Closing a savings account does not affect your credit score
Savings accounts are not reported to credit bureaus, so closing one leaves no mark on your credit history. Your credit score tracks borrowed money—credit cards, loans, mortgages—not the deposit accounts where you keep your own cash. A bank can close your savings account, and you can close it yourself, without any credit consequence.
The confusion often comes from mixing up savings accounts with credit products. A savings account is a place to store money you own. A credit card or loan is money you borrowed and owe back. Only the second type shows up on your credit report. Closing a savings account is like closing a filing cabinet—it does not change your financial record.
Key Takeaways
- Savings accounts do not appear on your credit report, so closing one will not lower your credit score or create a negative mark.
- Credit bureaus only track borrowed money—credit cards, personal loans, mortgages, car loans—not deposit accounts.
- Your bank may report the closure to ChexSystems, a checking and savings account history system separate from credit bureaus, but this does not affect your credit score.
- Closing a savings account can affect your ability to open new accounts at the same bank or others if you have unpaid fees or a negative balance.
- If you have a linked credit card or loan with the same bank, closing the savings account does not close those products unless you explicitly request it.
What credit bureaus actually track about your accounts
The three major credit bureaus—Equifax, Experian, and TransUnion—maintain files on credit accounts only. They record credit card balances, loan payments, payment history, and how much credit you have available. They do not track savings accounts, checking accounts, money market accounts, or certificates of deposit.
Your credit score is built from this credit data: payment history (35 percent of the score), amounts owed on credit products (30 percent), length of credit history (15 percent), credit mix or variety of account types (10 percent), and new credit inquiries (10 percent). None of these categories involve savings accounts. Closing one changes none of these factors.
ChexSystems is separate from your credit report
When you close a savings account, your bank may report the closure to ChexSystems, a consumer reporting agency that tracks checking and savings account history. ChexSystems is not a credit bureau. It does not calculate a credit score and does not appear on your credit report.
Banks use ChexSystems to decide whether to open new accounts with you. If you closed an account with an unpaid fee, overdraft, or fraud claim, that negative mark stays in ChexSystems for up to five years. A future bank may see it and deny you a new account. But this rejection does not touch your credit score. Your credit report remains clean.
A routine account closure with no fees or problems creates a record in ChexSystems but no negative mark. Banks see that the account closed, but nothing suggests you were a problem customer.
When closing a savings account might create problems
Closing a savings account itself does not hurt your credit. But the circumstances around the closure can. If you close an account while you owe the bank money—an unpaid overdraft fee, a monthly maintenance fee you did not pay, or a negative balance—the bank may send that debt to a collection agency. A collection account on your credit report will lower your score significantly.
Before you close any account, check your balance and recent statements. Make sure there are no pending fees or charges. If you owe money, pay it first. Once the account is settled, closing it carries no credit risk.
If your bank closes the account on their side—because of inactivity, fraud, or violation of their terms—the closure itself still does not hit your credit. But if they close it because you have an unpaid debt, that debt can be reported to credit bureaus and damage your score.
Linked credit products stay open unless you close them separately
Some people worry that closing a savings account will close a credit card or loan held at the same bank. It will not. A savings account and a credit card are separate products with separate accounts. Closing one does not close the other.
If you have a credit card with the same bank and you close your savings account, the credit card remains open and active. You can still use it, and the bank will still report your payments to credit bureaus. If you want to close the credit card too, you must request that separately.
The same applies to loans. A personal loan, auto loan, or mortgage at the same bank is unaffected by closing your savings account. The loan continues, and you continue making payments on schedule.
How to close a savings account without complications
To avoid any issues, follow these steps. First, withdraw or transfer any remaining balance. Second, check your last few statements for pending fees or charges and pay anything owed. Third, contact your bank in writing—by mail, find message, or in person—and request closure. Some banks allow online closure through their app or website.
Ask the bank to confirm the closure in writing and to send you a final statement showing a zero balance. Keep this confirmation. If the bank later claims you owe money on the account, you have proof the account was closed with no debt.
If you have automatic deposits or payments linked to the account, change those to a new account before you close it. If you have a debit card tied to the account, the bank will deactivate it when the account closes.
What happens to your credit history after closure
Your credit report does not change when you close a savings account because the account never appeared on it. Your credit history remains exactly as it was before closure. All your credit accounts—cards, loans, lines of credit—continue to be reported normally.
If you are concerned about your credit score for other reasons, closing a savings account will not make things worse. It also will not make them better. Your score depends on credit products only, and a savings account is not one of them.
Frequently Asked Questions
Will closing a savings account lower my credit score?
No. Savings accounts do not appear on your credit report, so closing one has no effect on your credit score. Credit bureaus only track borrowed money like credit cards and loans, not deposit accounts.
Can a bank report a closed savings account to credit bureaus?
No. Banks do not report savings accounts to credit bureaus at all, whether open or closed. They may report the closure to ChexSystems, which is a separate system used to track checking and savings account history, but ChexSystems does not affect your credit score.
What if I owe the bank money when I close the account?
If you close an account with an unpaid fee or negative balance, the bank can send that debt to a collection agency, and a collection account will appear on your credit report and lower your score. Pay any owed fees before closing the account to avoid this.
Does closing a savings account close my credit card at the same bank?
No. A savings account and a credit card are separate products. Closing the savings account does not close the credit card. The credit card remains open and active unless you specifically request to close it.
How long does a closed savings account stay on my credit report?
A closed savings account does not appear on your credit report at all, so it does not stay anywhere. If you had a debt associated with the account that went to collections, that collection account stays on your report for seven years from the date of first delinquency.