Steps to Close Your Savings Plus Account
To close a Savings Plus account, contact your account provider directly—either by phone, online portal, or in person at a branch if you have one. The exact process depends on which bank or credit union holds your Savings Plus account, since Savings Plus is a state program but the actual account sits with a financial institution you chose when you opened it. You will need your account number and a form of identification ready.
Before you close, make sure your account balance is zero or that you have a plan for any remaining money. Most institutions will not close an account with an active balance. If you have pending deposits or transfers, wait for those to clear first. Once you initiate the closure, the institution will confirm the request and provide a timeline—usually one to five business days for the account to be fully closed.
Key Takeaways
- Contact your specific bank or credit union to close your Savings Plus account, not the state program itself, because they hold the actual account.
- Your account balance must be zero before closure, so withdraw or transfer any remaining funds first.
- Have your account number and ID ready when you contact your provider.
- Closure typically takes one to five business days after you submit the request.
- Ask for written confirmation of the closure and keep it for your records.
Finding Your Account Provider's Contact Information
Your Savings Plus account is held at a specific bank or credit union—you chose this institution when you opened the account. Check your account statements, debit card, or online banking login to see which institution it is. The name will appear on your statements and in any welcome materials you received.
Once you know the provider, look up their customer service number on the back of your debit card or on their official website. Call during business hours and tell them you want to close your Savings Plus account. Some institutions also let you request closure through their online banking portal or mobile app, though phone or in-person closure is often more reliable for making sure the request goes through.
What to Do With Your Money Before Closing
If your account has money in it, you must move that money out before the account can close. You have three main options: withdraw the cash at an ATM or branch, transfer it to another bank account you own, or request a check from the institution.
Withdrawing cash is the fastest—you can do it immediately at any ATM that accepts your debit card. Transferring to another account takes one to three business days depending on the receiving bank. Requesting a check takes longer, usually five to ten business days, because the institution has to mail it to you. Choose whichever method works best for your situation, but do not close the account until the money is actually out.
Handling Pending Transactions and Direct Deposits
Before you close, check whether you have any pending transactions—deposits that have not cleared yet, or payments scheduled to come out of the account. If you have direct deposit set up for paychecks or benefits, you will need to change that to a different account or contact your employer or benefits provider to stop it.
If a direct deposit tries to hit a closed account, it may bounce back to the sender, which can delay your payment. Contact your employer's payroll department or your benefits provider (such as your state's unemployment office or Social Security) at least a week before you close the account to update your banking information. This prevents your money from being rejected.
Getting Confirmation of Closure
After you request closure, ask the institution for written confirmation. This might come as an email, a letter in the mail, or a confirmation number you can write down. Keep this confirmation for your records—it proves the account is closed if you ever need to dispute something or if a payment tries to hit the account after closure.
If you do not receive confirmation within a week, call back and ask for a status update. Some institutions send confirmation automatically; others only provide it if you ask. Do not assume the account is closed just because you made the request. Verify it is actually closed before you consider the process complete.
What Happens to Your Savings Plus Benefits After Closure
Closing your Savings Plus account does not end your Savings Plus benefits themselves—those are separate from the account. Your state will continue to deposit matching funds into whatever new account you set up, as long as you remain in the program and meet its requirements. When you close this account, you will need to provide your new banking information to the Savings Plus program so deposits go to the right place.
Contact your state's Savings Plus program directly to update your account information. This is usually done through the same office or website where you originally opened the account. Do this before or immediately after closing your old account to avoid missing any deposits or matching funds.
Frequently Asked Questions
Can I close my Savings Plus account online?
Many banks and credit unions let you request closure through their online portal or mobile app, but some require a phone call or in-person visit. Log into your online banking and look for account settings or contact options. If you do not see a closure option, call customer service—they can walk you through it or do it for you over the phone.
What if my account has a negative balance?
You cannot close an account with a negative balance. You will need to deposit money to bring it to zero first. Contact your bank to find out the exact amount owed, deposit it, and then request closure once the balance is settled.
Will closing my account hurt my credit score?
Closing a savings account does not affect your credit score. Credit scores are based on credit history—loans, credit cards, and payment history. Savings accounts do not appear on your credit report, so closing one has no impact on your credit.
How long does it take to close a Savings Plus account?
The closure request itself takes one to five business days to process after you submit it. If you need to withdraw money first or wait for pending transactions to clear, add that time on top. Plan for up to two weeks total if you have money to move and transactions to settle.
Do I need to close the account in person?
No. Most institutions let you close by phone or online. In-person closure is an option if you prefer it or if the institution requires it, but it is not necessary. Call first to ask whether your bank or credit union requires an in-person visit or if phone or online closure is available.