What you need to do to close a savings account
Closing a savings account is straightforward: contact your bank, withdraw or transfer any remaining balance, and confirm the account is closed. Most banks let you do this in person, by phone, or online. The process usually takes a few minutes to a few days, depending on how you initiate it and whether there are outstanding holds or pending transactions.
Before you close, check your account for automatic deposits or payments tied to it. If your paycheck or benefits go to this account, you'll need to update that information with your employer or the paying agency first. The same goes for any automatic bill payments or transfers you've set up.
Key Takeaways
- Contact your bank through the method that works for you—in person, by phone, or online—and ask to close the account.
- Withdraw your remaining balance or transfer it to another account before closing, and confirm the bank has processed the closure.
- Update any automatic deposits (paychecks, benefits) or payments linked to the account so they don't fail after closure.
- Ask the bank whether they charge a closure fee, which some banks impose if you close within a certain timeframe.
- Request written confirmation of the closure and keep it for your records in case the bank reports the account incorrectly later.
Withdraw or transfer your money first
You cannot close an account with a balance still in it. Withdraw all your money or move it to another account at the same bank or elsewhere. If you withdraw in cash, do it before you formally request closure. If you transfer to another account, make sure the transfer clears—this usually takes one to three business days—before you ask the bank to close the account.
Some banks will close an account with a zero balance when ready. Others require you to formally request closure even after the money is gone. Either way, having no balance in the account makes the process faster and prevents confusion later.
Contact your bank to request closure
Call the customer service number on the back of your debit card or your bank statement. Tell them you want to close the account and provide your account number. They will confirm your identity, check for any remaining balance or holds, and process the closure. This usually takes five to ten minutes on the phone.
If you prefer not to call, visit a branch in person with your ID and debit card. Many banks also let you request closure through their online banking portal or mobile app, though you may still need to call to confirm. Online closure is fastest if your bank offers it, but not all do.
Check for automatic deposits and payments
Before the account closes, update any automatic deposits. If your paycheck, Social Security, unemployment benefits, or other regular deposits go to this account, log into your employer's or benefits agency's portal and change the account information. This usually takes a few minutes and prevents your money from being sent to a closed account.
Do the same for any automatic bill payments or recurring transfers you've set up. Check your last few bank statements to see what was coming in and going out. If you miss updating these, payments may fail and create late fees or service interruptions.
Watch for closure fees
Some banks charge a fee to close an account if you close it within a certain period—often six months to a year after opening. This fee is usually between $25 and $100. Ask the bank whether a fee applies before you formally request closure. If there is a fee and you disagree with it, ask whether the bank will waive it; some will if you explain your situation.
If the bank charges a fee, it will typically deduct it from your final balance before returning the remainder to you. Make sure you understand this before you withdraw all your money, or you may end up with a negative balance and an unexpected charge.
Get written confirmation
After the bank processes the closure, ask for written confirmation. This can be a letter, an email, or a screenshot from your online banking portal showing the account is closed. Keep this for your records. If the bank later reports the account as still active or sends you statements, you have proof that you closed it.
Check your credit report a few weeks later to make sure the account appears as closed. You can get a free credit report once a year from AnnualCreditReport.com. If the account still shows as open, contact the bank again and provide your closure confirmation.
What happens after closure
Once closed, you cannot use the account. Any checks or debit cards linked to it will be rejected. If someone tries to deposit money to the account, the deposit may be returned or held by the bank. The account will eventually stop appearing on your credit report, though this can take several months.
If you realize later that you need the account back, you can open a new one. There is no penalty for closing and reopening accounts, though the bank may run a credit check when you open a new account.
Frequently Asked Questions
Can I close my account if I have a negative balance?
No. You must bring the account to zero or positive before closure. If you owe the bank money, pay it first. The bank will not close an account with a debt, and the debt will remain on your record.
What if the bank won't close my account?
Banks rarely refuse, but if yours does, ask why in writing and request the reason. If you believe the refusal is unfair, file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. Include your account number, the date you requested closure, and the bank's response.
Will closing my account hurt my credit score?
Closing a savings account has little to no impact on your credit score because savings accounts do not appear on your credit report. Credit scores are based on credit accounts like credit cards and loans, not deposit accounts.
How long does it take for the account to fully close?
Most banks close accounts within one to five business days after you request it. Some close when ready. If the bank is waiting for pending transactions to clear, it may take longer. Ask the bank for a specific timeline when you request closure.
What if I closed the account but money is still being deposited to it?
Contact the bank when ready and ask them to return the deposits. Then contact whoever is sending the money—your employer, benefits agency, or whoever—and update your account information. Deposits to closed accounts are usually returned, but this can take time and may cause confusion.