You can close a savings account by contacting your bank in person, by phone, or online, depending on what your bank offers
Closing a savings account is straightforward, but the exact steps depend on your bank and whether you have money left in the account. Most banks let you close an account over the phone or in a branch without penalty, though some require you to visit in person. Before you close, you'll need to decide what to do with any remaining balance — the bank won't keep it, and you won't lose it, but you do need to tell them where it should go.
The process usually takes a few minutes if you're closing in person, or a few days if you're doing it by phone or online, because the bank needs time to process the closure and send any remaining funds to you.
Key Takeaways
- Contact your bank by phone, in person, or through their website to request closure — most banks accept all three methods, though some require a branch visit.
- Withdraw or transfer any remaining money before closing, or tell the bank where to send it, because they cannot keep funds in a closed account.
- Ask the bank to confirm the closure in writing and provide a final statement showing a zero balance.
- If you have automatic deposits or payments linked to the account, change those to a different account before closing to avoid rejected transactions.
- Closing a savings account does not hurt your credit score or banking history.
What to do with money still in the account
Before you close, you need to decide what happens to any balance remaining in the account. You have two options: withdraw the money in cash or as a check, or transfer it to another account at the same bank or a different bank.
If you withdraw in cash, the bank will give you the money when ready at a branch, or mail you a check if you're closing by phone or online. If you transfer to another account, tell the bank the account number and routing number of where the money should go — this usually takes one to three business days. Either way, the bank will not close the account until the balance is zero or you've told them where the money goes.
How to close in person at a branch
Visit any branch of your bank with a photo ID and ask to close your savings account. The teller will pull up your account, confirm your identity, and ask what you want to do with the remaining balance. If you want cash, they'll count it out or write you a check on the spot. If you want to transfer it, provide the destination account details.
The teller will then process the closure and give you a receipt. Ask them to also provide a final statement showing the account is closed with a zero balance — keep this for your records in case questions come up later.
How to close by phone
Call the customer service number on the back of your debit card or on your bank's website. Tell the representative you want to close your savings account and have your account number ready. They'll verify your identity by asking security questions or confirming personal information.
Tell them what to do with any remaining balance — you can request a check by mail, a transfer to another account, or in some cases a direct deposit to your checking account at the same bank. The bank will mail you a check within five to ten business days if that's what you chose, or process a transfer within one to three business days. Ask the representative to email or mail you written confirmation of the closure.
How to close online
Some banks let you close a savings account through their website or mobile app. Log in, find the account settings or account management section, and look for a "close account" or "close this account" option. The bank will walk you through confirming your identity and choosing what to do with remaining funds.
Not all banks offer online closure — if you don't see the option, you'll need to call or visit a branch. Even if your bank does offer it online, you may still need to call to confirm or to handle the transfer of remaining funds, depending on the bank's process.
What to do before closing
Check whether you have any automatic deposits or recurring payments tied to the account. If your paycheck goes directly into this savings account, or if you have automatic transfers set up, change those to a different account before closing. If you don't, deposits or payments will be rejected once the account closes, and you may face fees or missed payments.
Also check your bank statements for the past few months to make sure there are no pending transactions or holds on the account. If there are, wait for them to clear before closing. Some banks won't close an account if there are unresolved transactions.
What happens after you close
Once the bank processes the closure, the account is gone — you can't reopen it under the same account number. If you change your mind later, you can open a new savings account, but it will have a different account number.
Closing a savings account does not affect your credit score or your banking history. It does not show up on your credit report. If you had a checking account at the same bank, closing the savings account does not close the checking account — they are separate.
What to do if the bank won't close the account
In rare cases, a bank may refuse to close an account if there are unresolved issues — for example, if there's a dispute with the bank, if you owe fees, or if there are pending legal holds on the account. If this happens, ask the bank in writing why they won't close it and what you need to do to resolve the issue.
If you believe the bank is wrongfully refusing to close the account, you can file a complaint with your state's banking regulator or with the Consumer Financial Protection Bureau (CFPB). The CFPB has a complaint form on their website at consumerfinance.gov.
Frequently Asked Questions
Will closing my savings account hurt my credit?
No. Closing a savings account does not appear on your credit report and does not affect your credit score. Credit scores are based on borrowing and repayment history, not on savings accounts.
What if I close the account but the bank still sends me mail?
Contact the bank and confirm the closure went through. Sometimes mail takes time to stop. If the account is truly closed and you keep receiving statements, call customer service and ask them to remove your address from their mailing list.
Can I close a savings account if it has a negative balance?
No. You'll need to pay the negative balance first — usually by transferring money from another account or depositing cash. Once the balance is zero or positive, you can close it.
How long does it take to close a savings account?
In person, it takes a few minutes. By phone or online, the closure is processed within one to five business days, though any remaining funds may take longer to reach you depending on how you requested them.
What if I forgot which bank my old savings account was with?
Check old bank statements, emails, or your tax records — banks send 1099 forms for accounts with interest. You can also check your credit report at annualcreditreport.com, which sometimes lists accounts you've had. Once you find the bank, call and ask about closing the account.