The basic steps to close a 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 ask you what to do with any remaining balance (transfer it to another account or receive a check), confirm you have no pending transactions, and then shut down the account. The whole process usually takes a few minutes on the phone or a few days if you do it online, though the account may not fully close for one to two weeks after you initiate the request.
You do not need a reason to close an account, and banks cannot force you to keep one open. However, some banks charge a fee if you close an account within a certain period—often 90 days to six months of opening it—so check your account agreement or ask before you start the process.
Key Takeaways
- Contact your bank by phone, in person, or through their website to request closure; you can close most accounts in minutes.
- Withdraw or transfer any remaining balance before closing, or the bank will send it to you by check or transfer it where you direct.
- Make sure no automatic payments, direct deposits, or pending transactions are still tied to the account before you close it.
- Some banks charge an early closure fee if you close within 90 days to six months of opening; read your account agreement or ask first.
- The account may take one to two weeks to fully close even after you request it, so do not expect immediate removal from the bank's system.
What to do with your money before closing
Before you close the account, decide what happens to the money in it. You have three options: transfer the balance to another account at the same bank, transfer it to an account at a different bank, or have the bank mail you a check.
Transfer within the same bank is fastest—usually instant or within one business day. Transfer to a different bank takes three to five business days if you use an external transfer, or you can withdraw the money in cash and deposit it yourself. A mailed check typically arrives within five to seven business days, though some banks take longer. Ask your bank which method they prefer and whether any of them cost money (most do not, but some banks charge for certain transfers).
Do not close the account until the money is safely in the new location. If the bank closes the account before the transfer completes, the money may be delayed or sent to you by check instead.
Stop automatic payments and direct deposits first
Before you request closure, check whether any automatic payments or direct deposits are still connected to the account. If your paycheck, a government payment, or a regular bill payment is set to hit this account, the transaction will fail or bounce once the account closes, and you may face late fees or missed income.
Log into your online banking or call the bank and review recent transactions to see what is still active. Then update the payment source: redirect your paycheck to a different account, change automatic bill payments to a different card or account, and cancel any subscriptions or recurring charges. Wait a few days after you have redirected everything to make sure nothing else tries to post to the old account, then request closure.
How to close the account: three methods
By phone: Call the customer service number on the back of your debit card or on the bank's website. Tell them you want to close the account, confirm the account number, and tell them where to send the remaining balance. The representative will walk you through any final steps and give you a confirmation number. This is the fastest method and usually takes 5 to 10 minutes.
In person: Visit a branch with a photo ID and your debit card. A teller can close the account on the spot, give you a receipt, and handle the balance transfer or check request. This works well if you have questions or want to make sure everything is done correctly, but it requires a trip to the bank.
Online: Some banks let you close an account through their website or mobile app under account settings. Look for "close account" or "account management" in the menu. Online closure is convenient but may take longer to process—sometimes several business days—and you may not get immediate confirmation. If you do not see the option online, the bank may require you to call or visit in person.
What happens after you request closure
After you submit a closure request, the bank will stop accepting new transactions on the account. Any pending transactions that have not yet posted may still go through, so watch for those over the next few days. The account will remain open long enough for those to clear, then the bank will officially close it.
You will receive a final confirmation—usually by email or mail—that the account is closed. This confirmation is worth keeping for your records. If you requested a check for the remaining balance, it will arrive separately, usually within a week. If you requested a transfer, confirm it arrived in the new account before you throw away any statements or cards.
Early closure fees and what to watch for
Many banks charge a fee—typically $25 to $100—if you close an account within a set period after opening it. This window varies: some banks charge if you close within 90 days, others within six months. A few banks do not charge at all. Check your account agreement, the bank's website, or call and ask before you close.
If a fee applies and you close anyway, the bank will deduct it from your remaining balance or charge it to another account you have with them. If your balance is smaller than the fee, you may end up owing the bank money. Ask the bank to waive the fee if you have a good reason—some will, especially if you have been a customer for a long time or if the account had a problem.
Closing a joint account
If the account is held jointly with another person, both account holders usually have to request closure together, or one person may need written permission from the other. The rules vary by bank. Call your bank and ask what they require—some will let one person close it and send the other person's share of the balance to them, while others will not close it without both signatures.
If you and the other person disagree about closing the account, the bank may require you to visit in person with both parties present, or they may require a court order. This is rare, but it is worth knowing before you start the process.
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 do not appear on your credit report. Only credit accounts—credit cards, loans, lines of credit—show up on your credit history. You can close a savings account without any impact on your credit.
What if I close the account but money is still owed to the bank?
If you owe the bank money—for example, an overdraft fee or an early closure fee—the bank will not close the account until you pay it. You can pay the debt and then request closure, or the bank may deduct the amount from your remaining balance when you close. Ask the bank what they will do before you submit the closure request.
Can I reopen a closed savings account?
Most banks will let you reopen a closed account within a certain period—often 30 to 90 days—without opening a brand new account. After that window, you would have to open a new account, which may trigger the early closure fee again if you close it quickly. Call your bank to ask how long they hold closed accounts before you can no longer reopen them.
What if I close the account but forget about a pending check or automatic payment?
Transactions that were already in progress when you closed the account may still try to post. If they do, they will be rejected and marked as returned or bounced. Contact the person or company who sent the check or set up the payment and ask them to reissue it to your new account. This can take several days or weeks, so it is worth checking for pending items before you close.
Do I need to destroy my debit card after closing?
Yes. Cut up or shred your debit card after the account is closed so it cannot be used. The card will stop working once the account closes, but destroying it is a good security practice. Some banks will send you a new card if you reopen the account, so do not worry about needing the old one.