Yes, you can close your Bank of America savings account at any time

You can close a Bank of America savings account whenever you want, with no penalty or waiting period. Bank of America does not charge a fee to close the account, and you do not need a reason to do it. The process takes a few minutes in person at a branch, or you can do it by phone or mail if that works better for your situation.

Before you close the account, there are a few things to handle first: make sure your balance is zero (or withdraw what's left), check that no automatic payments or transfers are still connected to it, and decide what to do with any interest the account has earned. Once those are done, closing itself is straightforward.

Key Takeaways

  • Bank of America charges no fee to close a savings account, and you can do it in person, by phone, or by mail.
  • Your account balance must be zero before you close, so withdraw or transfer any remaining money first.
  • Cancel any automatic transfers or bill payments linked to the account before closing it.
  • You will receive a final statement by mail showing any remaining interest earned and confirming the account is closed.
  • If you have a linked checking account, closing the savings account does not affect it.

What to do before you close the account

The first step is to move any money out of the account. You can transfer the balance to another Bank of America account you own, or to an account at a different bank. If the balance is small, you can also withdraw it in cash at a branch. Bank of America will not let you close the account while it still holds money.

Next, check whether any automatic payments or transfers are connected to the savings account. Look at your recent statements or log into your Bank of America online account to see if anything is set to pull from or deposit into this savings account. If you find any, you will need to change those instructions before you close the account — otherwise the payment or transfer will fail when the account is gone.

If the account has earned interest, Bank of America will pay that out as part of the closing process. You do not need to do anything; the interest will be added to your final balance, which you then withdraw or transfer.

Closing in person at a Bank of America branch

This is the fastest way if you have a branch near you. Bring your ID and your Bank of America debit card or account number. Tell the teller you want to close your savings account. They will confirm your balance is zero, check that no automatic payments are attached, and process the closure right there. You will get a receipt showing the account is closed.

If you have a small remaining balance that you did not withdraw beforehand, the teller can give it to you in cash or transfer it to another account during the same visit. This makes closing in person convenient if you want to handle everything at once.

Closing by phone

Call Bank of America customer service at 1-800-432-1000. Have your account number and ID ready. Tell the representative you want to close your savings account. They will ask you to confirm your balance is zero and check for any linked automatic payments. Once everything is clear, they will process the closure over the phone.

The representative will send you a confirmation number. Write it down or ask them to email it to you. You will receive a final statement in the mail within a week or two confirming that the account is closed.

Closing by mail

If you prefer not to go to a branch or call, you can close the account by mail. Write a letter to Bank of America requesting closure of your savings account. Include your full name, the account number, your signature, and a copy of your ID. Mail it to your local Bank of America branch or to the address on your most recent statement.

Include a note confirming that your balance is zero and that you have cancelled any automatic payments. Bank of America will process the request and send you a final statement confirming closure. This method takes longer — usually two to three weeks — so use it only if the other options are not available to you.

What happens after you close the account

Once the account is closed, you will no longer be able to use it. Any debit card or checks connected to that savings account will stop working. If you have a linked checking account, that account remains open and active — closing a savings account does not affect any other accounts you have.

Bank of America will send you a final statement showing the account closure date and any interest paid out. Keep this statement for your records. If you ever need proof that the account was closed, you can show this statement or contact Bank of America customer service.

Reasons people close savings accounts

Some people close a Bank of America savings account because they are moving to a different bank that offers better interest rates or lower fees. Others close it because they no longer need a separate savings account and want to simplify their banking. Some close it because they are not using the account and want to reduce the number of accounts they manage.

Whatever your reason, the process is the same. Bank of America does not ask why you are closing, and there is no penalty for doing so. If you change your mind later, you can always open a new savings account with Bank of America or any other bank.

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 are not reported to credit bureaus. Your credit score is based on credit accounts like credit cards and loans, not on deposit accounts like savings or checking.

What if I have a pending deposit or transfer when I try to close?

Wait until the deposit or transfer has completed and cleared before you close the account. If you close while a transaction is still pending, it may fail. Check your recent activity in your online account to make sure everything has finished processing.

Can I reopen the same savings account after I close it?

No. Once you close an account, that specific account number is closed permanently. If you want a savings account again, you will need to open a new one. The new account will have a different account number.

Do I need to close my savings account if I'm closing my checking account too?

You can close them separately or at the same time — it does not matter. If you are closing multiple accounts, you can do them all in one visit to a branch or in one phone call. Just make sure each account has a zero balance before you close it.

What if Bank of America owes me money after I close?

If there is any balance remaining — including interest earned — Bank of America will include it in your final statement. You can then contact them to request a check or transfer to another account. They will not keep money that belongs to you.