Closing a savings account is straightforward: you withdraw your money, then contact your bank to shut it down

The process takes a few days to a few weeks depending on your bank. You'll need to empty the account first—most banks won't close an account with money still in it. Then you either visit a branch in person, call customer service, or use online banking if your bank offers that option. Some banks charge a fee if you close within a certain timeframe (often three to six months of opening), so check your account agreement first.

The main thing to know: your bank won't automatically close the account just because you stop using it. You have to ask them to. If you don't, the account stays open, and some banks charge monthly maintenance fees on inactive accounts. That's why it's worth doing this deliberately rather than just abandoning the account.

Key Takeaways

  • Withdraw all your money before closing—banks typically will not close an account that still holds funds.
  • Check your account agreement for early closure fees, which some banks charge if you close within three to six months of opening.
  • Contact your bank through your preferred method: in person at a branch, by phone, or through online banking if available.
  • Request written confirmation of the closure so you have a record that the account is no longer active.

Withdraw your money first

Before you contact the bank, move all the money out of the savings account. You can transfer it to another account at the same bank, move it to a different bank entirely, or withdraw it as cash. Most banks won't process a closure request if there's still a balance, because they need to know where that money should go.

If you have automatic deposits set up (like a paycheck or government benefit), change those to go to a different account first. If you have automatic payments or transfers leaving the account, cancel those too. This prevents the account from going negative while you're trying to close it, which can create complications.

Check for early closure fees

Some banks charge a fee—typically $25 to $100—if you close a savings account within a set period, often three to six months of opening it. This is called an early closure fee or early termination fee. The exact terms are in your account agreement, which you received when you opened the account or can request from the bank.

Call your bank's customer service number or log into your online account to find out whether a fee applies to you. If there is one, you can decide whether to pay it or wait until the timeframe passes. If the fee seems unreasonable or you were not told about it when you opened the account, you can ask the bank to waive it—some will, especially if you're a new customer or if you've had problems with the account.

Contact your bank to close the account

You have three main ways to close the account: in person at a branch, by phone, or online. In-person closure is the most straightforward if you have a branch nearby—you bring your ID, confirm you've withdrawn the money, and the banker processes it on the spot. You'll usually get written confirmation when ready.

Closing by phone works if you call the customer service number on the back of your debit card or on your bank's website. Have your account number ready. The representative will confirm that the account is empty, ask why you're closing it (they may try to convince you to keep it open), and process the closure. Ask them to mail you written confirmation.

Some banks let you close accounts through online banking. Log in, look for account settings or account management, and find the option to close. Not all banks offer this, so if you don't see it, you'll need to call or visit in person.

Get written confirmation

After the bank processes the closure, ask for written confirmation. If you closed in person, the banker should give you a receipt or letter. If you closed by phone, ask the representative to mail it to you or confirm they'll send it within a few business days. If you closed online, check your email for a confirmation message.

Keep this confirmation for your records. It proves the account is closed, which matters if there's ever a question later about whether you still have an active account with that bank. It also protects you if the bank accidentally tries to charge fees to a closed account—you have documentation that you ended it.

What happens after you close the account

Once the account is closed, you can no longer deposit money into it or access it. If someone tries to send money to that account number, the transfer will be rejected or returned. The bank will keep records of the account for a set period (usually seven years), but you won't be able to use it.

If you had a debit card linked to the savings account, that card will stop working for that account. You can still use it if it was also linked to a checking account, but the savings portion is gone. Destroy the card or contact the bank to have it deactivated if you want to be thorough.

Reasons people close savings accounts

Some people close accounts because they're consolidating—they had multiple savings accounts and want to keep money in just one place. Others close because the interest rate is too low, the bank charges too many fees, or they want to move their money to a different bank that offers better terms. Some close because they no longer need a savings account or prefer to save money a different way.

Whatever your reason, closing is a normal part of managing your finances. Banks expect it, and the process is designed to be straightforward. There's no penalty for closing an account as long as you're past any early closure period, and you're not locked in to keeping money anywhere you don't want it.

Frequently Asked Questions

Will closing a savings account hurt my credit score?

No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Credit scores are based on borrowing and repayment history, not on the accounts you hold. You can close as many savings accounts as you want without any impact on your credit.

What if I forgot about the account and haven't used it in years?

Contact your bank and close it the same way you would a new account. If there's still money in it, you can withdraw that. If the account has been inactive for a very long time and the bank has charged fees, ask whether they'll waive some of those fees—many will as a courtesy. If you genuinely cannot remember which bank it's with, you can search your old statements or contact the state's unclaimed property program.

Can I reopen a savings account after I close it?

Yes. Closing an account does not prevent you from opening a new one at the same bank later. You can open a new account whenever you want, though you may have to meet the same requirements as a new customer (like a minimum deposit). There's no waiting period or penalty for reopening.

What if the bank says I owe money on the account?

If the account went negative (you withdrew more than you had), the bank may not let you close it until you pay the negative balance. Pay that amount first, then request closure. If you disagree with the charges that created the negative balance, you can dispute them before paying, but the account won't close until the balance is zero or positive.

Do I need to close the account in person, or can I do it by phone?

Most banks let you close by phone or online. In-person closure is convenient if you have a branch nearby and want when ready confirmation, but it's not required. Phone or online closure is just as official—the key is getting written confirmation afterward so you have proof the account is closed.