The basic steps to close your account

To close a savings account, contact your bank or credit union directly—either by phone, in person, or through their website. Most institutions will ask you to confirm your identity, verify the account number, and confirm what you want to do with any remaining balance. The bank will then freeze the account to prevent new transactions, process any outstanding checks or transfers, and close it within a few business days to a few weeks depending on the institution.

Before you call or visit, withdraw or transfer out any money you want to keep. Some banks charge a fee if you close the account within a certain period (often 90 days to a year of opening it), so check your account agreement or ask about early closure fees. If you have automatic deposits or payments linked to the account, you will need to update those with a new account number or payment method first, or they may fail.

Key Takeaways

  • Contact your bank by phone, in person, or online to request closure, and have your account number ready.
  • Move your money out before closing—either withdraw it in cash, transfer it to another account, or ask the bank to send you a check.
  • Update any automatic deposits (paychecks, benefits) or payments (bills, subscriptions) to use a different account before the closure is complete.
  • Some banks charge a fee for closing an account within the first 90 days to one year; ask about this before you proceed.
  • The account will typically close within a few business days to a few weeks, depending on whether there are pending transactions.

What to do with your money before closing

Decide how you want to access your remaining balance. You can withdraw cash at a branch or ATM, transfer the money to another bank account (at the same bank or a different one), or ask the bank to mail you a check. If you are moving to a different bank, a transfer is usually fastest—the money typically arrives in one to three business days. If you need cash immediately, an in-person withdrawal is the quickest option.

If the account has a very small balance (under $25, for example), some banks will simply close it and mail you a check for the remaining amount without you having to request it. Check your account agreement or ask the bank what they do with balances under a certain threshold. Do not assume the bank will hold the money indefinitely—unclaimed funds may be turned over to your state's unclaimed property program after a period of inactivity, which makes them harder to recover.

Updating automatic deposits and payments

Any paycheck, government benefit, or other regular deposit tied to the account will fail once the account closes. Contact your employer's payroll department, your benefits administrator, or any other organization sending you money and provide them with your new account number at least one week before the closure date. The same applies to automatic bill payments, subscription services, and any other recurring charges—update those with your new account information or cancel them if you no longer need them.

If you miss updating a deposit or payment, the transaction will be rejected. Your employer or benefits program may try again, but subscription services and bill collectors may charge a fee or report the failed payment. To avoid this, make a list of every automatic transaction linked to the account and update each one before you close it.

Checking for early closure fees

Many banks charge a fee—typically $25 to $100—if you close a savings account within a set period after opening it. This window is usually 90 days, six months, or one year, depending on the bank. The fee is deducted from your balance, so if you have $50 in the account and the fee is $25, you will receive $25 when you close it.

Ask the bank directly whether a fee applies to your account before you request closure. If you are closing because you are unhappy with the account, the fee may not be worth paying—in that case, you could leave the account open but unused until the fee period expires. However, if the account has a monthly maintenance fee, leaving it open may cost you more in the long run.

Closing the account in person versus by phone or online

Closing in person at a branch is the most straightforward method if you have a local branch. Bring your ID and account number, and a representative can process the closure immediately and hand you a check or process a transfer on the spot. This also gives you a chance to ask questions about fees or pending transactions face-to-face.

Closing by phone is faster if you do not have a nearby branch or prefer not to visit. Call the customer service number on your bank statement or the bank's website, confirm your identity, and request closure. The bank will mail you a check for any remaining balance or transfer it to another account you specify. Closing online through your bank's website or app is an option at some institutions, though not all banks offer this method—check your account portal to see if the option is available.

What happens after you request closure

Once you request closure, the bank will stop allowing new transactions on the account. Any pending deposits or withdrawals that were already in process may still go through, which is why the closure can take several days or weeks. The bank will send you written confirmation of the closure, usually by mail, along with a final statement showing the closing date and any fees charged.

Keep this confirmation letter for your records. If you ever need to prove the account is closed—for example, if a creditor or debt collector tries to collect from it—you can show them the closure confirmation. Do not assume the account is closed until you receive written confirmation from the bank.

Frequently Asked Questions

Can I reopen a savings account I just closed?

Most banks will let you reopen a closed account within 30 to 90 days by contacting customer service, though some may treat it as a new account and require you to go through the opening process again. If you closed it because of a fee or a service issue, ask the bank whether reopening would trigger the same fee before you proceed.

What if I have a negative balance when I try to close?

If you owe the bank money (for overdraft fees or other charges), you must pay that balance before the account can close. The bank will not close an account with a negative balance. Pay the amount owed, then request closure.

Do I need to close the account in person if I opened it online?

No. If you opened the account online, you can close it online, by phone, or by mail—you do not need to visit a branch. Check your bank's website or call customer service to find out which methods they offer.

Will closing a savings account hurt my credit score?

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, lines of credit) appear on your credit report.

What if the bank lost my account information after I closed it?

Banks keep records of closed accounts for at least five to seven years for regulatory reasons. If you need a statement or proof of closure, contact the bank's customer service and request archived records. You may need to provide your ID and the approximate date the account was closed.