You can close a Bank of America Advantage Savings account by phone, in person, or online, but the method depends on your account balance and whether you have linked accounts
Bank of America lets you close an Advantage Savings account through three routes: calling customer service at 1-800-432-1000, visiting a branch in person, or using Online Banking if your account balance is zero. The fastest route is usually the phone call, which takes about 10 minutes. If you have a balance remaining, the bank will ask how you want the funds sent—to another Bank of America account, a different bank, or a check mailed to your address. If you have linked accounts (like a checking account tied to overdraft protection), closing the savings account may affect those links, so the bank will walk you through that during the call.
Before you close, make sure any automatic transfers or bill payments tied to this account are moved elsewhere. The bank will not automatically redirect them. If you have pending deposits or checks clearing, wait for those to post first—closing while transactions are in flight can cause problems with the bank's records.
Key Takeaways
- Call 1-800-432-1000 to close your account; the process takes about 10 minutes and works whether your balance is zero or not.
- If you have money in the account, tell the bank whether to send it to another account, a different bank, or request a check by mail.
- Move any automatic transfers or bill payments to a different account before closing, because the bank will not redirect them automatically.
- Closing the savings account may affect overdraft protection or other services linked to it, so ask the representative what changes will happen to your other accounts.
- Wait for any pending deposits or checks to clear before closing to avoid delays or rejected transactions.
Closing by phone is the most straightforward method
Call Bank of America customer service at 1-800-432-1000 and tell the representative you want to close your Advantage Savings account. Have your account number ready—you can find it on your debit card, a recent statement, or in Online Banking. The representative will verify your identity by asking for your Social Security number or other security questions.
Once verified, the representative will ask what you want to do with any remaining balance. You can request a transfer to another Bank of America account (which posts within one business day), a wire transfer to a different bank (which may have a fee), or a check mailed to your address (which takes 7 to 10 business days). Tell them your choice, and they will process the closure when ready. The account will be closed within one to three business days, though you may still see it in your Online Banking for a few days after.
In-person closure at a Bank of America branch
Walk into any Bank of America branch with a photo ID and ask to close your Advantage Savings account. Bring your debit card or account number. A banker will verify your identity and ask the same questions as a phone representative: what to do with your balance and whether you have linked accounts or automatic transfers.
The advantage of closing in person is that you can receive a check on the spot if your balance is small enough, or confirm the details of a transfer to another account face-to-face. This is useful if you want to make sure nothing is missed. The closure still takes one to three business days to finalize in the system, but the banker can tell you exactly when to expect the funds.
Online closure through Bank of America Online Banking
If your Advantage Savings account has a zero balance, you may be able to close it through Online Banking. Log in, go to your account settings, and look for the option to close the account. Not all accounts show this option online—if you do not see it, the phone or in-person method is your route.
Online closure is the fastest if it is available to you, because the account closes when ready and you do not have to wait for a representative. However, if you have any balance at all, the online option will not work, and you will need to call or visit a branch first to move the money out.
What happens to linked accounts and automatic transfers
If your Advantage Savings account is linked to a checking account for overdraft protection, closing the savings account will remove that protection. The checking account itself stays open, but overdrafts will no longer be covered by transfers from savings. Ask the representative whether you want to set up overdraft protection with a different savings account or turn it off entirely.
Any automatic transfers you set up—such as monthly moves from checking to savings—will stop working once the account closes. If you have bill payments or other recurring transfers tied to this savings account, move them to a different account before closing. The bank will not do this for you, and missed payments can damage your credit or result in late fees.
What to do with your money before closing
If you want to move your balance to another bank, you have two options: ask Bank of America to wire the funds (which usually costs $15 to $25 and takes one business day), or request a check and deposit it yourself at your new bank (which is free but takes longer). For most people, requesting a check is the better choice unless you need the money when ready.
If you are moving to another Bank of America account—such as a different savings product or a checking account—tell the representative and they will transfer the funds at no cost within one business day. This is the fastest and cheapest way to move money within Bank of America.
Timeline and what to expect after closure
The account closure itself is when ready when you call or visit in person, but the funds may take time to reach you depending on how you requested them. A transfer to another Bank of America account posts within one business day. A wire to a different bank takes one to three business days. A check takes 7 to 10 business days by mail, or you can pick it up at a branch if you closed in person and requested it that way.
After closure, the account will disappear from your Online Banking within a few days, though you may still see it briefly in your transaction history. If you need a record of the account for tax or legal purposes, read your statements before closing. Once the account is gone from the system, getting old statements becomes more difficult and may require a formal request to the bank.
Frequently Asked Questions
Can I reopen the account after I close it?
Bank of America will let you reopen a closed account within a short window (usually 30 days), but after that you will need to open a new account. If you think you might want the account back, ask the representative about the reopening window before you finalize the closure.
What if I have a negative balance or owe the bank money?
You cannot close the account until the negative balance is paid. Transfer money into the account to bring it to zero, then close it. If you do not pay the negative balance, the bank will pursue collection and may report it to ChexSystems, which affects your ability to open accounts at other banks.
Do I need to close my checking account too?
No. Closing the savings account does not affect your checking account. They are separate, though if the savings account was providing overdraft protection to the checking account, that protection will end. You can keep the checking account open indefinitely.
Will closing the account hurt my credit score?
Closing a savings account does not affect your credit score because savings accounts do not appear on your credit report. Only credit products like credit cards, loans, and lines of credit show up on your credit history.
What if I forgot to move an automatic transfer before closing?
Contact Bank of America when ready at 1-800-432-1000 and explain the situation. If the closure is very recent, the bank may be able to reopen the account or redirect the transfer. If the transfer already failed, you may need to contact the recipient (such as a bill collector or investment account) to explain the missed payment and arrange a new one.