You can close a Discover High Yield Savings account by phone, online, or in writing, but you must withdraw or transfer your balance first

Discover does not let you close an account while money sits in it. Your first step is to move your balance somewhere else—either to another bank account or to a different Discover account. Once the balance reaches zero, you can request closure through any of three channels: call Discover at 1-800-347-2000, submit a request through your online account dashboard, or send a written request by mail. The account closes within a few business days after your request is processed.

You do not need to provide a reason for closing. Discover will not charge you a fee to close the account, and you can reopen an account with them later if you change your mind. The main thing to plan for is where your money goes during the transition—whether that is a transfer to another bank or a move to a different Discover product.

Key Takeaways

  • Your Discover High Yield Savings account must have a zero balance before closure is possible.
  • You can transfer your balance to another bank, move it to a different Discover account, or request a check mailed to you.
  • Closure requests can be made by phone at 1-800-347-2000, through your online dashboard, or by mailing a written request to Discover's address.
  • The account typically closes within a few business days after your request is submitted and processed.
  • There is no fee to close the account, and you can open a new Discover savings account in the future without penalty.

Moving your balance before you close

You have three main options for what to do with the money in your account. The fastest is an internal transfer to another Discover product—a Money Market Account, a CD, or another savings account. This transfer happens within one or two business days and stays within Discover's system.

The second option is an external transfer to a bank account at a different institution. Log into your Discover account, go to the Transfers section, and add the receiving bank's routing number and your account number there. Discover will initiate an ACH transfer, which typically takes three to five business days. You can also call Discover to request this transfer by phone.

The third option is to request a check by mail. Call 1-800-347-2000 and ask Discover to mail a check for your full balance to your address on file. This takes longer—usually seven to ten business days for the check to arrive, plus time for you to deposit it—but it works if you do not have another bank account set up yet.

Closing through your online account

Once your balance is zero, log into your Discover account at discover.com. Go to your account settings or the account management section—the exact location varies slightly depending on whether you are using the website or mobile app. Look for an option labeled "Close Account" or "Account Services."

Discover will ask you to confirm that you want to close the account and may ask a brief question about why you are closing it. This question is optional—you do not have to answer it. After you confirm, Discover will process the closure request. You should receive an email confirmation within one business day, and the account will be fully closed within a few business days.

Closing by phone

Call Discover's customer service line at 1-800-347-2000. Have your account number ready. Tell the representative that you want to close your High Yield Savings account. They will confirm that your balance is zero and ask you to verify some personal information—usually your Social Security number or date of birth.

The representative will process the closure request on the call. You will receive a confirmation number, which you should write down or take a screenshot of. Ask the representative to email or mail you a written confirmation of the closure. The account closes within a few business days, and you will receive a final statement showing the closure date.

Closing by mail

If you prefer to close your account in writing, send a letter to Discover's mailing address. Include your full name, account number, and a clear statement that you want to close your High Yield Savings account. Sign and date the letter. Mail it to:

Discover Bank Attn: Account Services P.O. Box 15298 Wilmington, DE 19850-5298

This method is slower than phone or online closure—it typically takes two to three weeks for Discover to receive your letter, process it, and send you a confirmation. Make sure your account balance is already zero before you mail the letter. Send it via certified mail with return receipt if you want proof that Discover received it.

What happens after closure

Once your account is closed, you will no longer earn interest on any balance, because there is no balance and no account. Discover will send you a final statement showing the closure date and any interest earned up to that date. If you had set up automatic transfers or bill payments from this account, those will stop working—you will need to update those arrangements with your new bank or account.

Your account history remains available to you for a limited time after closure. You can still log into your Discover account to view past statements and transactions, though the exact length of time varies. If you need records for tax purposes or dispute resolution, read or print your statements before you close the account.

Reopening an account later

Closing your account does not prevent you from opening a new Discover savings account in the future. There is no waiting period, and you will not face any penalty or restriction. You can open a new account the same day you close the old one if you want to. The new account will have a new account number and will start with a zero balance.

If you closed your account because of a service issue or a change in your banking needs, keep in mind that Discover's High Yield Savings rate and features may have changed since you last reviewed them. You can compare the current terms to other banks before deciding whether to return.

Frequently Asked Questions

What if I have pending transactions when I try to close?

Pending transactions must clear before your account can close. Wait for them to post, then confirm your balance is zero. If a transaction is stuck in pending status for more than a few days, call Discover to have them investigate it before you request closure.

Can I close the account if I still owe Discover money?

If you have a negative balance or an outstanding debt to Discover, you cannot close the account until that is resolved. Contact Discover to discuss payment options. Once the debt is paid and your balance is zero, you can proceed with closure.

Will closing my account hurt my credit score?

Closing a savings account does not affect your credit score. Savings accounts do not appear on your credit report. Only credit products like credit cards, loans, and lines of credit impact your credit history.

How long does it take to close the account after I request it?

Most closures are complete within three to five business days of your request. If you close by mail, add two to three weeks for the letter to arrive and be processed. You will receive a confirmation email or statement showing the exact closure date.

Can I transfer my balance to a different bank while closing?

Yes. Set up an external ACH transfer to your other bank account before you request closure. The transfer typically takes three to five business days. Once it completes and your Discover balance is zero, you can close the account.