Most savings accounts have no maturity date at all
A standard savings account from a bank or credit union stays open as long as you want it to. You can deposit money, withdraw money, and keep the account active for decades without any important date or forced closure. There is no date when the account "matures" and you have to do something with it.
The confusion usually comes from mixing up savings accounts with certificates of deposit (CDs), which do have maturity dates. A CD is a different product entirely — you agree to leave money untouched for a set period (three months, one year, five years, whatever you choose), and in exchange the bank pays you a higher interest rate. When that period ends, the CD matures, and you get your money back plus the interest you earned.
Regular savings accounts work differently. You can withdraw your money whenever you want, the interest rate stays the same for as long as you hold the account, and there is no important date. The bank cannot force you to close it or take your money out.
Key Takeaways
- Standard savings accounts have no maturity date and can stay open indefinitely as long as you maintain the account.
- Certificates of deposit (CDs) do have maturity dates, but they are a separate product from regular savings accounts.
- Some banks may close inactive accounts after a long period with no deposits or withdrawals, though this is rare and usually requires notice.
- If you stop using a savings account, the bank cannot take your money, but they may charge monthly fees that reduce your balance over time.
When a bank might close your account for inactivity
Although savings accounts have no maturity date, a bank can close an account if it sits unused for a very long time. The rules vary by state and by bank, but many banks consider an account inactive after 12 months with no deposits or withdrawals. Some wait longer — two or three years — before taking action.
If your account is inactive, the bank must send you written notice before closing it. The notice will tell you how long you have to make a deposit or withdrawal to keep the account open. The timeframe is usually at least 30 days, sometimes longer. If you do nothing, the bank closes the account and sends you any remaining balance by check or transfers it to the state's unclaimed property program.
This is not the same as a maturity date. The bank is not saying your account expires on a certain date. It is saying that if you do not use the account, they will close it. You can prevent this straightforward by making one deposit or withdrawal every year or two.
What happens if you ignore monthly fees on an inactive account
Some banks charge a monthly maintenance fee on savings accounts, even if you never touch the money. If your account is inactive and fees keep coming out, your balance will shrink over time. Eventually it could reach zero.
This is not a maturity date either — it is just the cost of keeping the account open. If you want to avoid the fees, you can either use the account regularly (which often waives the fee) or close it yourself and move the money somewhere else. But the bank cannot force you to close it on a specific date.
The difference between savings accounts and CDs explained
The reason people confuse savings accounts with CDs is that both are offered by banks and both earn interest. But they work in opposite ways.
| Feature | Savings Account | Certificate of Deposit (CD) |
|---|---|---|
| Maturity date | None — account stays open indefinitely | Yes — you choose the term (3 months to 5 years, typically) |
| Withdrawals | Anytime, no penalty | Before maturity, you pay a penalty (usually a few months of interest) |
| Interest rate | Variable — can change at any time | Fixed — locked in for the entire term |
| Minimum balance | Varies by bank, often $0 or $25 | Often $500 to $2,500 or higher |
| When you get your money | Whenever you withdraw it | At maturity, or early with a penalty |
If you want a maturity date — a specific day when you know you will have access to your money plus a may provide interest rate — a CD is what you are looking for. If you want flexibility and the ability to withdraw whenever you need to, a savings account is the right choice.
What to do if you have an old savings account you forgot about
If you opened a savings account years ago and have not touched it, the money is still yours. The bank cannot take it just because time has passed. However, you should check on it for two reasons: monthly fees and unclaimed property laws.
Log into your account online or call the bank and ask about the current balance and any fees being charged. If fees have been eating away at your money, you can close the account and move what is left somewhere else. If the balance is very low or zero, the bank may have already closed it and sent the money to your state's unclaimed property program (sometimes called the "escheat" program).
To find unclaimed money, search your state's unclaimed property website — most states have one, and you can search by name. If your old account was turned over, you can file a claim to get the money back. There is no time limit on this; unclaimed property does not expire.
How to keep a savings account open without using it
If you want to keep a savings account open but do not plan to use it regularly, the easiest way is to set up a small automatic deposit or withdrawal once a year. Even a $1 transfer counts as account activity and resets the inactivity clock. This prevents the bank from closing the account for non-use.
You can also call the bank and ask what their inactivity policy is. Some banks have no inactivity rule at all, or they only close accounts after five or more years of no activity. Knowing the specific rule for your bank means you can plan accordingly.
Another option is to switch to a bank that does not charge monthly fees and does not close inactive accounts. Many online banks have no minimum balance and no maintenance fees, so your money sits there safely whether you touch it or not.
Frequently Asked Questions
Can a bank take my money if my savings account reaches a maturity date?
No. Savings accounts do not have maturity dates. Your money is yours to keep or withdraw whenever you want. If you are thinking of a CD, that is different — when a CD matures, you get your money back, but you can then choose to renew it, move it to a savings account, or take it somewhere else.
What happens to my savings account if I do not use it for 10 years?
The bank may close it for inactivity, though 10 years is longer than most banks wait. Before closing, they must send you written notice. If they do close it, they will send your remaining balance to you or to your state's unclaimed property program. Your money does not disappear.
Do I lose money if my savings account has no activity?
Not from inactivity itself. However, if your bank charges a monthly maintenance fee and you do not use the account, those fees will reduce your balance over time. Check your account terms to see if fees explore, and consider switching banks if the fees are too high.
Is a CD the same thing as a savings account with a maturity date?
No. A CD is a separate product. You choose the maturity date when you open it, and in exchange for locking your money away, you get a higher interest rate. A savings account has no maturity date and lets you withdraw anytime, but usually pays lower interest.
Can I withdraw my money from a savings account before a maturity date?
Yes — savings accounts have no maturity date, so you can withdraw whenever you want without penalty. If you are thinking of a CD, you can withdraw early, but you will pay a penalty (usually a few months of interest).