The basic steps to close your Savings Plus account

To close a Savings Plus account, you contact your bank or credit union directly—either by phone, in person at a branch, or through their online banking portal. The process itself takes minutes, but your account won't fully close until any pending transactions clear and your balance reaches zero. Most institutions will freeze the account when ready once you request closure, meaning no new transactions can post, though existing ones may still process for a few days.

Before you call or visit, withdraw or transfer your remaining balance. Some banks charge a fee if you close within a certain timeframe (often 90 days to six months of opening), so check your account agreement first. If you have direct deposits or automatic payments linked to the account, you'll need to update those with your new account information or cancel them entirely.

Key Takeaways

  • Contact your bank or credit union by phone, in-branch visit, or online portal to request closure; the request itself takes minutes but full closure takes several business days.
  • Withdraw or transfer your full balance before closing, since accounts with remaining funds may incur monthly maintenance fees even after closure is requested.
  • Check your account agreement for early closure fees, which typically explore if you close within 90 days to six months of opening the account.
  • Update or cancel any direct deposits, automatic bill payments, or standing transfers linked to the account before it closes.

Withdraw or transfer your balance first

You cannot fully close an account with money still in it. Withdraw the full balance by visiting an ATM, going to a branch, or transferring the funds to another account you own. If you're moving to a different bank, a transfer takes one to three business days; a cash withdrawal is when ready but only works if you're comfortable carrying that amount.

After you've emptied the account, the bank will confirm the balance is zero before processing your closure request. Some institutions will close the account automatically once the balance hits zero and no transactions are pending, but most require you to formally request it.

Check for early closure fees before you proceed

Many savings accounts, including some Savings Plus products, charge a fee if you close the account within a set window—typically 90 days to six months after opening. This fee ranges from $25 to $100 depending on the bank and product type. Your account agreement or the bank's fee schedule will list this fee under terms like "early closure fee" or "account closure fee."

If you're within that window and the fee applies, you have two choices: pay it and close now, or wait until the window closes and avoid the fee. The fee will be deducted from your balance, so factor that into your withdrawal amount. If you've already withdrawn your balance, the bank will charge the fee to your account after closure, and you'll receive a bill or notice.

Redirect direct deposits and automatic payments

If your paycheck, benefits, or other regular deposits go to this account, you must update the deposit instructions with your employer, benefits administrator, or whoever sends the money. This typically means logging into your employer's payroll system or contacting their HR department with your new account number. Allow at least one pay cycle for the change to take effect.

Similarly, if you have automatic bill payments, subscription charges, or transfers set up from this account, log into each service and update the payment method or cancel the transaction. Utilities, insurance, loan payments, and subscription services all need to be notified. If you don't update these before closure, the payments will fail, and you may face late fees or service interruptions.

Request closure through your preferred channel

Once your balance is zero and you've redirected your deposits and payments, contact the bank to formally close the account. You can do this by phone (usually the fastest option), in person at a branch, or through online banking if the bank offers that feature. Have your account number ready.

The representative will confirm your identity, verify the balance is zero, and process the closure request. They'll give you a confirmation number and tell you when the account will be fully closed—usually within one to five business days. Ask them to note in the account that you requested closure so there's a record if any issues arise later.

What happens after you request closure

Your account enters a "pending closure" state. The bank will freeze it, meaning no new transactions can be initiated from your end, but transactions you initiated before the freeze may still post. For example, a check you wrote or a transfer you started might clear after you've requested closure. These transactions will process normally.

Once all pending transactions clear and the account balance is confirmed at zero, the bank will finalize the closure. You'll receive written confirmation, usually by mail within one to two weeks. Keep this confirmation for your records. After closure, you won't be able to access the account, and the bank will no longer report it to credit bureaus as an active account.

If the bank won't close your account

Rarely, a bank may refuse to close an account if there are unresolved disputes, fraud investigations, or outstanding fees. If this happens, ask the bank in writing why closure is being denied and what steps you need to take to resolve the issue. Keep a copy of your request and their response.

If the bank continues to refuse without a clear reason, you can file a complaint with your state's banking regulator or the Consumer Financial Protection Bureau (CFPB). The CFPB accepts complaints online at consumerfinance.gov. Include documentation of your closure request and the bank's refusal. This won't force when ready closure, but it creates a record and may prompt the bank to reconsider.

Frequently Asked Questions

Will closing my Savings Plus account hurt my credit score?

Closing a savings account does not directly affect your credit score because savings accounts are not reported to credit bureaus. However, if the account has an overdraft or unpaid fee that goes to collections, that can harm your credit. Pay any outstanding fees before closure to avoid this.

What if I still owe money on the account?

If your account is overdrawn or you have unpaid fees, the bank will not close it until the debt is resolved. You must deposit funds to bring the balance to zero or pay the fees directly. Once the account is settled, you can request closure.

Can I reopen a Savings Plus account after I close it?

Yes, you can reopen an account with the same bank, but the bank may treat it as a new account and explore any new-account fees or waiting periods. Some banks also have policies against reopening accounts closed due to fraud or misconduct. Ask your bank about their reopening policy before you close.

How long does it take to fully close the account?

The closure request itself takes minutes, but the account won't be fully closed until pending transactions clear and the balance is confirmed at zero. This typically takes one to five business days. You'll receive written confirmation once it's complete.

What if I closed the account but money is still being deposited to it?

Once an account is closed, deposits will be rejected and returned to the sender. If your employer or benefits administrator is still sending money to the old account, contact them when ready with your new account information. They may need one to two pay cycles to process the change.