You can close one account without closing the other

No, you do not have to close both accounts together. A checking account and a savings account are separate products at your bank, and you can close either one while keeping the other open. The bank will not force you to close both, and closing one does not automatically close the other.

Many people keep both accounts open for different reasons — they use checking for everyday spending and savings for money they want to set aside. If you only need to close one, you can do that without touching the other account.

Key Takeaways

  • Checking and savings accounts are separate, so you can close one and keep the other open at the same bank.
  • You must withdraw or transfer any remaining money from the account you are closing before the bank will shut it down.
  • If you have automatic deposits or payments tied to the account you are closing, you need to update those before you close it.
  • Some banks charge a fee if you close an account within a certain time period after opening it, so check your account agreement first.

What happens to money in the account you are closing

Before the bank will close an account, you must move any money out of it. You can transfer the balance to another account at the same bank, move it to a different bank, or withdraw it in cash. The bank will not close the account while money is still sitting in it.

If you have a negative balance — meaning you owe the bank money — you must pay that amount before closing. This often happens if you had overdraft fees or other charges. Once the balance is zero or positive and you have withdrawn what you want to keep, the bank can process the closure.

Stopping automatic payments and deposits before you close

If you have direct deposits, automatic bill payments, or recurring transfers tied to the account you are closing, you must change those before the closure takes effect. For example, if your paycheck goes directly into the checking account you are closing, you need to update your employer with your new account number first.

The same applies to automatic payments — if you pay a utility bill or insurance premium from that account, contact the company and give them your new account details. If you do not update these, payments may fail or bounce, which can cost you late fees or damage your credit.

Early closure fees and account age

Some banks charge a fee if you close an account within a certain number of months after opening it. This period varies by bank and by account type — it might be three months, six months, or a year. Check your account agreement or call the bank to learn about a fee applies to you.

If you are closing a checking account but keeping your savings account, the early closure fee would only explore to the checking account. Your savings account would not be affected unless you are closing that one too and it also falls within the fee period.

How to close just one account

Contact your bank by phone, in person at a branch, or through online banking — most banks offer all three options. Tell them you want to close the checking account (or whichever one you are closing) and keep the savings account open. They will walk you through moving your money out and confirm which account stays active.

Ask the bank to send you written confirmation of the closure. This protects you if there is ever a question about whether the account is actually closed. Keep that confirmation with your records.

What to do with the account you are keeping

The account you keep open will continue to work normally. Your debit card, online access, and any automatic transfers or deposits tied to that account will not be affected by closing the other one. Make sure you update any payments or deposits that were going to the closed account so they go to the one you are keeping instead.

If you are keeping your savings account open, you can still deposit money into it and earn interest if the account offers it. There is no change to how that account functions just because you closed the checking account.

Frequently Asked Questions

Will closing my checking account hurt my credit score?

Closing a checking account does not directly affect your credit score because checking accounts do not appear on your credit report. However, if you have overdraft fees or unpaid balances when you close, those could lead to collections activity that does hurt your credit. Pay any balance owed before closing.

What if I have checks still outstanding on the checking account I am closing?

Outstanding checks can still be cashed after you close the account, as long as there is enough money in it when they arrive. Before closing, make sure you have enough to cover any checks you know are still out there. If a check arrives after the account is closed and there is no money, it will bounce.

Can I reopen an account I just closed?

Most banks will let you reopen an account within a certain period, though policies vary. Some banks charge a fee to reopen, and some may require you to wait a few days. Call your bank to ask about their specific policy before you close if you think you might change your mind.

Do I need to close my savings account if I am moving to a different bank?

No. You can keep your savings account at your current bank and open a new checking account at a different bank. You only need to close accounts you no longer want to use. Many people maintain accounts at multiple banks for different purposes.