Closing a savings account does not affect your credit score
Closing a savings account has no impact on your credit at all. Your credit score measures how you handle borrowed money — loans, credit cards, and lines of credit. A savings account is money you own, not money you borrowed, so the bank does not report it to the credit bureaus that calculate your score. You can close a savings account without any credit consequences.
This is different from closing a credit card or paying off a loan, which can change your score. But a savings account closure is a straightforward banking action with no credit effect, positive or negative.
Key Takeaways
- Savings accounts are not reported to credit bureaus, so closing one will not lower, raise, or change your credit score in any way.
- Your credit score only tracks borrowed money — credit cards, loans, and lines of credit — not money you own in deposit accounts.
- You may face fees or penalties from the bank itself if you close the account within a certain timeframe, but these are separate from credit impacts.
- Closing a savings account is a banking decision, not a credit decision, and will not show up on your credit report.
Why savings accounts do not appear on your credit report
Credit bureaus — Equifax, Experian, and TransUnion — collect information about how you borrow and repay money. They track credit cards, auto loans, mortgages, student loans, and other debts. A savings account is not debt. It is your own money sitting in the bank, so there is nothing to report about repayment or borrowing behavior.
The bank knows you have the account and may report it internally for their own records, but that information never reaches the credit bureaus. Closing the account means the bank stops maintaining it, but since it was never on your credit report, closing it cannot change your credit score.
What actually happens when you close a savings account
When you close a savings account, the bank stops accepting deposits and withdrawals on that account. You withdraw any remaining balance, and the account is closed. The bank may send you a confirmation letter, and the account will no longer appear in your online banking portal.
The bank may charge a fee if you close the account within a certain period — often 90 days to six months of opening it. This fee comes out of your balance and is a banking penalty, not a credit penalty. It does not report to credit bureaus and does not affect your score. Some banks charge no early closure fee at all, so check your account agreement or call the bank before closing.
The difference between savings accounts and credit accounts
A savings account is a deposit account where you store money you own. The bank pays you interest on the balance. Closing it is a routine banking action with no credit impact.
A credit account — like a credit card or loan — is money the bank lends to you. You owe it back. Closing a credit account can affect your score because it changes how much credit you have available and how long your credit history looks. Closing a savings account does neither.
If you are closing a credit card instead of a savings account, the impact is different. But if the account you are closing is a savings account, checking account, money market account, or certificate of deposit (CD), there is no credit effect.
When closing a savings account might cost you money
The main cost of closing a savings account is an early closure fee, if your bank charges one. This typically applies if you close within 90 days to six months of opening the account. The fee is usually $25 to $100, depending on the bank, and it comes directly out of your account balance.
Some banks also charge a fee if your account balance falls below a minimum — for example, $500 — but this is separate from closing. If you maintain the minimum balance and close after the early-closure window, you may avoid fees entirely.
Before closing, check your account agreement or call the bank's customer service line to ask whether a fee applies. If a fee does explore and your balance is low, it may be worth waiting a few weeks to avoid it.
How to close a savings account without problems
Contact your bank by phone, in person, or through online banking to request closure. Have your account number ready. The bank will ask you to withdraw or transfer any remaining balance — most banks will not close an account with money still in it. You can transfer the balance to another account at the same bank or to an account at a different bank.
Ask the bank whether a closure fee applies and when. If there is a fee and you want to avoid it, ask when the early-closure window ends. Get confirmation of the closure in writing, either by email or by keeping a copy of any letter the bank sends.
After closure, the account will stop appearing in your online banking. Your credit report will not change, and your credit score will not be affected. If you opened a new account at a different bank, that new account also will not affect your credit score — banks do not report deposit accounts to credit bureaus.
What to do if you are worried about your credit
If you are closing a savings account because you are concerned about your credit, the account closure itself is not the issue. Your credit score is affected by credit cards, loans, and lines of credit — not by deposit accounts.
If you want to check your actual credit score and see what is on your credit report, you can get a free report from each of the three credit bureaus once per year at AnnualCreditReport.com. This report shows what lenders and creditors have reported about you, not your deposit accounts. If you see errors on your credit report, you can dispute them directly with the bureau.
Closing a savings account is a safe banking action with no credit consequences. If you have other concerns about your credit — like missed payments, high credit card balances, or accounts in collections — those are separate issues that do affect your score, but they are not related to closing a savings account.
Frequently Asked Questions
Will closing my savings account show up on my credit report?
No. Savings accounts do not appear on credit reports at all, so closing one will not show up anywhere on your credit history. Only credit accounts like credit cards and loans appear on credit reports.
Can I close a savings account if I have a negative balance?
Most banks will not let you close an account with a negative balance. You will need to deposit money to bring the balance to zero or positive, then close it. If you owe the bank money, they may pursue collection instead of allowing closure.
Does closing a savings account affect my ability to get a loan later?
No. Lenders look at your credit report and credit score, which do not include information about closed savings accounts. Closing a savings account will not make it harder to get a loan, a credit card, or any other credit product.
What if I close my savings account and then want to reopen it?
You can open a new savings account at the same bank or a different bank at any time. Opening a new account also does not affect your credit score. If you want to keep the same account, ask the bank about reactivating it instead of closing it.
Do I need to tell anyone else when I close my savings account?
Only if you have set up automatic deposits or withdrawals from that account. Update any employer direct deposits, bill payments, or other recurring transfers to your new account before closing the old one, so you do not miss a payment or deposit.