Most banks do not charge a fee to close a savings account, but some do—and the fee varies widely by bank and account type
Whether you pay to close a savings account depends entirely on your bank and the specific account. Large national banks like Chase, Bank of America, and Wells Fargo typically charge nothing to close a savings account. Credit unions and online banks almost never charge a closing fee. But some regional banks, smaller institutions, and certain account types (like money market accounts or high-yield savings) may charge $25 to $100 or more.
The fee, if one exists, is usually disclosed in your account agreement or fee schedule—the document you received when you opened the account. If you cannot find it, call your bank's customer service line and ask directly: "Is there a fee to close my savings account?" They will give you a yes or no answer and the dollar amount if applicable.
The timing of the fee matters too. Some banks charge it when ready when you close the account. Others deduct it from your final balance before sending you the remaining funds. A few charge it only if you close the account within a certain window—often 90 days to one year after opening—so if your account has been open longer, you may owe nothing.
Key Takeaways
- Most major banks and all credit unions charge no fee to close a savings account, but you should confirm with your specific bank before closing.
- The fee, if one exists, is listed in your account agreement or fee schedule, which you can request from your bank at any time.
- Some banks only charge a closing fee if you close the account within a set period after opening—typically 90 days to one year.
- If your bank charges a fee, it will either be deducted from your final balance or charged separately, depending on the bank's policy.
How to learn about your bank charges a closing fee
Start by looking at the paperwork you received when you opened the account. The fee schedule or account agreement will list any closing fees under a section labeled "Fees," "Account Fees," or "Closing Fees." If you opened the account online and never received paper documents, log into your online banking portal and look for a link to your account agreement or fee schedule—most banks make these available in the "Documents" or "Account Information" section.
If you cannot find the document online, call your bank's customer service number on the back of your debit card or on their website. Tell them you want to close your account and ask if there is a fee. Write down the name of the person you spoke with, the date, and what they told you. If they say there is a fee, ask them to email you the fee schedule so you have it in writing.
Do not rely on what you remember or what a friend's bank charges. Every bank sets its own fees, and they change. A five-minute phone call will give you the exact answer for your account.
When banks charge closing fees and why
Banks charge closing fees for a few reasons, though the practice is becoming less common. Some charge a fee if you close the account too soon after opening it—this is called an "early closure fee" and is meant to discourage people from opening accounts just to collect a sign-up bonus and then leaving. These fees typically explore only if you close within 90 days to one year, depending on the bank.
Other banks charge a flat closing fee on certain account types, particularly money market accounts or premium savings accounts that come with higher interest rates or extra features. The fee is usually $25 to $50 but can be higher. A few banks charge a small fee on all account closures, though this is rare among large institutions.
Online banks and credit unions almost never charge closing fees because they have lower overhead costs and rely on customer loyalty rather than fees to stay profitable. If you are shopping for a new bank, choosing one without closing fees removes one barrier to leaving later if you become unhappy with the service.
What happens to your money when you close the account
When you close a savings account, the bank will send you the remaining balance in one of three ways: a check mailed to your address on file, a transfer to another bank account you provide, or cash if you close the account in person at a branch. The process usually takes three to five business days if you request a transfer, or up to two weeks if they mail a check.
If your bank charges a closing fee, they will deduct it from your final balance before sending you the money. For example, if you have $500 in the account and the bank charges a $25 closing fee, you will receive $475. Some banks will tell you the fee amount before they process the closure; others deduct it and show it on your final statement. Ask your bank which approach they use so you know what to expect.
Make sure your account balance is positive when you close it. If you have a negative balance (you owe the bank money), they will not send you anything—they will keep your balance to cover what you owe, and you may still be charged the closing fee on top of that.
Closing fees at different types of banks
| Bank Type | Closing Fee Likelihood | Typical Fee Amount |
|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo, Citibank) | No fee | $0 |
| Online banks (Ally, Marcus, Discover) | No fee | $0 |
| Credit unions | No fee | $0 |
| Regional or local banks | Varies—check your agreement | $25–$100 |
| Money market accounts | More likely than savings accounts | $25–$50 |
| Premium or high-yield savings accounts | Varies—check your agreement | $25–$75 |
The table above shows general patterns, but your specific bank may differ. The only reliable way to know is to check your account agreement or call your bank directly.
Steps to close your account without surprises
Before you close, take these steps in order. First, check your account agreement or call your bank to confirm whether there is a closing fee and when it applies. Second, make sure your account balance is positive and covers any fee that might be charged. Third, decide how you want to receive your final balance—transfer to another bank, check, or cash—and provide that information to your bank when you request the closure.
Fourth, request the closure in writing if possible. Call your bank or visit a branch and ask them to close the account. Some banks allow you to close accounts online through their banking portal, but calling or visiting in person creates a record and gives you a chance to confirm the fee situation one more time before it is final. Fifth, ask the bank representative to confirm the closing fee (if any) and when you will receive your money.
Sixth, keep a record of the closure. Write down the date you closed the account, the name of the person who helped you, and what they said about fees and timing. If the bank charges a fee you were not expecting, you will have documentation to dispute it.
What to do if your bank charges an unexpected fee
If you closed your account and were charged a fee you did not know about, contact your bank when ready. Call the customer service number on your statement and explain that you were not informed of the closing fee before the account was closed. Ask them to reverse the fee or provide written proof that the fee was disclosed in your account agreement.
If the bank refuses, file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints about banks and can pressure them to refund improper fees. You can also file a complaint with your state's banking regulator—your bank's website will list which agency oversees them.
Keep in mind that if the fee was clearly listed in your account agreement and you straightforward missed it, the bank is unlikely to reverse it. But if the bank failed to disclose the fee or charged you more than the stated amount, you have grounds to dispute it.
Frequently Asked Questions
Can a bank charge a fee if I close my account with a negative balance?
Yes. If you owe the bank money, they will deduct what you owe from any funds you have in other accounts with them, or they may charge you an overdraft fee in addition to the closing fee. Some banks will not close an account with a negative balance until you pay what you owe. Call your bank to ask how they handle this situation.
Do I have to close the account in person, or can I do it over the phone?
Most banks allow you to close an account by phone or online. Closing in person at a branch is not required, though some people prefer it because they can confirm the fee and final balance face-to-face. Ask your bank which methods they offer.
What if my bank charges a fee but I think it is unfair?
You can dispute it with the bank first by calling customer service and asking them to reverse it. If they refuse, file a complaint with the Consumer Financial Protection Bureau or your state banking regulator. Neither will force the bank to reverse the fee, but they can investigate whether the fee was disclosed properly.
Will closing a savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit accounts like credit cards, loans, and lines of credit appear on your credit report.
If I close my account, can I reopen it later without paying a fee?
That depends on your bank. Some banks let you reopen a closed account without a new opening fee. Others treat a reopened account as a brand new account and may charge you a new opening fee or explore early closure fees again if you close it soon after reopening. Ask your bank about their policy before you close.