The basic steps to close an RBC savings account

You can close an RBC savings account by contacting RBC directly through their customer service line, visiting a branch in person, or using online banking if the option is available in your account settings. RBC will ask you what you want to do with any remaining balance — they can transfer it to another account you hold, send you a cheque, or in some cases deposit it to a linked account at another bank. The process typically takes a few business days once you've made the request, though the exact timeline depends on how you initiate the closure and whether there are any outstanding transactions pending on the account.

Before you close the account, make sure any automatic payments or direct deposits linked to it have been redirected elsewhere. If you have a debit card attached to the account, it will stop working once the account closes, so update any merchants or services that charge to that card. RBC will not charge you a fee to close a savings account, but they may hold funds briefly if there are pending deposits or withdrawals.

Key Takeaways

  • Contact RBC by phone, in branch, or through online banking to request closure — there is no single required method.
  • Redirect any automatic payments, direct deposits, or recurring charges before closing so they don't fail.
  • Tell RBC where to send your remaining balance: to another account you own, as a cheque, or to an external bank account.
  • Your debit card will stop working when ready, so update any merchants or subscriptions that charge to that card.
  • The account closes within a few business days, though pending transactions may delay the final closure.

Contacting RBC to request closure

The fastest way to close your account is usually by phone. Call RBC Customer Service at 1-800-769-2511 (the main number for personal banking) and tell them you want to close your savings account. Have your account number ready — you'll find it on your debit card, a recent statement, or in online banking. The representative will confirm your identity, ask about your remaining balance, and walk you through where that money should go.

If you prefer to close the account in person, visit any RBC branch with a piece of government-issued ID and your account number. A teller can process the closure on the spot and hand you a cheque for your balance if you request it, though some branches may mail it instead. Online closure is not yet standard across all RBC accounts, so check your online banking portal first — if the option appears in your account settings, you can initiate it there, though you may still need to call to confirm.

What happens to your remaining balance

RBC needs to know where your money goes before they close the account. You have three main options: transfer to another RBC account you own, receive a cheque by mail, or transfer to an account at a different bank. If you choose a transfer to another RBC account, it usually happens within one business day. If you choose a cheque, RBC will mail it to the address on file — allow five to ten business days for it to arrive, depending on postal service.

If you want the balance sent to an account at another bank, RBC can do this, but it takes longer because they have to route it through the banking system. Provide the other bank's routing number and your account number at that institution. This transfer typically takes three to five business days. If your balance is very small (under $10 in some cases), RBC may ask you to pick it up in person rather than process a cheque or transfer.

Stopping automatic payments and direct deposits

Before you close the account, go through your recent statements and identify anything that deposits money into this account or withdraws from it regularly. Common examples are payroll direct deposits, pension payments, insurance refunds, subscription charges, utility bills, and loan payments. Contact each organization separately and update your banking information — give them your new account number if you're moving to another account, or remove the account entirely if you don't need the service anymore.

This step is critical because if a payment tries to process after the account closes, it will fail and may trigger overdraft fees or late-payment penalties with the organization trying to charge you. RBC will not redirect these payments automatically, so the responsibility is yours. Check your statements for at least two months back to catch anything you might have forgotten about.

What happens to your debit card

Your RBC debit card is linked to this specific account. Once the account closes, the card stops working when ready — you won't be able to use it at ATMs, stores, or online. If you have other RBC accounts, your card may be linked to a different account and will continue to work, but confirm this with RBC before closing the savings account.

If you use your debit card for recurring charges — subscriptions, gym memberships, insurance payments, or anything else that bills you monthly — update those merchants with a different payment method before the account closes. If you don't, those charges will fail, and you may face late fees or service interruptions. RBC will not notify these merchants on your behalf.

Timing and what to expect after closure

The account closure itself is usually when ready once you've made the request and confirmed where your balance should go. However, the final settlement can take a few business days if there are pending transactions — deposits that haven't cleared yet, cheques you've written that haven't been cashed, or transfers in progress. RBC will hold the account open until these clear, then close it and send your balance to the destination you specified.

Once the account is closed, you won't be able to access it through online banking or at a branch. If you need a record of transactions for tax or record-keeping purposes, read or print your statements before closing. RBC will keep records on file, but accessing old statements after closure requires contacting them directly.

Frequently Asked Questions

Can I reopen an RBC savings account after I close it?

Yes. Closing an account does not prevent you from opening a new one. However, if the account was closed due to inactivity or a violation of RBC's terms, there may be a waiting period. Contact RBC to confirm whether you can open a new account when ready or if you need to wait.

What if I have a negative balance when I try to close?

RBC will not close the account until the negative balance is paid. Transfer funds from another account to cover the overdraft, then request closure. If the overdraft is due to fees, ask RBC whether they can waive or reduce them before you settle it.

Do I need to close my account in person, or can I do it by phone?

Phone closure is usually sufficient. You only need to visit a branch if you want to receive your balance as cash when ready, or if RBC asks you to come in for identity verification. Most closures can be completed entirely by phone.

How long does it take to receive a cheque after I close my account?

RBC typically mails cheques within five to ten business days of closure. The time depends on postal service and your location. If you need the money urgently, ask for an in-branch pickup or a transfer to another account instead.

Will closing my savings account affect my credit score?

No. Closing a savings account does not appear on your credit report and does not affect your credit score. Credit reports track credit products like loans and credit cards, not deposit accounts.