You can close a Bank of America savings account online through their website or mobile app, but only if the account has a zero balance and no pending transactions
Bank of America lets you close a savings account from home without visiting a branch or calling. The process takes a few minutes if your account is ready. The main requirement is that your account balance must be exactly zero — you cannot close an account with money still in it, and you cannot close an account with outstanding checks or transfers that have not yet cleared.
If your account has a balance, you will need to move that money to another account first. If you have pending transactions, you will need to wait for them to complete or cancel them before closing. Once both conditions are met, the closure itself happens when ready online.
Key Takeaways
- Your savings account balance must be zero before you can close it online through the Bank of America website or mobile app.
- Any pending transfers, automatic payments, or checks must clear or be cancelled before you can proceed with closure.
- If you cannot close the account online, you can call Bank of America at the number on the back of your card or visit a branch in person.
- After closure, Bank of America will send you a confirmation letter in the mail within one to two weeks.
- Closing an account does not affect your other Bank of America accounts or your credit history.
Steps to close your account online
Log into your Bank of America account on their website or open the mobile app. Navigate to the account settings or account management section — the exact location varies slightly between the website and app, but both have a settings menu. Look for an option labeled "Close Account" or "Account Services."
Select your savings account from the list of accounts. Bank of America will show you the current balance and ask you to confirm that the balance is zero. If the balance is not zero, you will not be able to proceed — you must transfer or withdraw the remaining funds first. Once you confirm the balance is zero, Bank of America will ask you to state your reason for closing (this is optional but they may ask). Complete the confirmation, and the account will close when ready.
You will receive an on-screen confirmation that the account is closed. Bank of America will also send you a written confirmation letter to the address on file within one to two weeks. Keep this letter for your records.
What to do if you have a balance in the account
If your savings account still has money in it, you must move that money before closing. The fastest way is to transfer it to another Bank of America account you own — a checking account, another savings account, or a money market account. You can do this transfer online in seconds through the "Transfer Money" or "Move Money" option in your account.
If you want to move the money to a bank outside Bank of America, you can set up an external transfer. This usually takes one to three business days to complete. You will need the routing number and account number of the receiving bank. Once the transfer is complete and the funds have arrived at the other bank, you can then close the savings account online.
What to do if you have pending transactions
Pending transactions are payments or transfers that you have started but that have not yet cleared — they are still in progress. Bank of America will not let you close an account with pending transactions because the transaction might fail or need to be reversed after closure.
Check your recent activity in the app or website to see if any transfers or payments are still pending. If they are, you have two choices: wait for them to complete (usually one to three business days), or cancel them if you no longer need them. Once all pending transactions are cleared or cancelled, you can close the account.
Closing the account by phone or in person
If you cannot close the account online — for example, if you have questions about pending transactions or if the online option is not working — you can call Bank of America directly. The phone number is on the back of your debit card. Have your account number ready when you call.
You can also visit a Bank of America branch in person and ask a representative to close the account. Bring a photo ID and your debit card. The representative can close the account on the spot if your balance is zero and there are no pending transactions. This is a good option if you prefer to speak to someone face-to-face or if you need help moving money out of the account first.
What happens after you close the account
Once your savings account is closed, you can no longer use it. Any automatic deposits or payments set up to go to that account will fail. If you have direct deposit from an employer or regular payments going to this account, you will need to update those with your new account information before closing, or update them afterward with a different account.
Closing a savings account does not hurt your credit score. It does not affect your other Bank of America accounts — your checking account, credit card, or any other products will continue to work normally. Bank of America will keep a record of the closed account in your history, but it will not appear as an active account.
Why Bank of America might not let you close online
The most common reason you cannot close an account online is that the balance is not zero. Less often, Bank of America may require you to close in person if the account has been inactive for a very long time, if there is a hold on the account, or if there are legal issues attached to it (such as a court order or tax levy). In these cases, you will need to call or visit a branch.
If you see an error message when trying to close the account, write down the exact message and call Bank of America customer service. They can tell you what is blocking the closure and what you need to do to fix it.
Frequently Asked Questions
Will closing my savings account affect 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 like credit cards and loans appear on your credit report. You can close a savings account without any impact on your credit history.
What if I have a pending direct deposit that is supposed to go into this account?
You need to update your direct deposit information before the deposit arrives. Contact your employer or the organization sending the deposit and give them your new account number. If a deposit arrives after the account is closed, Bank of America will return it to the sender, and you will have to request it again with the correct account information.
Can I reopen a Bank of America savings 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 — you will be opening a brand new account with a new account number. The process is the same as opening any other Bank of America savings account.
How long does it take for Bank of America to actually close the account?
The account closes when ready when you confirm the closure online. You will see the confirmation right away. The written confirmation letter arrives in the mail within one to two weeks, but the account itself is closed as soon as you complete the online process.
What if I forgot to cancel an automatic payment before closing the account?
If an automatic payment tries to go through after the account is closed, it will fail and be returned to the sender. You will need to set up that payment again with a different account or contact the company to cancel it. Check your other accounts to make sure no important payments were missed.