You can close a PayPal Savings account through the app or website, but you must withdraw or transfer your balance first
PayPal Savings is a separate account linked to your main PayPal wallet. To close it, you log into PayPal, move any money out of the Savings account back to your PayPal balance or a linked bank account, then delete the account from your settings. The whole process takes a few minutes, but PayPal will not let you close the account while money sits in it.
PayPal Savings accounts are managed through the PayPal app or website — there is no separate login or interface. If you have not used the account in a while, you may need to check your PayPal settings to confirm it exists and see how much is in it.
Key Takeaways
- You must move all money out of PayPal Savings before you can close the account — PayPal will not delete an account with a balance.
- Money can be transferred back to your main PayPal balance when ready, or withdrawn to a linked bank account in one to three business days.
- The account deletion happens in the Settings section under Wallet or Financial Services, depending on your app version.
- Once closed, you cannot reopen the same account — you would have to create a new Savings account if you wanted one later.
How to move money out of PayPal Savings
Open the PayPal app or go to PayPal.com and log in. Tap or click on your Wallet (on the app, this is usually at the bottom of the screen). Look for "Savings" or "PayPal Savings" — it will show your current balance.
Tap or click on the Savings account to open it. You will see a button to transfer money out, usually labeled "Transfer" or "Move Money". Choose how much to move — you can transfer the full balance or leave some behind if you want to keep the account open for now. Select whether you want the money to go to your PayPal balance (when ready) or to a linked bank account (one to three business days).
If you are transferring to a bank account, make sure you have already linked one in your PayPal settings. If you have not, you will need to add a bank account first — PayPal will ask for your routing number and account number, and the account must be in your name.
Deleting the account from your settings
Once your Savings account balance is zero, go to Settings. On the app, this is usually a gear icon. On the website, look for Settings in the menu at the top right.
Look for "Wallet" or "Financial Services" (the exact name varies by app version). You should see your Savings account listed. Tap or click on it, then look for a "Close Account" or "Delete" button. PayPal will ask you to confirm — once you do, the account is closed and cannot be reopened.
If you do not see a delete option, the account may still have a balance, or PayPal may be preventing deletion for another reason (such as a pending transaction or a hold on the account). Go back and check that the balance is truly zero, and wait a few hours if you just transferred money.
What happens to pending transfers or holds
If you transferred money to a bank account, that transfer may take one to three business days to complete. During that time, the money is no longer in your PayPal Savings account, but it is also not yet in your bank account — it is in transit. You can still close the Savings account while a transfer is pending; the transfer will go through to your bank as planned.
If PayPal has placed a hold on your account (usually because of unusual activity or a dispute), you may not be able to close Savings until the hold is lifted. PayPal will tell you if this is the case. Holds typically last a few days to a few weeks depending on the reason.
Why you might want to close PayPal Savings
PayPal Savings accounts earn a small amount of interest, but the rate is set by PayPal and changes over time. If the rate is too low for your needs, or if you straightforward do not use the account, closing it removes one more account to track.
Some people close Savings accounts because they prefer to keep money in their main PayPal balance, or because they want to move funds to a bank savings account that offers higher interest. Others close them after a promotional period ends — PayPal sometimes offers a higher rate for new Savings accounts for the first few months.
Reopening a PayPal Savings account later
If you close your Savings account and later decide you want one again, you can create a new account. Go to your Wallet, look for an option to add a Savings account, and follow the setup steps. The new account will be treated as a fresh account — it will not be the same one you closed.
If you are closing because the interest rate is too low, check what the current rate is before you reopen. PayPal Savings rates are not may provide and can change at any time.
Frequently Asked Questions
Can I close my PayPal Savings account if I have a pending transfer?
Yes. Once you have initiated a transfer out of Savings, the money is no longer in that account. You can close the account when ready, and the transfer will complete to your bank account as scheduled, even though the Savings account no longer exists.
What if I forgot how much money is in my Savings account?
Log into PayPal, go to your Wallet, and tap or click on Savings. The balance will be displayed at the top. If you do not see a Savings account listed, you may not have one, or it may already be closed.
Does closing PayPal Savings affect my main PayPal account?
No. Closing Savings does not affect your main PayPal balance, your ability to send or receive money, or any other PayPal services. It only removes the separate Savings sub-account.
How long does it take to close the account after I delete it?
The deletion is when ready once you confirm it in settings. The account will no longer appear in your Wallet right away.
Can I reopen the same Savings account I just closed?
No. Once closed, that account cannot be reopened. If you want a Savings account later, you will create a new one, which will be a separate account with its own history.