The basic steps to close a savings account
To close a savings account, contact your bank directly — by phone, in person, or through your online banking portal — and tell them you want to close the account. The bank will walk you through their process, which usually takes a few minutes. Before closing, you'll need to withdraw or transfer any remaining money, pay any outstanding fees, and make sure no automatic deposits or payments are still tied to that account.
Most banks let you close an account the same day you request it, though some may take a few business days to process. There's no penalty for closing a savings account — banks don't charge you for leaving. The main thing to plan for is what happens to your money and whether you need to set up a new account first.
Key Takeaways
- Contact your bank by phone, in person, or online to request closure; there is no fee or penalty for closing a savings account.
- Withdraw or transfer all remaining money before or during the closure process, since the account will no longer exist once it's closed.
- Check that no automatic deposits, paychecks, or bill payments are still connected to the account you're closing.
- Ask the bank how they will handle any remaining balance — some mail a check, others transfer it to another account you specify.
- Keep your account number and final statement for your records, in case you need proof the account was closed.
Preparing your account before you close it
Before you tell the bank you want to close the account, take a few minutes to prepare. Log into your online banking or call the bank to check the current balance. If there's money in the account, decide whether you want to withdraw it in cash, transfer it to another account, or let the bank handle it as part of the closure.
Next, look for any automatic transactions tied to that account. This includes direct deposits (like paychecks or government benefits), automatic bill payments, or recurring transfers to other accounts. You'll need to change these to a different account before you close, or they will fail. If you're not sure what's connected, ask the bank — they can show you a list of recent transactions and any standing instructions.
Check whether you have any outstanding fees or a negative balance. Some banks charge monthly maintenance fees or fees for overdrafts. If your account is negative, the bank will deduct what you owe from any remaining balance or may ask you to pay it before closing.
How to contact your bank and request closure
You have three main ways to close an account: by phone, in person at a branch, or through your online banking portal. Phone is usually fastest — call the customer service number on the back of your debit card or on your bank statement. Have your account number ready. The representative will confirm your identity, answer any questions, and process the closure.
If you prefer to do it in person, visit any branch of your bank with a photo ID and your debit card. A teller can close the account on the spot and handle your remaining balance right there. This is a good option if you want to withdraw cash or if you're uncomfortable doing it over the phone.
Some banks also let you close an account through their online portal or mobile app. Look for a "Close Account" or "Account Settings" option. Not all banks offer this, so if you don't see it, call or visit a branch instead.
What happens to your money when you close
The bank will not keep your money. If you have a balance remaining, the bank must return it to you. How they do this depends on the bank and what you arrange. The most common options are: the bank transfers the money to another account you own at that bank or elsewhere, the bank mails you a check, or you withdraw the cash in person before closure.
Ask the bank which option they prefer and how long it takes. A transfer between accounts at the same bank is usually when ready. A check mailed to you typically arrives within five to ten business days. If you're closing because you're switching banks entirely, ask if they can transfer the money directly to your new bank account — you'll need to provide your new account number and routing number.
If the account has a very small balance (sometimes a few dollars or less), some banks may keep it or donate it to charity rather than mail a check. Ask about this before you close so there are no surprises.
Timing and what to expect after closure
Once you request closure, the bank will process it. Some banks close the account when ready; others take one to three business days. During this time, the account still exists but you won't be able to use it. Any automatic transactions that were supposed to hit that account will fail, which is why you need to change them beforehand.
After the account is closed, you won't be able to access it online or use any debit card tied to it. The bank will send you a final statement showing the closure date and any remaining balance. Keep this statement for your records — it's proof the account was closed and can be useful if questions come up later.
If you closed the account because you're unhappy with the bank, consider whether you want to close other accounts you have there too. Some people keep a checking account but close savings, or vice versa. The process is the same for each account.
Reasons people close savings accounts
People close savings accounts for different reasons. Some switch to a different bank because of lower fees or better interest rates. Others consolidate multiple accounts into one. Some close accounts they're no longer using to simplify their finances. A few close accounts because of a dispute with the bank or because they're moving and want to use a local bank in their new area.
Whatever your reason, closing is straightforward and costs nothing. The bank won't try to stop you or charge you to leave. If you're closing because of a problem with the bank — like unexpected fees or poor customer service — you can mention that when you call, but it won't change the process.
Frequently Asked Questions
Can I reopen a savings account I just closed?
Yes, you can open a new account at the same bank or a different one. However, if you closed the account because of a problem — like a negative balance or fraud — the bank may flag your name in their system. If that happened, ask the bank directly whether you can open a new account before you try.
What if I forgot about an automatic payment connected to the account?
If an automatic payment fails because the account is closed, the company trying to charge you will get a rejection notice. Contact them to update your payment method to a different account. They may charge a fee for the failed payment, but closing the account itself won't cause additional penalties.
Do I need to close the account in person, or can I do it over the phone?
Most banks let you close over the phone or online. In-person closure is optional and useful mainly if you want to withdraw cash or prefer face-to-face service. Call your bank to ask what methods they support.
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 — credit cards, loans, and lines of credit — show up on your credit report.
What if the bank says I can't close the account?
Banks rarely refuse to close an account, but it can happen if there's a dispute, fraud investigation, or legal hold on the account. If the bank won't close it, ask why in writing and what you need to do to resolve the issue. You may need to pay an outstanding balance or wait for an investigation to finish.