or delete account option. The exact wording and location varies depending on whether you are using the website or mobile app, so you may need to contact support if you cannot locate it. Online closure still requires verification and takes the same three to five business days.

Key Takeaways

  • Call E*TRADE at 1-800-387-2331 to close your savings account, or use the Account menu on the website or app.
  • You must have a zero balance or direct E*TRADE where to send your remaining money before the account closes.
  • Closing takes three to five business days from the time you request it, not including any transfers to other banks.
  • Have your account number and Social Security number ready when you call, and know which account you want funds sent to.
  • If you have a linked checking account or other E*TRADE accounts, closing the savings account does not affect them.

What happens to your money during closure

E*TRADE will not close an account with a balance. If you have money in the savings account, you have three options: transfer it to another E*TRADE account you own, transfer it to an external bank account, or ask E*TRADE to mail you a check.

Transfers to another E*TRADE account (such as a checking account or brokerage account) usually complete within one business day. Transfers to an external bank account take three to five business days because the money has to move through the banking system. If you request a check, E*TRADE mails it to the address on file, which typically arrives within seven to ten business days.

Interest accrued on your savings balance up to the closure date will be included in the final balance. E*TRADE will report the closure to the IRS if required, but you are responsible for reporting any interest income on your tax return for the year the account closes.

Closing the account online versus by phone

Closing by phone is usually faster because a representative can answer questions and confirm the closure immediately. You will not have to search through menus or worry about whether you completed the process correctly. The representative will also confirm your mailing address if you are requesting a check and can answer questions about tax reporting or linked accounts.

Closing online through your E*TRADE account gives you a record of the request and lets you do it at any time without waiting for customer service hours. However, you may encounter confusion about where to find the close account option, and you will not have someone to verify that the closure went through. If you choose the online route and are unsure whether it worked, call customer service to confirm.

Both methods take the same amount of time to complete — three to five business days — so the choice comes down to whether you prefer talking to someone or handling it yourself.

What to do if you have pending transactions or automatic deposits

If you have automatic deposits set up to your E*TRADE savings account (such as payroll or transfers from another bank), cancel them before you close the account. Money sent to a closed account will be returned to the sender, which can cause confusion with your employer or the other financial institution. Contact your employer's payroll department or the bank sending the money and update your account information.

Similarly, if you have automatic payments or withdrawals scheduled from the savings account, those will fail once the account closes. Check your records for any recurring transactions and cancel them or redirect them to another account before requesting closure.

If you close the account and then realize money was sent to it, contact E*TRADE immediately. Depending on how recently the deposit arrived, they may be able to redirect it or hold it temporarily while you sort out where it should go.

Closing a linked E*TRADE checking account at the same time

If you have both an E*TRADE checking and savings account and want to close both, you can do so in the same call or session. Tell the representative or use the account menu to close each account separately — E*TRADE requires you to close them individually rather than as a package. Transfer any balance from the checking account first, then close it, then do the same for the savings account.

Closing one account does not automatically close the other, so if you only want to close the savings account, the checking account will remain open and active. You can continue to use it normally, and E*TRADE will not charge you for keeping it open if you maintain the minimum balance (which varies and should be confirmed with E*TRADE).

If you have a brokerage account with E*TRADE in addition to the savings account, closing the savings account has no effect on it. Your investments and trading activity will continue uninterrupted.

What to do if you cannot close the account online or by phone

If you encounter an error when trying to close the account online, or if customer service tells you there is a hold or issue preventing closure, ask what the specific problem is. Common reasons include a negative balance (you owe E*TRADE money), a pending dispute or claim, or a technical glitch.

If there is a negative balance, you will need to deposit money to bring it to zero before closing. If there is a pending dispute, you may have to wait for it to resolve. If it is a technical issue, try again later or call customer service to close by phone instead.

If you have a physical E*TRADE branch location near you, you can also visit in person with your ID and account information to close the account. This is rarely necessary, but it can be useful if you are having trouble over the phone or online and want to handle it face-to-face.

After your account closes

Once E*TRADE confirms the closure, you will no longer be able to log into that account or access any of its information. The account number becomes inactive and cannot be reused. If you need records of transactions or statements from the closed account, download or print them before closing, or request them from E*TRADE after closure (they can usually provide statements for a limited time).

E*TRADE will send you a final statement showing the closure date and the final balance. Keep this for your records, especially if you need to report interest income on your taxes. If you do not receive a final statement within two weeks of closure, contact E*TRADE to request one.

Frequently Asked Questions

Can I reopen an E*TRADE savings account after I close it?

Yes, you can open a new E*TRADE savings account at any time. However, the old account number cannot be reused, and you will be opening a completely separate account. There is no waiting period or penalty for closing and reopening.

Will closing my savings account affect my credit score?

No. Closing a savings account does not appear on your credit report and has no impact on your credit score. Credit scores are based on credit activity (loans, credit cards, payment history), not on deposit accounts.

What if I close the account but money is still in transit from another bank?

If a transfer from another bank is in progress when you close the account, contact E*TRADE immediately with the transfer details. They can usually redirect the incoming money to another account you own or hold it temporarily. The longer you wait, the harder it becomes to recover the money.

Do I need to close the account in person, or can I do it entirely by phone or online?

You can close the account entirely by phone or online. You do not need to visit a branch unless you want to. Phone and online closure are just as official and final as in-person closure.

How long does it take for E*TRADE to stop charging me once I close the account?

E*TRADE stops charging fees immediately once the closure is processed, which happens within three to five business days. You will not be charged for any period after the closure date, even if the final statement takes longer to arrive.