The basic steps to close your savings account
To close a savings account, contact your bank directly—by phone, in person, or through online banking—and tell them you want to close the account. The bank will walk you through their process, which usually takes a few minutes to a few days. Before closing, you need to withdraw or transfer any remaining balance, pay any outstanding fees, and make sure no automatic deposits or payments are still linked to that account.
Different banks have different procedures. Some let you close an account online or by phone the same day. Others require you to visit a branch in person or send a written request. Check your bank's website or call the customer service number on the back of your debit card to find out what your bank requires.
Key Takeaways
- You must withdraw or transfer your full balance before the bank will close the account—they cannot close it with money still in it.
- Stop any automatic deposits, bill payments, or transfers linked to the account at least a few days before you close it.
- Some banks charge a fee if you close the account within a certain period (often 90 days to a year); check your account agreement.
- Ask the bank for written confirmation of the closure and keep it for your records.
What to do with your money before closing
Empty the account completely. Withdraw the full balance in cash, transfer it to another account at the same bank or a different bank, or do both. If you have a small balance, you can withdraw it as cash. If you have a larger amount, a transfer to another account is usually safer and faster.
If you're transferring to another bank, initiate the transfer at least five to seven business days before you want the account closed. Bank transfers can take several days, and you want the money to arrive before the account is officially shut down. If the transfer is still in progress when the account closes, it may be rejected or delayed.
Cancel automatic payments and deposits before you close
Any paycheck, government payment, or automatic bill payment tied to this account needs to be stopped or redirected first. If your employer or a government agency is depositing money into this account, update your direct deposit information to point to your new account. This usually takes one to two pay periods to take effect.
For automatic bill payments—utilities, insurance, loan payments, subscriptions—log into each company's website or call them and change the payment method to a different account or credit card. Do this at least a week before you close the savings account. If a payment tries to go through after the account is closed, it will be rejected and may trigger a late fee or service interruption.
Check for fees and account restrictions
Some banks charge a early closure fee if you close the account within a set time frame—commonly 90 days to one year after opening it. This fee is usually $25 to $50. Check your account agreement or call the bank to ask whether a fee applies to your account. If there is a fee, the bank will deduct it from your balance when you close.
A few banks also require a minimum balance to keep the account open. If your balance falls below that minimum, they may charge a monthly fee. Once you decide to close, this no longer matters, but it is worth knowing if you are closing because of fees.
How to close the account: three methods
| Method | How it works | Timeline |
|---|---|---|
| Online or mobile app | Log in, find account settings, select close account, and follow prompts. Not all banks offer this. | Same day or next business day |
| Phone | Call customer service, confirm your identity, and request closure. The representative will verify your balance and confirm the closure. | Same day; confirmation by mail in 5–10 days |
| In person at a branch | Bring ID and your debit card. A teller will process the closure, verify your balance, and may give you a receipt on the spot. | Same day |
What happens after you close the account
The bank will send you a written confirmation of the closure by mail, usually within 5 to 10 business days. Keep this letter for your records. It shows the date the account was closed and confirms that no balance remained.
After closure, the account number is deactivated. Any attempt to deposit or withdraw from that account will fail. If you set up a new savings account at the same bank, you will receive a new account number. Old checks (if any were issued) will no longer work, though most savings accounts do not come with checks.
What to do if the bank refuses to close your account
Banks rarely refuse to close an account, but it can happen if there is an outstanding balance, a pending dispute, or a fraud investigation. If the bank says it cannot close your account, ask why in writing and request a timeline for when closure will be possible.
If you believe the bank is wrongfully refusing closure, file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. You can also contact your state's banking regulator or attorney general's office. Document all communication with the bank—dates, names of representatives, and what they told you.
Frequently Asked Questions
Will 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—credit cards, loans, mortgages—show up on your credit report. Closing a savings account is purely a banking matter.
Can I close the account if I still owe the bank money?
No. If you have an overdraft balance or outstanding fees, the bank will not close the account until you pay what you owe. The bank may also deduct the debt from any remaining balance in the account or from a linked checking account.
What if I close my account and then receive a deposit meant for it?
The deposit will be rejected and returned to the sender. If it is a paycheck or government payment, contact your employer or the agency to update your banking information. If it is a transfer from another person, they will see the rejection and can resend it to your new account once you give them the correct number.
How long does it take to close a savings account?
The closure itself takes minutes to hours, depending on the method. Online closure can happen same-day. Phone and in-person closures also complete the same day. Written confirmation arrives by mail in 5 to 10 business days. The account is officially closed once the bank processes your request.
Do I need to close the account in person, or can I do it by phone?
Most banks let you close by phone or online. In-person closure is an option but not usually required. Call your bank's customer service line to ask what methods they support. If you prefer a paper trail, in-person closure with a receipt is a good choice.