The basic process: contact your bank, withdraw your money, then close
Closing a savings account is straightforward. You contact your bank, move any remaining money out, and ask them to close the account. Most banks let you do this by phone, in person, or online. The whole thing usually takes a few minutes, though it can take a few business days for the account to fully close on their end.
The reason banks make this straightforward is that they have no reason to keep an account open if you don't want it. They make money from the money you keep in the account, so once you've withdrawn it, there's nothing in it for them. You won't face penalties or fees just for closing—though you may face fees if you close before meeting certain conditions, which we'll cover below.
The timing matters slightly. If you close an account partway through a month, you may still owe fees for that month, or you may receive interest for only part of the month. Ask your bank about this before you close so there are no surprises.
Key Takeaways
- Contact your bank by phone, in person, or through their website to start the closing process, and ask whether any fees explore to closing early.
- Withdraw all your money from the account before closing, or ask the bank to transfer it to another account you own.
- Confirm the account is fully closed and check your final statement to make sure no unexpected charges appeared.
- If you have automatic payments or direct deposits linked to the account, change those before closing to avoid failed transactions.
- Keep your final statement and any closing confirmation for your records, in case questions arise later.
Step 1: Check for fees or conditions tied to closing early
Some savings accounts come with terms that penalize you for closing within a certain time frame. This is less common with regular savings accounts than with certificates of deposit (CDs)—accounts where you agree to leave money untouched for a set period in exchange for higher interest—but it happens. Call your bank or log into your account online and look for any mention of an "early closure fee" or "early withdrawal penalty."
If your account has a penalty, ask the bank how much it is. Sometimes it's a flat fee like $25. Sometimes it's a portion of the interest you've earned. If the penalty is steep, you might decide to leave the account open a bit longer, or you might decide it's worth paying to close it now. That's your choice to make.
Regular savings accounts almost never have early closure fees, but it's worth five minutes to confirm before you proceed.
Step 2: Move your money out of the account
Before the bank can close the account, it needs to be empty. You have two main ways to do this: withdraw the money yourself, or ask the bank to transfer it to another account.
If you're withdrawing cash, go to an ATM or a branch and take out what you need. If you're transferring to another account, you can usually do this online or by calling the bank. Tell them the account number and routing number of the account you want the money to go to (this is usually another account at the same bank, but some banks allow transfers to other banks). The transfer usually takes one to three business days.
Check your account online after a day or two to confirm the money arrived where you sent it. Once the account shows a zero balance, you're ready to close.
Step 3: Stop any automatic payments or direct deposits
Before you close the account, check whether any automatic payments or direct deposits are linked to it. If your paycheck goes into this account, or if you have a bill that automatically withdraws from it, those transactions will fail once the account closes. This can trigger overdraft fees at the other end, or cause your bills to go unpaid.
Log into your account online or call the bank and ask them to show you any recurring transactions. Then go to each source—your employer for direct deposit, your utility company or credit card company for automatic bill pay—and update your banking information to point to a different account. This usually takes a few minutes per transaction and can be done online.
Give yourself at least a week to make these changes before you close the account, so you can confirm that the next cycle of payments goes through smoothly.
Step 4: Contact your bank and request closure
Once your account is empty and you've rerouted any automatic transactions, contact your bank to close the account. You can usually do this in three ways: call the customer service number on the back of your debit card, visit a branch in person, or use their website or mobile app.
By phone is often fastest. Tell them you want to close the account and give them your account number. They'll confirm the balance is zero, ask you a few security questions to verify you're the account holder, and process the closure. They may ask why you're closing—you don't have to give a detailed answer, but a straightforward "I'm consolidating accounts" or "I'm not using this one anymore" is fine.
Ask them to send you written confirmation of the closure. Some banks email it, some mail it. Either way, keep it for your records.
Step 5: Verify the account is closed and check your final statement
After you request closure, the account doesn't always disappear from your online banking when ready. It may take a few business days for the bank's system to fully process it. Check your account online a few days later to confirm it no longer appears in your account list, or that it shows a status of "closed."
When your final statement arrives—by email or mail, depending on your bank's practice—review it carefully. Make sure the balance is zero, that no unexpected fees appeared, and that the closing date matches what you were told. If something looks wrong, call the bank right away and ask them to explain it.
Once you've confirmed everything is correct, you can delete or shred any debit cards linked to the account. The account is now closed.
What to do if you can't close the account online or by phone
Most banks let you close an account remotely, but some smaller banks or credit unions may require you to visit a branch in person. If your bank tells you this, ask whether they can make an exception or whether you can authorize closure by mail. If neither works, you'll need to visit a branch with a photo ID.
If you've moved away or can't visit for another reason, ask the bank whether they accept a notarized letter requesting closure. Some do. A notary is available at most banks, UPS stores, and some libraries, and the cost is usually $5 to $15.
Frequently Asked Questions
Will closing a savings account hurt my credit score?
No. Closing a savings account does not affect your credit score. Credit scores are based on borrowing and repayment history—credit cards, loans, and payment history. A savings account is just a place to store money, not a credit product, so closing it has no impact on your credit.
What happens if I close the account but forget to reroute a bill payment?
The payment will fail, and the company trying to collect it may charge you a fee for the failed transaction. Your utility or credit card company will likely send you a notice that the payment didn't go through. Contact them when ready, give them your new account information, and ask whether they can waive the fee since it was your error. Many companies will do this once.
Can I reopen a closed savings account?
Most banks will let you reopen an account you closed, but they treat it as a new account. You'll go through the same process as opening any new account—providing ID, Social Security number, and initial deposit. Some banks have a waiting period before you can reopen, usually 30 days. Ask your bank about their specific policy.
Do I need to close the account in person, or can I do it over the phone?
Most banks let you close by phone or online. In-person closure is usually an option but not a requirement. Call your bank's customer service line and ask—they'll tell you whether you can close over the phone, and if so, they can often do it right then.
What if there's still a small balance in the account?
The bank won't close the account until it's empty. They'll tell you the remaining balance and ask you to withdraw it or transfer it out. Once it's gone, they can process the closure. If you've forgotten about a few cents, ask the bank to transfer it to another account you own or to send it to you by check.