Closing a Discover savings account takes one phone call or a few minutes online
To close your Discover savings account, you contact Discover directly by phone at 1-800-347-2000, or you log into your online account and request closure through the account settings. Discover will ask where you want any remaining balance sent — either to another bank account you own, or by check. The account closes within a few business days. You do not need to visit a branch because Discover has no physical locations.
Before you close, make sure your account balance is where you want it. If you have pending deposits or transfers, those may still process after closure, and Discover will send them to the address you provide. If you have scheduled automatic transfers or bill payments linked to this account, those will fail once the account is closed, so cancel them first or update them to a different account.
Key Takeaways
- You can close your account by calling 1-800-347-2000 or through your online Discover account without visiting a branch.
- Discover will transfer your remaining balance to another account you specify or mail you a check within a few business days.
- Cancel any automatic transfers, bill payments, or direct deposits linked to the account before closure to avoid failed transactions.
- Closing the account does not affect your credit score, but keeping it open costs nothing if you want to maintain the account history.
What happens to your money when you close
When you request closure, Discover asks you to choose how to receive your balance. The most common option is an electronic transfer to another bank account in your name — you provide the routing number and account number, and the money moves within one to three business days. The second option is a check mailed to your address on file, which takes longer but requires no other account information.
If your account has a negative balance — meaning you owe Discover money — you must settle that before closure. Discover will not close an account with an outstanding balance. If you have a positive balance and do not specify where it should go, Discover will hold it and eventually mail a check, but this takes longer than choosing a destination upfront.
Stopping automatic payments and transfers before you close
Any automatic transfers you set up — such as monthly deposits from another bank, or transfers to pay bills — will fail once the account closes. You have two choices: cancel them before you close the account, or update them to point to a different account.
Log into your Discover account and look for the Transfers or Bill Pay section. From there you can see all scheduled transactions and delete the ones tied to this savings account. If you have direct deposit from an employer going to this account, you will need to contact your payroll department and provide them with your new account details before the account closes, or your paycheck will bounce back to your employer.
Closing by phone versus closing online
Both methods take about the same time and result in the same outcome. Calling 1-800-347-2000 connects you to a Discover representative who walks through the closure process, confirms your identity, and takes your instructions on where to send your balance. The call usually takes five to ten minutes. You receive a confirmation number.
Closing online through your account dashboard is faster if you are comfortable navigating the interface yourself. Log in, find Account Settings or a similar menu, and look for a Close Account option. You will enter your destination account details or request a check, and the system confirms the request when ready. Either way, you should receive written confirmation by email within a day.
Why you might keep the account open instead
Closing a savings account does not hurt your credit score — savings accounts do not appear on your credit report the way credit cards or loans do. However, closing it does remove one account from your banking history. If you opened the account years ago, it shows a long history of responsible account management, which some lenders look at informally when deciding whether to work with you.
Discover savings accounts have no monthly fees and no minimum balance, so there is no cost to keeping it open even if you do not use it. Some people keep a small balance in a Discover savings account as a backup emergency fund or to maintain the account history. If you are closing because you are unhappy with the interest rate or service, moving your money to a different bank makes sense. If you are closing to simplify, but the account costs you nothing, keeping it may be worth the minimal effort.
What to do if you cannot reach Discover or the closure does not go through
If you call and cannot reach someone, try again during business hours — Discover's phone line is open seven days a week. If you attempt to close online and the system gives an error, try again in a few hours or call instead. Technical glitches are rare but do happen.
If you close the account and then realize you need it again, you can reopen it. Contact Discover and ask about reopening the account. Discover may reopen it within a short window after closure, though policies vary. If too much time has passed, you will need to open a new account, which takes a few minutes online.
Frequently Asked Questions
Does closing my Discover savings account affect my credit?
No. Savings accounts do not appear on your credit report, so closing one has no impact on your credit score. Only credit products like credit cards and loans show up on your credit history.
How long does it take for my money to arrive after I close?
If you choose an electronic transfer to another bank account, the money typically arrives within one to three business days. If you request a check, allow seven to ten business days for it to arrive by mail, depending on your location.
What if I have pending deposits or transfers when I close?
Pending transactions may still process after closure. Any deposits or transfers that complete after the account closes will be sent to the address or account you specified during closure. Contact Discover if you are unsure whether a transaction will go through.
Can I close my account if I have a negative balance?
No. You must pay off any negative balance before Discover will close the account. Contact Discover to arrange payment if you owe money.
Can I reopen my account after closing it?
Discover may allow you to reopen the account within a short period after closure. If too much time passes, you will need to open a new account instead, which takes a few minutes online.