You can close a Navy Federal savings account by visiting a branch in person, calling their member services line, or submitting a written request by mail
Navy Federal does not require you to keep a savings account open indefinitely. You can close it at any time, and the process is straightforward — there are no early closure penalties or fees. The main thing to know is that Navy Federal will not automatically transfer your remaining balance; you need to decide what happens to that money before you close the account.
The fastest way to close is to walk into a Navy Federal branch with your ID and ask to close the account. A representative will confirm your balance, answer questions about where the money goes, and process the closure on the spot. If you cannot visit a branch, you can call Navy Federal member services at 1-888-842-6328 and request closure over the phone. A third option is to send a written request by mail to your local branch or to Navy Federal's main office, though this takes longer.
Key Takeaways
- Navy Federal charges no fee to close a savings account, and there is no waiting period or penalty for closing early.
- You must decide what to do with your remaining balance before closing — Navy Federal will not automatically move it to another account.
- The fastest closure happens in person at a branch with your ID, but you can also close by phone or mail.
- If you have an outstanding loan or owe Navy Federal money, you may need to settle that before closing the account.
- After closure, keep your final statement for your records and confirm the account shows as closed on your next statement.
What happens to the money in your account
Before you close the account, you need to decide where your remaining balance goes. Navy Federal will not move it automatically. Your options are to transfer it to another Navy Federal account you own (such as a checking account), transfer it to an outside bank, or withdraw it in cash.
If you want the money moved to another Navy Federal account, tell the representative or the person handling your closure request, and they can process that transfer when ready. If you want it sent to a different bank, you will need to provide the receiving bank's routing number and your account number at that bank. If you want cash, Navy Federal can give it to you on the spot at a branch, or you can request a check by mail.
The key is to handle this before you submit the closure request. Do not close the account and then try to figure out where the money should go — the account will be closed and harder to access.
Closing in person at a Navy Federal branch
Bring your ID and go to any Navy Federal branch during business hours. Tell a representative you want to close your savings account. They will pull up your account, show you the current balance, and ask where you want the money to go. Once you tell them, they will process the transfer or prepare a check.
The representative will also ask whether you want to close only the savings account or any other accounts you have with Navy Federal. Make sure you are clear about which account you are closing. If you have automatic payments or direct deposits set to that savings account, the representative may ask whether you have moved those to another account first — it is your responsibility to do that before closure, but they will remind you.
The closure is usually final within one business day. You will receive a final statement in the mail confirming the account is closed.
Closing by phone
Call Navy Federal member services at 1-888-842-6328 during their business hours. Have your ID number or account number ready. Tell the representative you want to close your savings account. They will verify your identity, confirm your balance, and ask where you want the remaining money sent.
Over the phone, you can request that the balance be transferred to another Navy Federal account, mailed as a check, or in some cases transferred to an outside bank if you provide the routing and account information. The representative will process the request and send you a confirmation number. The closure typically takes three to five business days to complete.
Keep the confirmation number they give you. If you do not see the account marked as closed on your next statement, use that number to follow up.
Closing by mail
Write a letter to Navy Federal requesting closure of your savings account. Include your full name, account number, the date, and a clear statement that you want to close the account. Sign the letter and mail it to your local Navy Federal branch or to their main office address (you can find this on Navy Federal's website or on a recent statement).
In the letter, also state what you want done with your balance — transferred to another Navy Federal account, mailed as a check, or another option. Without this instruction, Navy Federal may hold the money or send you a check by default, which delays the process.
Closure by mail takes longer than in-person or phone closure, usually two to three weeks. Send the letter via certified mail if you want proof of delivery. Keep a copy for your records.
What to do if you have an outstanding loan or owe Navy Federal money
If you have a loan through Navy Federal or owe them money for any reason, you may not be able to close the savings account until that debt is settled. Navy Federal can hold funds in the account to cover what you owe. Ask the representative or member services whether there are any holds or outstanding balances on your account before you request closure.
If there is a hold, you will need to pay off the debt first. Once that is done, you can proceed with closing the savings account. The representative can tell you the exact amount owed and the fastest way to pay it.
After your account is closed
Once the account is closed, you will receive a final statement in the mail. Check it to confirm the account shows as closed and that your balance was handled the way you requested. Keep this statement for your records — it serves as proof that the account is closed.
If you notice the account is still showing as open on your next statement, or if the balance was not transferred or paid out as you requested, contact Navy Federal member services right away with your confirmation number or the date you requested closure. These issues are rare but can happen if there was a miscommunication about what you wanted done with the money.
After closure, you will no longer be able to deposit money into that account or access it online. If you set up automatic payments or direct deposits to that account, make sure you have moved them to another account before closure, or they will fail.
Frequently Asked Questions
Is there a fee to close my Navy Federal savings account?
No. Navy Federal does not charge a fee to close a savings account. There is also no penalty for closing early, regardless of how long you have had the account open.
What if I have a direct deposit going to this savings account?
You need to change the direct deposit to another account before you close the savings account. Contact your employer or the organization sending the deposit and give them your new account number. If you close the account first, future deposits will fail and may be returned to the sender.
Can I reopen the account after I close it?
Navy Federal can open a new savings account for you at any time, but a closed account cannot be reopened. If you change your mind after closure, you would need to open a new account, which is a separate process.
How long does it take for the account to be fully closed?
In-person closure is usually final within one business day. Phone closure takes three to five business days. Mail closure takes two to three weeks. You will see the account marked as closed on your next statement.
What if I forgot to move my automatic payments before closing?
Contact Navy Federal member services when ready. If the account is still in the process of closing, they may be able to stop the closure and help you move the payments. If the account is already closed, you will need to contact the organizations that were sending payments and update your account information with them.