You can close a Bank of America savings account online through your account settings, but the process depends on your account balance and whether you have linked accounts
Bank of America lets you close a savings account through their website or mobile app without visiting a branch. The steps are straightforward if your account has a zero balance and no pending transactions. If you have money in the account, you'll need to transfer it out first — to another Bank of America account, an external bank account, or withdraw it in cash. The whole process typically takes a few minutes once your balance is cleared.
Before you start, gather your login information and know where the money is going. Bank of America doesn't charge a fee to close a savings account, but they do charge a monthly maintenance fee on some savings products if you keep the account open, so closing it stops that charge from continuing.
Key Takeaways
- Your savings account balance must be zero before Bank of America will let you close it online — transfer or withdraw any remaining money first.
- You can transfer funds to another Bank of America account when ready, or to an external bank account within one to three business days.
- The online closure process happens in your account settings under "Close Account" or a similar option in the app or website.
- If you have automatic payments, direct deposits, or pending transactions linked to the account, resolve those before closing.
- After closure, Bank of America sends a confirmation email and you can no longer access the account.
Transfer your balance before closing
Bank of America will not let you close a savings account with money still in it. You have two options: move the funds to another account or withdraw cash.
To transfer to another Bank of America account you own, log into your account online or through the mobile app, go to the transfer section, and select the account you want to send money to. Internal transfers between your own Bank of America accounts happen when ready. To transfer to a bank account at a different institution, you'll need the receiving account's routing number and account number. These transfers typically take one to three business days to complete, depending on the receiving bank.
If you prefer cash, visit a Bank of America branch or ATM and withdraw the full balance. Keep in mind that ATM withdrawal limits may explore depending on your account type — some ATMs allow up to $500 per day, though branch withdrawals have higher limits. Once your balance reaches zero, you're ready to close the account.
Close the account through your online banking or mobile app
Log into your Bank of America account using your username and password. On the website, look for account settings or account management — this is usually found in the upper right corner or in a menu labeled "Settings" or "Accounts." On the mobile app, tap the menu icon and navigate to account settings.
Find the savings account you want to close and look for an option that says "Close Account," "Account Options," or "Manage Account." Click or tap that option. Bank of America will ask you to confirm that your balance is zero and that you want to proceed. You may also see a question about why you're closing the account — this is optional to answer. Review the confirmation screen carefully to make sure you're closing the correct account, then submit.
The account closes when ready, and you'll receive a confirmation email within a few minutes. You can no longer use this account for deposits, withdrawals, or transfers after closure.
What to do if you can't close online
Some account types or situations require you to close in person at a branch. If the online closure option doesn't appear or you get an error message, it usually means your account has a hold, a pending transaction, or a linked service that needs to be removed first.
Check whether you have automatic bill payments, direct deposits, or pending transfers connected to the account. If you do, cancel or redirect those before attempting to close again. If the account still won't close online after you've cleared the balance and removed linked services, visit a Bank of America branch with your ID. A representative can close it for you on the spot and answer questions about why the online option wasn't available.
After your account is closed
Once Bank of America closes your savings account, you cannot reopen it or recover it. The account number becomes inactive and cannot be used for any transactions. If you receive a check or payment intended for that account after closure, it will be rejected.
Keep your closure confirmation email for your records. If you need documentation of the closure later — for tax purposes, fraud investigation, or other reasons — you can contact Bank of America customer service and request a written statement showing the account was closed and the date it closed.
If you closed the account because of a problem with fees, service, or a dispute, consider whether you want to keep other Bank of America accounts open. If you're leaving the bank entirely, make sure any direct deposits, automatic payments, or recurring transfers have been updated to point to your new bank account before you close your last account with Bank of America.
Frequently Asked Questions
What happens to pending deposits or transfers after I close my account?
Pending transactions that haven't cleared yet will be rejected and returned to the sender. Direct deposits scheduled to hit the account after closure will bounce back to the employer or payer. Update your direct deposit information with your employer or benefit provider before closing to avoid delays in receiving your money.
Can I close my savings account if I have a negative balance?
No. You must pay the negative balance first. Contact Bank of America to arrange payment, then close the account once the balance is zero. If you don't pay, the bank may pursue collection or report it to ChexSystems, which affects your ability to open accounts at other banks.
How long does it take for Bank of America to fully close my account?
The online closure is when ready, but Bank of America may take up to 30 days to fully process the closure internally and remove all traces of the account from their system. You'll lose access right away, but the official closure in their records takes longer.
Do I need to close my account in person, or can I do it entirely online?
If your account balance is zero and you have no linked services or holds, you can close it entirely online. If you encounter an error or the option doesn't appear, a branch visit is necessary, but most straightforward closures work through the website or app.
Will closing my savings account affect my credit score?
No. Closing a savings account does not appear on your credit report and does not affect your credit score. Credit scores are based on credit accounts like credit cards and loans, not deposit accounts.