How to close a savings account
Closing a savings account is straightforward: withdraw your remaining balance, contact your bank, and submit a written request. Most banks process the closure within one to five business days. You can close an account in person at a branch, by phone, by mail, or through online banking if your bank offers that option. The bank will confirm the closure in writing, usually by email or postal mail.
Before you close, make sure no automatic deposits or payments are still linked to the account. Check your last statement for any pending transactions. If you have a debit card tied to the account, the bank will deactivate it. Some banks charge a fee if you close within a certain period—typically 90 to 180 days of opening—so review your account agreement first.
Key Takeaways
- Withdraw all remaining funds from the account before requesting closure, or the bank will send you a check for the balance.
- Stop any automatic deposits, bill payments, or transfers linked to the account at least one week before closing.
- Contact your bank through the method that works for you: in person, by phone, by mail, or online banking.
- Request written confirmation of the closure and keep it for your records.
- Some banks charge a closure fee if you close within 90 to 180 days of opening the account.
Stop automatic transactions before you close
Any recurring deposits or payments tied to the account must be redirected or cancelled before closure. This includes direct deposits from your employer, automatic bill payments, transfers to other accounts, and subscription charges. If you close the account while these are still active, transactions may fail, and you could face overdraft fees or missed payments.
Log into your online banking or call your bank to review all active transfers and standing orders. Update your employer's payroll system with a new account number if you have one. For bills and subscriptions, log into each service separately and change the payment method. Allow at least one week for these changes to take effect before requesting closure.
Withdraw your balance or let the bank send it
You can withdraw all remaining funds in cash at a branch, transfer the money to another account, or request a check. If you have a small balance and prefer not to visit a branch, you can ask the bank to mail you a check for the full amount when they close the account. The bank will not charge you to send this check.
If you transfer the funds to another account at the same bank, the transfer is usually instant. If you transfer to a different bank, allow one to three business days. Some banks require the account balance to be zero before they will process closure, while others will close the account and send you a check if funds remain. Ask your bank which method they use.
Request closure in person, by phone, or by mail
In person: Visit any branch of your bank with a photo ID. Tell the teller you want to close the account. They will verify your identity, confirm the balance, and process the closure on the spot. You will receive a receipt. This is the fastest method and leaves no room for miscommunication.
By phone: Call the customer service number on the back of your debit card or on your bank's website. Have your account number and photo ID information ready. The representative will confirm your identity, review any remaining balance, and submit the closure request. Ask them to send you written confirmation by email or mail.
By mail: Write a letter to your bank requesting closure. Include your full name, account number, the date, and your signature. Mail it to the address listed on your statement or the bank's website. Keep a copy for your records. This method takes longer—typically two to three weeks—because the bank must receive and process the letter.
Online banking: Some banks allow you to close an account through their website or mobile app. Log in, find the account settings, and look for a "close account" or "manage account" option. Not all banks offer this, so check your bank's website first.
What happens to your debit card
When you close a savings account, any debit card linked to it will be deactivated. If the card was also linked to a checking account, it will continue to work for that account. If the savings account was the only account attached to the card, the card becomes unusable.
The bank will not automatically mail you a new card. If you need a replacement card for another account, request one when you close the savings account, or order it online through your banking portal. Destroy the old card by cutting it in half or shredding it before throwing it away.
Get written confirmation of closure
After you request closure, ask the bank for written confirmation. If you closed in person, you will receive a receipt. If you closed by phone or mail, request that the bank send confirmation by email or postal mail. This confirmation should include the account number, closure date, and final balance.
Keep this confirmation for at least one year. If the bank later sends you a bill or statement for the closed account, you can use the confirmation to dispute it. Some banks send closure confirmation automatically within five to seven business days; others require you to ask for it.
Early closure fees and account requirements
Many banks charge a fee—typically $25 to $50—if you close a savings account within 90 to 180 days of opening it. This is called an early closure fee or account closure fee. Check your account agreement or call your bank to learn about this applies to you. If you have a promotional rate or bonus attached to the account, closing early may also disqualify you from keeping that benefit.
Some banks waive the fee if you ask, especially if you have been a customer for a long time or maintain other accounts with them. It never hurts to ask the bank representative if they can waive the fee. If they cannot, the fee will be deducted from your final balance before the remaining funds are sent to you.
Frequently Asked Questions
Can I close a savings account if it has a negative balance?
No. You must bring the account to zero or a positive balance before the bank will close it. If you owe money, deposit funds to cover the negative balance first. Once the balance is zero or positive, you can request closure.
What if I have a certificate of deposit (CD) in the savings account?
You must close or withdraw from the CD before closing the account. Withdrawing early from a CD usually means paying an early withdrawal penalty. Contact your bank to find out the penalty amount and whether you can close the CD without penalty if you are closing the entire account.
How long does it take to close a savings account?
In-person closure is immediate. Phone and online closure typically take one to five business days. Mail closure takes two to three weeks. The bank will send you written confirmation once the closure is complete.
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 like credit cards, loans, and lines of credit impact your score.
What if I close my account and then want to reopen it?
You can open a new account with the same bank at any time. However, if you closed due to a dispute or problem with the bank, they may refuse to open a new account for you. Some banks report closed accounts to ChexSystems, a banking history database that other banks can see.