Savings accounts do not affect your credit score because banks do not report them to credit bureaus
Opening a savings account has no impact on your credit score. Credit bureaus—Equifax, Experian, and TransUnion—track only credit activity: loans you have taken, credit cards you use, and whether you pay on time. A savings account is not credit. The bank holds your money, but you are not borrowing anything, so there is nothing to report to the bureaus that calculate your score.
This is true whether you open the account online, at a branch, or through a mobile app. It is also true whether the account earns interest or sits dormant. The act of opening the account, maintaining it, or closing it does not create a credit record.
What does affect your credit score is a hard inquiry—a formal request to see your credit report when you explore for credit. Some banks run a hard inquiry when you open a savings account, but many do not. If they do, the impact is small and temporary, usually dropping your score by a few points for a few months.
Key Takeaways
- Savings accounts are not reported to credit bureaus, so opening one will not change your credit score.
- Some banks perform a hard inquiry when you open a savings account, which may lower your score slightly for a few months.
- A hard inquiry from a savings account process has less impact than a hard inquiry from a credit card or loan process.
- Closing a savings account also does not affect your credit score.
When a bank runs a hard inquiry for a savings account
Not all banks check your credit when you open a savings account. Many—particularly online banks and credit unions—skip the credit check entirely and instead verify your identity through public records, Social Security number, and address. If they do run a check, it is usually a soft inquiry, which does not show up on your credit report at all.
A hard inquiry happens when a bank wants to assess risk before opening an account. This is less common for savings accounts than for checking accounts, and less common for both than for credit products. If a bank does pull your credit report, you will usually see it disclosed in the account agreement or mentioned during the process process.
The impact of a single hard inquiry is minor: typically 5 to 10 points off your score, and only for the first few months. After about six months, the inquiry stops affecting your score. After two years, it disappears from your credit report entirely.
Why savings accounts stay off your credit report
Credit scores measure how reliably you repay borrowed money. A savings account involves no borrowing—you deposit your own money and the bank holds it. Because there is no debt, no payment history, and no risk of default, there is nothing for a credit bureau to track.
The same logic applies to checking accounts, money market accounts, and certificates of deposit. None of these are credit products. They are deposit accounts. Your credit report records only transactions where you owe money and have agreed to pay it back according to a schedule.
Hard inquiries versus soft inquiries explained
When you open a savings account, the bank may check your credit in one of two ways. A soft inquiry is a background check that does not appear on your credit report and does not affect your score. A hard inquiry is a formal request to see your full credit report, and it shows up on your report for two years.
Hard inquiries are common when you explore for a credit card, mortgage, auto loan, or personal loan. They signal to lenders that you are actively seeking credit. Multiple hard inquiries in a short time can lower your score more noticeably because they suggest you are desperate for credit or taking on too much debt.
A hard inquiry from a savings account process is treated the same way as any other hard inquiry—it counts toward your total. However, because savings account applications are less common than credit applications, most people will not see a meaningful impact.
How to learn about a bank will check your credit
Before you open a savings account, you can call the bank or check their website to ask whether they perform a credit check. Many banks list this information in their account opening disclosures or frequently asked questions. If you are explore online, the disclosure should appear before you submit your process.
If you are concerned about hard inquiries, choose a bank that explicitly states it does not check credit for savings accounts. Online banks and credit unions are more likely to skip the credit check than traditional brick-and-mortar banks, though this varies by institution.
You can also check your own credit report after opening the account. You are may have access to to one free report per year from each bureau through annualcreditreport.com. If you see a hard inquiry you did not authorize, you can dispute it with the bureau.
What happens to your credit if you close a savings account
Closing a savings account has no effect on your credit score. The account will not appear on your credit report while it is open, and it will not appear when you close it. You can close as many savings accounts as you want without any credit consequences.
Closing a savings account is different from closing a credit card, which can affect your score because it changes your available credit and your credit utilization ratio. Savings accounts have no bearing on either of those factors.
The difference between savings accounts and credit products
| Account Type | Reported to Credit Bureaus | Affects Credit Score | May Trigger Hard Inquiry |
|---|---|---|---|
| Savings Account | No | No | Sometimes |
| Checking Account | No | No | Sometimes |
| Credit Card | Yes | Yes | Yes |
| Personal Loan | Yes | Yes | Yes |
| Mortgage | Yes | Yes | Yes |
Frequently Asked Questions
Will opening a savings account lower my credit score?
Not directly. The savings account itself is not reported to credit bureaus. However, if the bank runs a hard inquiry, your score may drop by a few points for a few months. Most banks do not run hard inquiries for savings accounts, so you may see no impact at all.
Can I open multiple savings accounts without hurting my credit?
Yes. Multiple savings accounts do not affect your credit score. If each bank runs a hard inquiry, you will see multiple inquiries on your report, but they are usually treated as a single inquiry if they happen within 14 to 45 days of each other, depending on the credit scoring model.
Does a savings account help build credit?
No. Savings accounts do not build credit because they are not reported to credit bureaus. To build credit, you need a credit product like a credit card, loan, or line of credit that you use and pay back on time.
What if the bank checks my credit and I have bad credit?
A hard inquiry will still lower your score slightly, but opening the savings account itself will not. Some banks may deny the account based on your credit history or banking history, but many will open a savings account regardless of credit score. If one bank declines, try another.
How long does a hard inquiry stay on my credit report?
A hard inquiry appears on your credit report for two years. However, it stops affecting your credit score after about six months. After two years, it is removed entirely.