Most banks do not charge a fee to close a savings account
You can close a savings account at most banks without paying anything. The bank will not bill you for the act of closing. However, some banks do charge what they call an "early closure fee" or "account closure fee" if you close within a certain time period — usually 90 days to six months after opening. A few banks charge a small fee (typically $5 to $25) no matter when you close, though this is less common.
The fee, if one exists, depends on the specific bank and the account type. Before you close, check your account agreement or call the bank directly and ask: "Is there a fee to close this account, and if so, how much?" This takes two minutes and tells you exactly what to expect.
Key Takeaways
- Most banks charge nothing to close a savings account at any time.
- Some banks charge an "early closure fee" if you close within 90 days to six months of opening the account.
- A small number of banks charge a flat closure fee of $5 to $25 regardless of when you close.
- Your account agreement or a call to customer service will tell you whether your specific bank charges a fee.
When banks charge early closure fees
An early closure fee exists because the bank incurs costs when it opens an account — processing paperwork, setting up systems, mailing a debit card. If you close very quickly, the bank loses money on that account. To discourage this, some banks charge a fee if you close within a set window.
This window varies. Some banks charge a fee if you close within 90 days. Others use six months. A few use one year. The fee itself is usually between $5 and $25. Banks that charge this fee typically state it clearly in the account agreement you sign or receive when you open the account, often under a section titled "Fees" or "Account Closure."
If you opened the account recently and are thinking about closing it, check whether you are still within that window. If you are, you have two choices: wait until the window closes and then close the account for free, or close now and pay the fee.
How to learn about your bank charges a closure fee
The fastest way is to call your bank's customer service number — the one on the back of your debit card or on your bank statement. Tell them you want to close your account and ask: "Will I be charged a fee for closing?" They will give you a yes or no answer and tell you the amount if there is one.
You can also check your account agreement. When you opened the account, you received or signed a document that lists all the fees the bank charges. Look for a section called "Fees," "Account Fees," or "Pricing Information." Search for the words "closure," "close," or "early." If you cannot find the agreement, ask the bank to send you a copy or direct you to it online.
Some banks post their fee schedules on their website. Go to the bank's main website, look for a link that says "Pricing," "Fees," "Account Terms," or "Disclosures," and search for savings account closure fees.
What happens to your money when you close
Closing the account and paying a closure fee are separate things. The closure fee (if one exists) is charged by the bank. Your money is yours and goes where you direct it. When you close, the bank will ask you how you want the remaining balance paid out — usually by check, transfer to another account, or direct deposit.
If there is a closure fee, the bank will deduct it from your balance before sending you the remainder. For example, if you have $500 in the account and the closure fee is $25, you will receive $475. Make sure you understand this before you close so you are not surprised by a smaller payout than you expected.
Banks that typically do not charge closure fees
Many large national banks and most credit unions do not charge any fee to close a savings account, at any time. This includes banks like Chase, Bank of America, Wells Fargo, and Ally Bank, though you should always confirm with your specific bank because policies can change and may vary by account type.
Online banks and newer fintech banks (banks that operate mainly through apps and websites) often advertise no closure fees as a selling point. If you are shopping for a new bank and want to avoid closure fees altogether, look for banks that explicitly state "no account closure fee" in their fee schedule.
What to do before you close
Before you close, make sure you have moved or spent any money you need. Once the account is closed, you cannot deposit or withdraw from it. If you set up automatic payments or direct deposits to this account, change those to your new account first — otherwise payments will fail and you may face overdraft fees or late payment penalties.
If you have a debit card linked to the account, the bank will deactivate it when you close. If you still use it for purchases, switch to a different card or payment method before closing.
Frequently Asked Questions
Can the bank charge me a fee to close even if I have been a customer for years?
Most banks do not charge a closure fee after the early closure window (usually 90 days to six months). However, a small number of banks charge a flat fee regardless of how long you have been a customer. Check your fee schedule or call to confirm.
What if I close the account and then want to reopen it?
You can reopen an account at the same bank, but it will be treated as a new account. If the bank charges an early closure fee, you would be subject to that fee again if you close the new account within the same window. Some banks may also review your banking history before letting you reopen.
Do I have to pay the closure fee if I do not have enough money in the account?
Yes. If your balance is less than the closure fee, the bank will close the account with a zero balance and may send you a bill for the difference, or they may waive the fee. Call ahead and ask what happens in your situation.
If I transfer my money to another bank, do I still have to pay the closure fee?
Yes. The closure fee is charged by the bank you are leaving, not by the bank you are moving to. It applies whether you withdraw the money in cash, transfer it, or receive it by check.