Yes, you can close your Bank of America savings account at any time
Bank of America does not lock you into a savings account. You can close it whenever you want, with no penalty and no waiting period. The bank will not ask why you are leaving or try to keep you. You can do it in person at a branch, by phone, or online through your account settings.
The main thing to handle before you close is moving any money out. Once the account is closed, you cannot deposit or withdraw from it. If you have automatic deposits or payments tied to that account number, you will need to update those first or they will fail.
Key Takeaways
- You can close a Bank of America savings account in person, by phone, or through your online banking portal without penalty or notice period.
- Move all your money out of the account before closing, and update any automatic deposits or payments that use that account number.
- The bank will send you written confirmation of the closure, which you should keep for your records.
- If you have a linked checking account, closing the savings account does not affect the checking account unless you specifically ask to close both.
Closing in person at a Bank of America branch
Walk into any Bank of America branch with your ID and ask to close your savings account. A teller or banker will pull up your account, confirm the balance, and process the closure. If you have money in the account, they will ask how you want it handled — they can give it to you in cash, transfer it to another account at Bank of America, or write you a check.
This is the fastest method if you want the money when ready. The account closes that day. Bring your driver's license or passport. If someone else is on the account with you, both of you should be present, though Bank of America's rules on this vary slightly by state.
If you do not have a branch nearby or prefer not to go in person, the other methods are just as final.
Closing by phone with Bank of America customer service
Call Bank of America at 1-800-432-1000 (the number on the back of your card or statement). Tell the representative you want to close your savings account. They will verify your identity, confirm your account balance, and ask what you want to do with the money.
You can ask them to transfer the balance to another Bank of America account you own, mail you a check, or in some cases deposit it to an external account. The transfer to another Bank of America account happens when ready. A check takes five to seven business days to arrive by mail.
The account closes the same day you call. Keep the confirmation number they give you.
Closing through your Bank of America online account
Log into your Bank of America online banking or mobile app. Go to your savings account details and look for a settings or account options menu. Some versions of the app have a "Close Account" button directly in the account view; others require you to navigate through settings.
If you cannot find the option online, it means your account type does not allow online closure. Call the number above instead. Online closure is not available for all account types — for example, some promotional savings accounts or accounts with pending transactions cannot be closed this way.
What happens to your money when you close
Your money does not disappear. You choose where it goes before the account closes. Bank of America will not close an account with a positive balance without your instruction on what to do with it.
If you have a small balance and do not give instructions, the bank will hold it in an unclaimed property account, but this is rare — most people move the money themselves. If you close the account and forget about a few dollars, you can contact Bank of America later and they will transfer it to you.
Any pending transactions (checks you wrote, automatic payments scheduled) may still process after closure if they were already in the system. This is why moving your money out a few days before closing is safer than closing on the same day.
Linked accounts and what closes with your savings account
If you have a checking account linked to this savings account, closing the savings account does not close the checking account. They are separate. You can close one without touching the other.
If you have overdraft protection set up (where the savings account covers overdrafts on your checking), that protection stops working once the savings account closes. Your checking account itself stays open.
If you have a credit card, money market account, or other products with Bank of America, they are not affected by closing a savings account.
After you close: what to keep and what to expect
Bank of America will send you written confirmation of the closure by mail within one to two weeks. Keep this letter with your financial records. It shows the date the account closed and the final balance.
The account number becomes inactive when ready. If you accidentally use it for a deposit or payment after closure, that transaction will be rejected or returned. This is why updating automatic deposits and payments before you close is important.
You can reopen a savings account with Bank of America at any time if you change your mind later. There is no waiting period or penalty for having closed one.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit because savings accounts are not reported to credit bureaus. Only credit products (credit cards, loans, lines of credit) show up on your credit report. Closing a savings account is invisible to your credit score.
What if I have automatic deposits going into this savings account?
Update them before you close. If a direct deposit or automatic transfer tries to go into a closed account, it will be rejected and may bounce back to the sender. Contact your employer or the organization sending the deposit and give them your new account number, or tell them to stop the deposit if you do not want it anymore.
Can Bank of America refuse to close my account?
Bank of America can refuse to close an account if there are pending legal holds, fraud investigations, or outstanding fees, but this is uncommon. If they refuse, they must tell you why. For a standard savings account with no complications, they will close it on request.
How long does it take to close a Bank of America savings account?
In person or by phone, the account closes the same day. Online closure is when ready. Written confirmation arrives by mail in one to two weeks. If you ask for a check instead of a transfer, the check takes five to seven business days to arrive.
What if I owe Bank of America money or have a negative balance?
Bank of America will not let you close an account with a negative balance. You must pay the amount owed first. Once the balance is zero or positive, you can close it. If you have unpaid fees, those must be settled before closure.