Yes, you can close your Bank of America savings account at any time, with no penalty
Bank of America does not charge you to close a savings account, and you do not need a reason. You can walk into a branch, call customer service, or use online banking to start the process. The account closes once your balance reaches zero and any pending transactions clear — usually within a few business days.
The main thing to plan for is what happens to money still in the account. You will need to move it somewhere else or withdraw it before the closure is complete. If you leave money sitting there, the bank will not close the account until you do.
Key Takeaways
- Bank of America charges no fee to close a savings account, and you can request closure in person, by phone, or online.
- You must withdraw or transfer your full balance before the account closes; the bank will not close an account with money in it.
- Pending transactions and automatic deposits or payments linked to the account may delay closure by a few days.
- If you have a linked checking account, closing the savings account does not affect it unless you specifically close both.
- After closure, keep your final statement and confirmation number in case you need proof the account is closed for tax or credit purposes.
Steps to close your account in person or by phone
If you go to a Bank of America branch, bring your ID and ask to speak with an account representative. Tell them you want to close your savings account. They will verify your identity, confirm your current balance, and walk you through moving the money. If your balance is small, you can withdraw it as cash on the spot. If it is larger, you can transfer it to another account at Bank of America or elsewhere.
To close by phone, call Bank of America customer service at 1-800-432-1000. Have your account number and ID ready. The representative will ask why you are closing (though you do not have to give a detailed reason), confirm your balance, and help you move the money. They will then submit a closure request. Write down the date and any confirmation number they give you.
Online closure is not yet available through the standard Bank of America website or app, so phone or in-person remains the fastest route. Some online banks offer account closure through their portal, but Bank of America's savings accounts still require human contact to complete the process.
What to do with your money before closing
You have three options: withdraw cash, transfer to another Bank of America account, or transfer to a different bank. If you are moving to another bank, you can do an external transfer directly during the closure call or visit. The representative will ask for the receiving bank's routing number and your account number there. This usually takes one to three business days.
If you are withdrawing cash, the branch can give you up to your full balance on the day you visit. For amounts over $10,000, the bank is required by law to file a report with the federal government, but this does not prevent the withdrawal — it is routine and does not flag your account as suspicious.
Do not leave money in the account hoping the bank will close it anyway. Bank of America will not close an account with an active balance, and you may face monthly maintenance fees if the account sits dormant for a long time.
Timing: how long closure actually takes
The closure request itself is when ready — once you tell the bank you want to close, they record it. But the account does not fully close until all pending transactions clear and your balance hits zero. This usually takes three to five business days, sometimes longer if you have automatic payments or deposits scheduled.
If you have a paycheck or automatic transfer set to hit the account after you request closure, it may still go through. Check your scheduled transactions before you close, and either cancel them or redirect them to another account. The same applies to automatic bill payments — move those to a different account first.
Once the account is closed, you will receive a final statement in the mail. Keep this for your records. If you need proof of closure for a mortgage process, tax filing, or credit check, you can reference this statement or ask Bank of America to send you a written confirmation.
What happens to linked accounts and services
If you have a checking account at Bank of America, closing your savings account does not affect it. They are separate accounts with separate numbers. You only close what you ask to close.
If you have set up overdraft protection that links your savings to your checking account, closing the savings account removes that protection. Your checking account will no longer be able to pull from the savings account if it goes negative. If you rely on this feature, set up a different overdraft method (like a line of credit) before you close the savings account.
Debit cards, online banking access, and other services tied to your checking account remain active. Only the savings account itself closes.
Reasons the bank might refuse to close your account
Bank of America will not close an account if there is still money in it — you have to move the balance first. They also will not close an account if there are pending transactions or holds on the account. If a hold is in place (usually from a dispute or fraud investigation), you will need to wait for it to clear before closure can complete.
In rare cases, if the account is tied to an active fraud investigation or legal hold, the bank may delay closure. This is uncommon with savings accounts but can happen. If the bank tells you they cannot close the account, ask them specifically why and what you need to do to resolve it.
If you have not used the account in a very long time, the bank may have already closed it and converted it to a dormant account. Call to check the status before you visit a branch.
After your account closes
Once the account is closed, you cannot use it. Any automatic payments or transfers you had set up will fail if they try to hit this account. Check your other accounts to make sure everything is still flowing where it should be.
If someone tries to deposit money into the closed account, the deposit will be rejected and returned to the sender. If you are expecting a refund or payment to hit this account, make sure you have redirected it to an active account first.
The account will still appear on your credit report for a time after closure, which is normal. It shows as "closed by consumer" and does not hurt your credit score. After seven to ten years, it will fall off your report entirely.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts do not report to credit bureaus. Only credit products like credit cards, loans, and lines of credit show up on your credit report. The account will appear as "closed" on your banking history, but this has no impact on your creditworthiness.
What if I have a negative balance or owe the bank money?
If your account is overdrawn, you must pay the negative balance before the bank will close it. Call customer service to find out exactly how much you owe, then deposit that amount. Once the balance is zero or positive, you can proceed with closure. If you do not pay an overdraft, the bank may send it to collections.
Can I reopen the account after I close it?
Yes, you can open a new savings account with Bank of America at any time. However, you cannot reopen the exact same account number — it is gone once it closes. You would open a fresh account with a new number. There is no waiting period or penalty for doing this.
Do I need to close my account in the same state where I opened it?
No. You can close your account at any Bank of America branch, regardless of which state it is in, or by phone from anywhere. Your account is tied to your Social Security number and ID, not to a specific location.
What if I have a joint account with someone else?
If the account is joint, both owners usually have to agree to close it. Call the bank or visit a branch with the other account holder, or have them call separately to authorize closure. If one person wants to close and the other does not, the bank will not proceed without both signatures or a court order.