You can close a Discover savings account by phone, online, or by mail — and you need to move your money out first
Discover does not charge a fee to close a savings account. Before you close it, you must withdraw or transfer all the money in the account — Discover will not close an account that still holds a balance. Once the account is empty, you contact Discover through one of three routes: call their customer service line, use the online banking portal, or send a written request by mail. The process itself takes a few minutes on the phone or online, though it can take longer if you mail the request.
The account closes when ready when you complete the request, but any pending transactions or automatic deposits scheduled for future dates may still process. For that reason, it is worth checking whether you have set up any direct deposits or automatic bill payments tied to this account before you close it.
Key Takeaways
- You must move all money out of the account before Discover will close it — the account cannot have a balance of any kind.
- Calling Discover customer service is the fastest way to close the account, usually taking five to ten minutes.
- Any automatic deposits or payments scheduled after the closure date may still process, so confirm you have redirected them first.
- Discover sends a confirmation that the account is closed, which you should keep for your records.
- If you have a linked checking account with Discover, closing the savings account does not affect it.
Withdraw or transfer your money before you close
Discover will not process a closure request if the account still contains money. You have two options: transfer the balance to another account, or withdraw it as a check or bank transfer.
The transfer route is usually faster. Log into your Discover account online, go to the Transfers section, and move the money to an external bank account you own — this normally takes one to two business days. If you want the money when ready, you can request a check, though Discover will mail it to the address on file, which takes five to seven business days. Some people also withdraw cash at an ATM if the amount is small enough, though Discover's ATM network is limited.
Once the balance reaches zero, the account is ready to close. Check your account one more time to confirm there are no pending transactions that have not yet posted.
Close the account by phone
Calling Discover customer service is the most direct route. The number is on the back of your debit card, on your statements, or on the Discover website. When you call, have your account number ready — you will find it on any statement or in the online banking portal under Account Details.
Tell the representative you want to close your savings account. They will confirm the account balance is zero, verify your identity, and ask why you are closing it — this is optional information and you do not have to answer. Once confirmed, the account closes when ready. The representative will give you a confirmation number; write it down or ask them to email it to you.
The entire call usually takes five to ten minutes. Discover will send a written confirmation to the address on file within one to two weeks.
Close the account online through your banking portal
Log into your Discover online account and navigate to Account Settings or Account Management — the exact location varies depending on whether you are using the website or the mobile app. Look for an option labeled Close Account, Manage Accounts, or Account Services.
Select the savings account you want to close from the list of accounts. Discover will show you the current balance and ask you to confirm it is zero. If it is not, you will not be able to proceed — go back and transfer or withdraw the remaining money first. Once the balance is confirmed as zero, click to close the account. Discover will ask you to confirm the closure one more time, then the account closes when ready.
You will see a confirmation message on screen. Take a screenshot or print the page for your records. Discover will also send a written confirmation by mail within one to two weeks.
Close the account by mail
If you prefer to close the account in writing, send a letter to Discover's mailing address. You can find the correct address on your statement, on the Discover website under Contact Us, or by calling customer service and asking for the mailing address for account closures.
In the letter, include your full name, account number, and a clear statement that you want to close the account. Sign and date the letter. Mail it to the address Discover provides. This route takes longer — typically two to three weeks for Discover to receive the letter, process it, and send you a confirmation.
Keep a copy of the letter you send and the envelope it came in, in case you need proof later that you requested the closure.
What happens to scheduled deposits and payments after closure
If you have set up automatic deposits — such as a paycheck or a regular transfer from another account — or automatic payments from this savings account, they may still process after the account closes. This can cause problems: a deposit to a closed account may bounce back to the sender, and a payment from a closed account may fail and trigger a late fee.
Before you close the account, log into your Discover account and check the Transfers or Payments section for anything scheduled in the coming weeks. If you find any, either cancel them or change them to point to a different account. If you have a paycheck depositing to this account, contact your employer's payroll department and give them your new account number.
If you close the account and then realize a payment or deposit was scheduled, contact Discover when ready. They may be able to help redirect the transaction, depending on whether it has already processed.
Keeping your records after closure
Save the confirmation number and confirmation letter Discover sends you. You may need them if a question comes up later about whether the account was actually closed, or if a transaction tries to post to the closed account.
If you had automatic payments set up on this account, keep a record of which ones you cancelled or redirected and when. If you had a scheduled deposit that failed because the account was closed, keep the bounce-back notice — it proves the account was closed on that date.
You do not need to keep statements from the closed account forever, but it is reasonable to keep them for at least one year in case a tax question or a dispute comes up.
Frequently Asked Questions
Can I reopen a Discover savings account after I close it?
Yes. You can open a new Discover savings account at any time by logging into your online banking portal or calling customer service. The new account will have a different account number. If you closed the account because of a problem, contact Discover first to see if they can resolve it on the existing account instead.
What if I close the account but then realize I forgot to redirect a payment?
Contact Discover when ready by phone. Explain that the account is closed and a payment may try to process. Discover may be able to intercept the transaction if it has not yet posted, or they can provide documentation that the account was closed, which you can show to the company trying to collect the payment.
Does closing a Discover savings account affect my Discover checking account?
No. The savings and checking accounts are separate. Closing one does not close the other or affect your access to it. If you have transfers set up between them, those will stop working once the savings account closes, so cancel or redirect them first.
Will closing my account hurt my credit score?
No. Closing a savings account does not appear on your credit report and does not affect your credit score. Credit scores are based on credit accounts like credit cards and loans, not deposit accounts.
How long does it take for the account to fully close?
The account closes when ready when you request it by phone or online. However, Discover takes one to two weeks to send you a written confirmation. If you close by mail, the entire process takes two to three weeks from the time Discover receives your letter.