The basic steps to close your E*TRADE savings account

You can close an E*TRADE savings account by calling E*TRADE customer service at 1-800-387-2331, logging into your account online and submitting a closure request, or visiting a branch in person if you have access to one. E*TRADE will ask you what you want to do with any remaining balance — you can transfer it to another E*TRADE account you own, move it to an external bank account, or request a check. The process typically takes a few business days once you initiate it.

Before you call or log in, gather your account number (visible on your statements or in your online dashboard) and decide where your money should go. If you're moving funds to another bank, have that account's routing number and account number ready. E*TRADE does not charge a fee to close a savings account, and there is no penalty for closing early.

Key Takeaways

  • You can start the closure process by phone, online, or in person, and E*TRADE does not charge a fee to close a savings account.
  • You must tell E*TRADE what to do with your remaining balance before the account closes — transfer to another E*TRADE account, move to an external bank, or receive a check.
  • If you transfer funds to an external bank account, provide E*TRADE with the receiving bank's routing number and your account number there.
  • The closure typically completes within a few business days, and you will receive written confirmation by mail.

Closing your account online through E*TRADE

Log into your E*TRADE account at etrade.com using your username and password. Navigate to the Account menu, then look for "Close Account" or "Account Services" — the exact wording varies depending on whether you use E*TRADE's website or mobile app. Select the savings account you want to close from the list of your accounts.

E*TRADE will show you your current balance and ask you to confirm the action. At this point, you will specify where the money should go. If you have another E*TRADE account (such as a checking account or brokerage account), you can transfer the balance there when ready. If you want the money sent to a different bank, enter that bank's routing number and your account number, and E*TRADE will initiate an electronic transfer that usually takes three to five business days.

After you confirm, you will see a confirmation number on screen. Write this down or take a screenshot — you may need it if you have questions later. E*TRADE will also send you a written confirmation by mail within a few days.

Closing your account by phone

Call E*TRADE customer service at 1-800-387-2331. Have your account number ready, and be prepared to verify your identity by providing your Social Security number, date of birth, or other information E*TRADE requests. Tell the representative you want to close your savings account.

The representative will confirm your current balance and ask what you want to do with it. You can request a transfer to another E*TRADE account you own, an electronic transfer to an external bank account (you will need to provide the routing number and account number), or a check mailed to your address on file. The representative will process the request and give you a confirmation number.

Phone lines are typically available Monday through Friday during business hours, and wait times vary. If you call during off-hours, you can leave a message requesting a callback, though this may delay the process by a day or two.

What happens to your money during closure

Your balance does not disappear when you request closure. E*TRADE holds the funds in your account until the transfer or check is processed. If you request a transfer to another E*TRADE account, the money moves when ready and the savings account closes. If you request a transfer to an external bank, the electronic transfer takes three to five business days, and your savings account remains open until the transfer completes.

If you request a check, E*TRADE mails it to the address on file in your account. Checks typically arrive within seven to ten business days. Your account will remain open until E*TRADE confirms the check has been cashed or the funds have been transferred elsewhere.

If your account has a very small balance (sometimes under $1), E*TRADE may close it automatically and mail you a check rather than process a transfer. This is rare but can happen if the balance is too small to transfer electronically.

Confirming your account is closed

After you initiate closure, log back into your E*TRADE account a few days later to confirm the account no longer appears in your account list. You should also receive written confirmation in the mail. Keep this confirmation letter for your records — it proves the account was closed on a specific date, which can be useful if questions arise later.

If you requested a transfer to an external bank, check that bank's account to confirm the deposit arrived. If you requested a check, watch your mail and deposit it as soon as it arrives. Once the funds have been moved and the account is no longer visible in your E*TRADE dashboard, the closure is complete.

If you have pending transactions or automatic deposits

Before you close your account, check whether you have any automatic deposits, transfers, or bill payments tied to this savings account. If your paycheck is set to deposit there, you will need to change that to another account first. If you have automatic transfers scheduled (for example, a monthly transfer to an investment account), cancel those before closure or they may fail.

E*TRADE will not close an account if there are pending transactions, so you may need to wait a day or two for any in-progress transfers to complete. If you are unsure whether you have automatic activity set up, call customer service before you request closure — they can review your account and tell you what needs to be changed.

Frequently Asked Questions

Does E*TRADE charge a fee to close a savings account?

No. E*TRADE does not charge a fee to close a savings account at any time. There is no early closure penalty, and you will not be charged for the transfer of your balance to another account or bank.

What if I close my account but then want to reopen it?

You can open a new E*TRADE savings account at any time by logging into your account or calling customer service. However, a closed account cannot be reopened — you would be creating a separate new account. Any history associated with the old account will not transfer to the new one.

Can I close my savings account if it has a negative balance?

No. You must bring your account to a zero or positive balance before closure. If your account is overdrawn, contact E*TRADE to discuss payment options. Once the balance is resolved, you can proceed with closure.

How long does it take for my account to fully close?

If you transfer funds to another E*TRADE account, closure is when ready. If you transfer to an external bank, the process takes three to five business days. If you request a check, add seven to ten business days for mail delivery. You will receive written confirmation once the account is fully closed.

What if I forget to specify where my money should go?

E*TRADE will not process the closure until you tell them what to do with your balance. If you start the process online or by phone and do not complete the step about fund destination, the account will remain open. Contact E*TRADE to finish the closure request.