Most banks do not charge a fee to close a savings account, but some do—and the cost depends on your bank, the account type, and how recently you opened it.
The majority of major banks (Chase, Bank of America, Wells Fargo, Citibank, and most regional banks) close savings accounts for free. However, a handful of banks charge a closure fee if you close within a certain window, usually 90 days to one year after opening. Some banks also charge if your account balance falls below a minimum or if you close before meeting other conditions tied to a promotional offer.
Before you close, contact your bank directly or check your account agreement to find out whether a fee applies. If a fee is listed and you believe it is unfair—especially if you were not told about it upfront—you can dispute it with the bank's customer service department or file a complaint with your state's banking regulator or the Consumer Financial Protection Bureau (CFPB).
Key Takeaways
- Most banks charge nothing to close a savings account, but some charge a closure fee within the first 90 days to one year.
- Your account agreement or the bank's fee schedule will state whether a closure fee applies and under what conditions.
- If you are charged a fee you were not told about, you can contact the bank to dispute it or file a complaint with your state regulator or the CFPB.
- Closing a savings account does not affect your credit score or your ability to open accounts elsewhere.
- You must withdraw or transfer your remaining balance before the account closes, or the bank will mail it to you as a check.
When banks charge a closure fee
Closure fees are most common at smaller regional banks and credit unions, though they are rare even there. The fee typically ranges from $25 to $100 and is charged if you close within a set period—often 90 days, six months, or one year after opening. The bank deducts the fee from your account balance before closing, or charges it to a linked account if your savings account is empty.
Some banks also charge a closure fee if you close while your account is in a negative balance, or if you close before meeting the terms of a promotional offer (such as a bonus for maintaining a minimum balance for six months). A few banks charge an inactivity fee if the account has had no deposits or withdrawals for a long period—closing the account stops this fee but may trigger a closure fee instead.
Online banks and large national banks almost never charge to close. If you are switching from a bank that charges a closure fee, the fee is usually small enough that the savings from a higher interest rate elsewhere will offset it within a few months.
How to learn about your bank charges a fee
The fastest way is to call your bank's customer service line or visit a branch in person. Ask directly: "Does closing my savings account cost anything?" Write down the answer and the name of the person who gave it to you. If the representative says no fee applies, ask them to note that in your account file.
You can also check your account agreement, which is usually available online in your bank's website portal or was mailed to you when you opened the account. Search the document for "closure," "close," "termination," or "fee schedule." The fee, if one exists, will be listed there with the conditions under which it applies.
If you cannot find the information online or in your agreement, request a copy of the bank's current fee schedule in writing (email counts). Banks are required to provide this, and having it in writing protects you if a dispute arises later.
What happens to your money when you close
You must withdraw your remaining balance or transfer it to another account before the account officially closes. You can do this online, by phone, at a branch, or by requesting a wire transfer or cashier's check. The bank will not close the account until you have removed the funds or explicitly told them to close it with a zero balance.
If there is money left in the account when it closes and you have not provided instructions, the bank will mail you a check for the remaining balance. This can take one to two weeks. If the account goes into a negative balance (you owe the bank money), you must pay that amount before closing, or the bank will pursue collection.
Any interest earned up to the closing date will be added to your final balance. If you close mid-month, you will receive interest only for the days the account was open that month.
Disputing a closure fee you were not told about
If your bank charged you a closure fee without clearly disclosing it beforehand, you have the right to dispute it. Start by contacting the bank's customer service department or visiting a branch. Explain that you were not informed of the fee and ask them to reverse it. Many banks will do so without argument, especially if you have been a customer for a while or if the fee was not clearly stated in your agreement.
If the bank refuses, you can file a complaint with your state's banking regulator (usually called the Department of Financial Services or Banking Department) or with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB accepts complaints about unfair or deceptive practices, and closure fees that were not disclosed upfront often may have access to. Include copies of your account agreement, any emails or letters from the bank, and a record of the fee charge.
You can also dispute the charge through your bank account itself if the fee was deducted from a linked checking account. Contact that bank and request a chargeback or reversal, explaining that the fee was unauthorized or not disclosed.
Closing a savings account does not hurt your credit
Closing a savings account has no effect on your credit score. Savings accounts do not appear on your credit report, and closing one does not trigger any negative marks. Your credit is only affected by credit products like credit cards, loans, and lines of credit.
You can close a savings account at any time without penalty to your credit, even if you have other accounts or loans with the same bank. The bank may note the closure in your internal customer file, but this does not prevent you from opening new accounts elsewhere or from being approved for credit in the future.
Frequently Asked Questions
Can a bank charge me a fee if I close my account after one year?
No. Closure fees are only charged within a specific window set by the bank—usually 90 days to one year. Once that period ends, you can close the account for free. Check your account agreement to see what the window is for your bank.
What if I close my account and there is still money in it?
You must withdraw or transfer the balance before closing. If you do not, the bank will mail you a check for the remaining funds, which can take one to two weeks. Any closure fee will be deducted from your balance first.
Will closing a savings account affect my ability to open a new one?
No. Closing a savings account does not appear on your credit report and does not prevent you from opening accounts at other banks. Some banks may check ChexSystems (a banking history database) when you explore, but a straightforward closure will not disqualify you.
Can I dispute a closure fee after the account is already closed?
Yes. You can contact the bank within 30 to 60 days of the closure and request a reversal if you believe the fee was unfair or not disclosed. If the bank refuses, you can file a complaint with the CFPB or your state banking regulator.
Do online banks charge closure fees?
Rarely. Most online banks (Ally, Marcus, Discover, and others) do not charge to close a savings account. If you are looking to avoid closure fees, switching to an online bank is usually the simplest option.