The fastest way to close your account
You can close a Bank of America savings account in person at any branch, by phone, or online through your account settings. The in-person route is fastest if you have cash or checks to withdraw — the banker can process the closure while you wait. By phone, call the number on the back of your debit card or 1-800-432-1000 and ask to speak with someone in savings accounts. Online closure is available through your Bank of America login under account settings, though you may need to call afterward to confirm if the system flags your account.
Before you close, withdraw or transfer any remaining balance. Bank of America will not hold your money, but the process moves faster if your account is empty. If you have pending transactions or scheduled transfers, those may process after closure — the bank will send the funds to your registered address or the account you designate.
You do not need a reason to close. The bank will not ask why, and closure does not affect your credit score or other accounts you hold with Bank of America.
Key Takeaways
- Visit any Bank of America branch in person to close your account when ready, or call 1-800-432-1000 to close by phone.
- Withdraw or transfer your full balance before closing, since the bank will not hold money in a closed account.
- If you have a linked checking account or credit card, closing your savings account does not affect those accounts.
- The bank will send any remaining funds or pending deposits to your mailing address or a designated account within one to two weeks.
What happens to your money during closure
Any balance in your savings account remains yours — closing the account does not forfeit the money. If your account has a balance when you close, you have three options: withdraw cash at the branch, transfer the funds to another bank account, or let Bank of America mail you a check.
If you choose the check option, the bank will mail it to the address on file. This takes one to two weeks. If you have set up a linked external account (a checking account at another bank, for example), you can ask the banker or phone representative to transfer your balance there instead — this is faster and safer than waiting for a check.
Pending deposits or transfers that process after your account closes will still reach you. Bank of America will hold the funds and contact you about how to retrieve them, usually by mailing a check or depositing to another account you provide.
Closing an account with a monthly fee or promotional rate
If your savings account has a monthly maintenance fee, closing it stops the fee when ready. You will not owe anything for the current month if you close before the fee posts. If the fee has already posted this month, ask the banker or phone representative whether it can be refunded — some branches will reverse a recent fee as a courtesy, though this is not may provide.
If you opened the account for a promotional interest rate (sometimes called a "bonus rate" or "promotional APY"), closing before the promotion ends does not trigger a penalty. Bank of America does not charge early closure fees on savings accounts. However, you will stop earning the promotional rate once the account closes, so if you are close to the end of the promotional period, you may want to wait.
Closing a joint savings account
If the account is held jointly with another person, both account holders must consent to closure. You cannot close a joint account alone. Contact Bank of America and ask to speak with someone about joint account closure — they will explain the process and may require both owners to call or visit in person.
When a joint account closes, the balance is typically split equally unless you and the other owner agree otherwise. Discuss how to divide the money before you contact the bank, so the closure can happen in one call or visit.
What to do if you cannot visit a branch or make a phone call
If you do not have access to a branch or phone, you can close your account through your online Bank of America login. Go to your account settings, find the savings account, and look for a "close account" or "account management" option. The online system will walk you through the steps and ask where you want your balance sent.
Some accounts may not close fully online — the system might tell you to call to complete the process. This happens most often with accounts that have pending transactions or unusual activity. If that occurs, you will need to call 1-800-432-1000 to finish.
If you have a disability or mobility issue that makes visiting a branch or using the phone difficult, Bank of America offers accommodations. Call the number on your card and ask about accessibility options, or visit a branch and speak with a manager about your situation.
After your account is closed
Once closed, your savings account will no longer appear in your online banking login. You will not be able to deposit money or access the account. If you have automatic transfers set up from this account, those will stop — contact any services that were pulling money from this account to update their payment method.
Bank of America will send you a final statement by mail or email (depending on your preference) showing the closure date and final balance. Keep this for your records. If you ever need proof that the account existed or when it closed, you can contact Bank of America customer service and request a copy of the final statement.
If you want to open a new savings account with Bank of America later, you can do so at any time. Closing one account does not prevent you from opening another.
Frequently Asked Questions
Will closing my savings account affect my checking account or credit card?
No. Closing a savings account does not affect any other accounts you hold with Bank of America. Your checking account, credit cards, and any other products remain open and active.
What if I have a pending direct deposit or transfer scheduled?
Pending transactions may still process after closure. If a deposit or transfer posts after your account closes, Bank of America will hold the funds and contact you. You can then withdraw it as a check or direct it to another account. Tell your employer or the sending institution about the closure so they can update their records.
Can I reopen a closed savings account?
You cannot reopen the same account once it is closed. However, you can open a new savings account with Bank of America at any time. The new account will have a different account number.
Do I need to close my account in person, or can I do it entirely by phone?
You can close by phone or online without visiting a branch. Call 1-800-432-1000 and ask to close your savings account. The representative will ask where you want your balance sent and process the closure over the phone.
What if my account has a negative balance or outstanding fees?
If your account is overdrawn or has unpaid fees, you must pay the balance before closure. The bank will not close an account with a negative balance. Contact Bank of America to discuss payment options if you cannot pay the full amount when ready.