You can close a Bank of America savings account online through your account settings, but you'll need to move your money first and handle any outstanding issues
Bank of America lets you close a savings account through their website or mobile app without visiting a branch. The process takes a few minutes, but the bank won't let you close an account that still has a balance or an active overdraft protection link. You'll move your money to another account first, then initiate the closure through your online banking dashboard.
The entire process—from moving funds to final closure—usually completes within one business day if you do it during banking hours. If you close the account after hours or on a weekend, the closure processes the next business day. The bank will send you a confirmation email once the account is fully closed.
Key Takeaways
- You must have a zero balance in the savings account before Bank of America will let you close it online.
- Any automatic transfers or bill payments linked to the account need to be removed or redirected before closure.
- Overdraft protection connected to the savings account must be disabled before you can proceed.
- The closure confirmation arrives by email within one business day, and the account will no longer appear in your online banking.
Move your money out of the account first
Log into your Bank of America online banking account and navigate to the savings account you want to close. Check the current balance. If there's money in the account, you need to move it before you can close it. You can transfer the funds to another Bank of America account you own, or to an account at a different bank.
To transfer within Bank of America, go to the Transfers tab in your online banking. Select the savings account as the source and choose your destination account. Enter the amount and confirm. The transfer completes when ready if both accounts are at Bank of America. If you're moving money to another bank, use the External Transfers option and follow the prompts—this can take one to three business days depending on the receiving bank.
Remove automatic payments and transfers
Before closing the account, check whether any automatic bill payments, direct deposits, or recurring transfers are tied to this savings account. Go to the Bill Pay or Transfers section of your online banking and review all active transactions. If any are connected to the savings account you're closing, you'll need to update or cancel them.
For bill payments, edit each one to redirect to a different account or cancel it entirely. For direct deposits (like paychecks), you'll need to contact your employer or the organization sending the deposit and provide them with your new account number. For recurring transfers, either delete them or change the source or destination account. Bank of America won't let you close an account with active automatic activity linked to it.
Disable overdraft protection on the savings account
If you have overdraft protection set up, the savings account may be linked as a backup funding source for your checking account. You need to turn this off before closure. Log into your online banking and go to Account Settings or Overdraft Protection settings. Find the savings account in the list and remove it as an overdraft protection source.
If you want to keep overdraft protection on your checking account, you can link a different account or keep it connected to a credit card instead. Once you've removed the savings account from overdraft protection, you're ready to close it.
Close the account through online banking
Once the balance is zero, all automatic payments are removed, and overdraft protection is disabled, go to your account settings in Bank of America online banking. Look for an option labeled "Close Account" or "Account Services." Select the savings account from the list of accounts. The system will show you a summary of the account status and ask you to confirm the closure.
Read through any final disclosures or terms. Click the button to confirm closure. Bank of America will process the request when ready if you're doing this during business hours. You'll see a confirmation message on screen, and a confirmation email will arrive within a few minutes to the email address on file.
What happens after you close the account
Once closed, the savings account will no longer appear in your online banking dashboard or mobile app. You won't be able to access it or make any transactions. If you need records of transactions from the closed account, you can still view them through your account history for a limited time, or you can contact Bank of America to request a statement.
If you closed the account by mistake or change your mind within a short window, contact Bank of America customer service right away. They may be able to reopen it, though this depends on how quickly you call and whether the account has already been fully processed for closure. After a few days, reopening becomes more difficult.
If you can't close the account online
Some situations prevent online closure. If the account has a negative balance (you owe the bank money), you'll need to deposit funds to bring it to zero before closing. If there are pending disputes, fraud investigations, or legal holds on the account, Bank of America won't let you close it until those are resolved. If you're locked out of your online banking or have security concerns, you'll need to call customer service or visit a branch.
You can also close the account in person at any Bank of America branch. Bring a photo ID and any account statements or information you have. A banker can walk through the process with you and handle any complications that prevent online closure. This route takes longer because you have to travel to a branch, but it's useful if you're having technical issues or need to resolve account problems first.
Frequently Asked Questions
What if I have a pending deposit or check that hasn't cleared yet?
Wait for all pending transactions to clear before closing the account. You can see pending items in your transaction history. Once everything has posted and the balance is zero, you can proceed with closure. Closing an account with pending transactions can cause those deposits or checks to bounce or be returned.
Can I close a savings account if I still owe Bank of America money on it?
No. If the account has a negative balance, you must deposit funds to bring it to zero first. Once the balance is zero, you can close it. If you don't pay the negative balance, Bank of America will pursue collection, and you won't be able to close the account.
Will closing my savings account affect my credit score?
Closing a savings account does not affect your credit score. Savings accounts don't appear on your credit report. Only credit products like credit cards, loans, and lines of credit impact your credit. You can close a savings account without any credit consequences.
How long does it take to close the account after I confirm online?
The closure processes within one business day. If you close it during business hours on a weekday, it usually completes the same day. If you close it after hours or on a weekend, it processes the next business day. You'll receive a confirmation email once it's complete.
Can I reopen a Bank of America savings account I just closed?
Yes, but it depends on timing. If you contact Bank of America within a few days, they may be able to reopen it. After several days or once the account has been fully archived, reopening becomes difficult. Call customer service when ready if you need to reverse the closure. Otherwise, you can open a new savings account, though it will have a different account number.