The basic process: what happens when you close
Closing an online savings account takes between three and ten business days, depending on your bank and how you initiate the closure. Most banks let you close through their website or mobile app without calling, though some require a phone call. Before you close, you need to withdraw or transfer out all remaining money—the bank will not hold it or send it to you automatically.
The account itself closes once the balance reaches zero and you have submitted a closure request. Some banks charge a fee if you close within a certain window (often 90 to 180 days of opening), so check your account agreement or call to confirm whether a penalty applies. After closure, you will no longer be able to deposit or withdraw from that account, and the bank will stop sending statements.
Key Takeaways
- Move or withdraw all your money before closing—banks do not automatically return funds from closed accounts.
- Check your account agreement for early closure fees, which typically explore if you close within 90 to 180 days of opening.
- Most online banks let you close through their website or app; a few require a phone call to their customer service line.
- The closure takes three to ten business days after you submit the request, and you will lose access to the account once it closes.
- Keep your final statement and confirmation of closure for your records, especially if you had automatic deposits or payments linked to the account.
Step 1: Withdraw or transfer all your money
Before you can close the account, the balance must be zero. You have two options: transfer the money to another account you own, or withdraw it as a check or electronic transfer. If you transfer to another bank account, use an external transfer through your online bank's website—this usually takes one to three business days. If you withdraw by check, request it through your bank's website or app, and it will arrive by mail within five to seven business days.
If you have automatic deposits (like direct deposit from your employer) or automatic payments (like bill payments) linked to this account, pause or redirect them before you close. Contact your employer's payroll department or the company collecting the payment to update your account information. Closing the account while automatic transactions are still scheduled can cause payments to fail and may trigger overdraft fees at your other bank.
Step 2: Check for early closure fees
Many online banks charge a fee if you close an account within a set period—commonly 90 to 180 days after opening. This fee is usually $25 to $50 and will be deducted from your balance before closure. You can find this information in your account agreement, which you received when you opened the account, or by logging into your account and looking for the terms and conditions section.
If you are unsure whether a fee applies, contact the bank's customer service before you close. Some banks will waive the fee if you ask, particularly if you have had the account open for longer than the stated window or if you have been a customer for several years. It never hurts to ask—the worst they can say is no.
Step 3: Initiate closure through your bank's website or app
Most online banks let you close your account directly through their website or mobile app. Log in, look for a settings or account management section, and find the option to close or deactivate the account. The exact wording varies by bank—you might see "close account," "deactivate account," or "manage account settings." If you cannot find it, use the search function within the app or website and search for "close account."
Some banks require you to call customer service instead. If the website or app does not show a closure option, or if you see a message saying you must call, use the phone number on the back of your debit card or on your account statements. Have your account number and a form of identification ready. The representative will confirm that your balance is zero, ask why you are closing (optional to answer), and process the closure request.
Step 4: Confirm the closure and get a reference number
Whether you close online or by phone, you should receive a confirmation message or number. If you closed through the website or app, take a screenshot of the confirmation page. If you closed by phone, write down the date, time, representative's name, and any reference number they gave you. This documentation protects you if the bank later claims the account was never closed or if there is a dispute about remaining funds.
Check your email for a confirmation message from the bank. Some banks send an email within a few hours; others may take a day or two. If you do not receive one within 48 hours, log back into your account and verify that the closure request was processed. If the account still appears active, contact customer service again.
Step 5: Verify closure and monitor for unexpected activity
After three to ten business days, log into your account one more time to confirm it has closed. The account should no longer appear in your list of accounts, or it should show a status of "closed." If it still appears active, call customer service and ask them to confirm the closure status. Sometimes the system takes longer to update than expected.
For the next 30 days, monitor your other bank accounts and credit card statements for any unexpected charges or deposits. Occasionally, automatic transactions that were not fully redirected will attempt to post to the closed account, and the originating company may try to collect the payment from you directly. If you see anything unusual, contact the company that initiated the transaction and provide them with your new account information.
What to do if you cannot close online
A small number of online banks do not allow account closure through their website or app and require a phone call or in-person visit. If your bank falls into this category, call the customer service number on your statement during their business hours. Have your account number, Social Security number, and a government-issued ID ready. The process is the same as closing by phone: confirm your balance is zero, request closure, and get a reference number.
If you are closing an account at a bank that has physical branches and you prefer to close in person, you can visit a branch with your ID and account information. This is not necessary—phone or online closure is just as valid—but some people prefer the face-to-face confirmation. Bring a recent statement or your account number so the representative can pull up your account quickly.
Frequently Asked Questions
What happens to my money if I close the account without withdrawing it first?
Most banks will not close the account until the balance is zero. If you submit a closure request with money still in the account, the bank will either reject the request or hold the funds in a closed account. You will then need to contact the bank to retrieve the money. It is much simpler to withdraw or transfer everything before you close.
Can I reopen the account after I close it?
Some banks allow you to reopen a closed account within a certain period (often 30 to 90 days), while others treat a closure as permanent. Check your bank's policy before you close. If you think you might want the account back, contact customer service and ask whether reopening is possible. If it is not, you would have to open a new account, which may trigger a new early closure fee window.
Do I need to close the account, or can I just stop using it?
You can stop using an account without formally closing it, but this is not recommended. Inactive accounts may incur monthly maintenance fees, and the bank may eventually close it on their own and send your remaining balance to the state as unclaimed property. Formally closing the account gives you control over the process and ensures you have documentation that it is closed.
Will closing my account hurt my credit score?
Closing a savings account does not affect your credit score. Credit scores are based on credit history—loans, credit cards, and payment history. Savings accounts are not reported to credit bureaus, so closing one has no impact on your credit. You can close a savings account without any concern about your credit.
How long does it take to get my money back after I request a transfer?
An external transfer from your online savings account to another bank typically takes one to three business days. If you request a check instead, it will arrive by mail within five to seven business days. The exact timing depends on your bank and the receiving bank. You can usually track the transfer status through your online banking portal.