Whether you can close online depends on your bank
Some banks let you close a savings account entirely online through their website or app. Others require you to call, visit a branch, or mail in a form. There is no single rule — it depends on which bank you use and sometimes on what type of savings account you have.
The fastest way to find out is to log into your online banking and look for account settings or account management. Most banks that offer online closure put a "close account" or "close this account" button somewhere in that section. If you do not see one after a few minutes of looking, your bank probably requires a phone call or visit.
Before you close anything, make sure your account balance is where you want it. Once the account is closed, you cannot deposit money into it anymore, and some banks take a few days to send you any remaining balance.
Key Takeaways
- Many large banks and online banks let you close a savings account through their website or mobile app, but smaller banks and credit unions often require a phone call or branch visit.
- You must have a zero balance or transfer your money out before closing — most banks will not close an account with money still in it.
- If your account has a penalty for early closure, you may lose some money when you close, so check your account agreement first.
- After you close the account, keep your confirmation number and check your statements for a few months to make sure no charges are still being charged to it.
Steps to close online if your bank offers it
Log into your online banking account on your computer or phone. Navigate to the account settings or account management section — this is usually found under a menu labeled "Settings," "My Accounts," "Account Services," or "Manage Accounts."
Look for an option that says "Close Account," "Close This Account," or "Account Closure." Click or tap it. The bank will usually ask you to confirm that you want to close the account and may ask why you are closing it. Answer honestly if you want, or leave it blank — your answer does not affect whether the closure goes through.
The bank will show you a confirmation number. Write this down or take a screenshot. You will need it if there is a problem later. Some banks close the account when ready; others take one to three business days. The bank will send you a confirmation email or letter with the closure date.
What to do if your bank does not offer online closure
Call the customer service number on the back of your debit card or on your bank statement. Tell the representative you want to close your savings account. They will ask for your account number and may ask security questions to verify you are the account holder.
Before you call, have your account number ready and know your current balance. The representative will confirm that your account balance is zero or will tell you how to transfer the remaining money out. Once your balance is zero, they will process the closure over the phone. Ask them for a confirmation number and write it down.
If you prefer not to call, you can visit a branch in person with a photo ID. A teller can close the account for you on the spot. This is often the fastest way if you have a local branch nearby.
Early closure fees and penalties
Some savings accounts charge a fee if you close them within a certain time period — often six months to one year. This fee is usually between five and twenty-five dollars, though it varies by bank. Check your account agreement or call your bank before you close to learn about a fee applies.
If there is a fee, the bank will deduct it from your account balance. For example, if you have one hundred dollars and the fee is ten dollars, you will receive ninety dollars. The fee is charged whether you close online or by phone.
A few banks, particularly those offering high-yield savings accounts, may charge a larger penalty if you close very soon after opening. Read the terms before you open any new account so you know what to expect.
What happens to your money after you close
The bank will send your remaining balance to the account you specify — usually a checking account at the same bank or an account at a different bank. You provide the receiving account details when you close, either online or over the phone.
The transfer usually takes three to five business days. If you are closing online, the bank may ask you to confirm the receiving account number before processing the closure. If you are closing by phone, the representative will read back the account details to make sure they are correct.
If you do not have another account to transfer the money to, ask the bank what options you have. Some banks will mail you a check instead. This takes longer — usually one to two weeks — but it is an option if you need one.
After your account is closed
Save your confirmation number and the closure date. Check your bank statements for the next two or three months to make sure no charges are still being deducted from the closed account. This is rare, but it happens sometimes if a company has your old account number on file for automatic payments.
If you see a charge after the account is closed, contact your bank right away. They can help you stop the charge and may refund it. Keep the confirmation number so you can reference it if there is a dispute.
If you closed the account because of a problem with the bank — bad customer service, high fees, or something else — consider leaving feedback on your way out. Many banks ask for closure reasons and actually read them. Your feedback might help them improve.
Frequently Asked Questions
Can I close my savings account if it still has money in it?
No. You must transfer or withdraw all the money first. Once your balance is zero, the bank will let you close. If you are closing online and forget to empty the account, the system will usually stop you and tell you to transfer the money out first.
What if I forgot which bank my savings account is with?
Check your email for statements or account confirmations. Look at your old tax documents — banks send 1099 forms to accounts that earned interest. You can also check your credit report at annualcreditreport.com; some banks report savings accounts there. Once you find it, call the bank's customer service line.
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit accounts — credit cards, loans, lines of credit — show up on your credit report.
How long does it take to close a savings account online?
If your bank offers online closure, the account usually closes when ready or within one business day. You will receive a confirmation number right away. The money transfer to your other account takes an additional three to five business days.
Can I reopen a savings account after I close it?
Yes, you can open a new savings account at the same bank anytime. However, if you closed because of a penalty or fee dispute, contact the bank first to understand what happened. Some banks have policies about reopening accounts closed under certain circumstances.