You can close a savings account by visiting your bank in person, calling them, or using their website or app—but you need to withdraw or transfer your money first and settle any outstanding fees.
Closing a savings account is straightforward, but the order matters. You cannot simply walk away. Your bank needs you to remove your balance, and you need to make sure no pending transactions or fees will hit the account after you close it. Most banks let you close an account the same way you opened it: online, by phone, or in a branch. The whole process usually takes a few minutes to a few days depending on how you do it.
The reason banks require this is practical. An account with a balance sitting in it creates a liability on their books. An account with pending transactions creates confusion about what money belongs to whom. An account with fees owed creates a debt you have to settle. Close the account cleanly and you avoid disputes later.
Key Takeaways
- Move your money out of the account before you close it—either withdraw it in cash, transfer it to another account, or ask the bank to send you a check.
- Check your account for any pending deposits or withdrawals that might arrive after you close it, and wait for them to clear first.
- Ask the bank whether you owe any fees before closing, and pay them from the account or separately depending on what the bank requires.
- You can close the account online, by phone, or in person, but confirm in writing that the account is closed so you have a record.
Move your money before you close
Your bank will not close an account that still holds money. You have three options for what to do with the balance: withdraw it as cash, transfer it to another account at the same bank or a different bank, or ask the bank to mail you a check.
Withdrawing cash works if the balance is small and you are closing the account in person at a branch. The teller will give you the money and close the account on the spot. Transferring to another account is faster if you are moving to a different bank—you provide the new account number and routing number, and the bank moves the money electronically. This usually takes one to three business days. Asking for a check takes longer—typically five to ten business days—but works if you want the money but do not have another account ready yet.
Do not leave money in the account hoping the bank will send it to you. Banks are required to try to return unclaimed funds to the account holder, but the process is slow and varies by state. It is easier to move the money yourself.
Wait for pending transactions to clear
Before you close the account, check whether any deposits or withdrawals are still in progress. A deposit you made might not have cleared yet. An automatic bill payment or transfer you set up might be scheduled to go out in the next few days. If you close the account while these are pending, the transactions may fail, bounce back, or create confusion with the other party.
Log into your account online or call the bank and ask whether anything is pending. Most banks show pending transactions separately from posted ones. Wait for them to clear—usually one to three business days—before you close. If you have automatic payments set up on the account, cancel them first or move them to a different account.
Confirm you do not owe fees
Some savings accounts charge monthly maintenance fees, inactivity fees, or fees for falling below a minimum balance. Before you close, ask the bank whether you owe any fees. If you do, you can pay them from the account balance when you withdraw your money, or pay them separately from another account.
A few banks will also charge a fee to close the account itself if you close it within a certain time frame—often six months to a year after opening it. This is less common than it used to be, but it exists. Ask about this when you contact the bank to close the account. If the fee applies, you can choose to pay it or leave the account open longer.
Close the account through your preferred method
Once your balance is zero, pending transactions have cleared, and you have settled any fees, you can close the account. You have three ways to do it.
Online or through the 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 ask you to confirm, may ask why you are closing it, and will show you a confirmation number. Take a screenshot or write down the confirmation number.
By phone: Call the customer service number on the back of your debit card or on the bank's website. Tell the representative you want to close the account. They will verify your identity, confirm the balance is zero, and process the closure. Ask them to email or mail you a written confirmation.
In person at a branch: Bring your debit card or account number and a form of ID. Tell the teller you want to close the account. They will verify the balance is zero and process it immediately. Ask for a written confirmation slip before you leave.
Get written confirmation
After you close the account, the bank should send you a written confirmation—either by email or by mail, depending on what you set up when you opened the account. This confirmation shows the account number, the closure date, and the final balance. Keep this document for your records.
If you closed the account online or by phone and did not receive a confirmation email within a few days, log back in or call the bank to confirm the account is actually closed. Sometimes the closure does not process on the first try, especially if there was a delay in the balance clearing. A confirmation number from the initial request is not the same as proof that the account closed.
What happens to your debit card
If your savings account came with a debit card, that card will stop working once the account closes. You do not need to do anything special—the card will simply decline when you try to use it. You can throw it away, or you can cut it up if you want to be extra cautious about identity theft.
If you have a checking account at the same bank with a separate debit card, that card will keep working. Only the card tied to the savings account will stop.
Frequently Asked Questions
What if I close my account and then realize I made a mistake?
You can reopen the account, but the bank may treat it as a new account and require you to go through the opening process again. Some banks will reopen a recently closed account without the full process if you call within a few days. Contact the bank immediately if you change your mind.
Can I close my account if I still owe the bank money?
No. If you have an overdraft balance or unpaid fees, the bank will not let you close the account until you pay what you owe. Pay the debt from another account or deposit money to cover it, then close.
Do I need to close the account in person, or can I do it online?
Most banks let you close online or by phone. You only need to go in person if you want to withdraw your balance as cash, or if the bank requires it for your specific account type. Check your bank's website or call to see what methods they offer.
How long does it take to close a savings account?
If you close online or in person, it happens immediately and you get a confirmation right away. If you close by phone or mail, it may take a few business days for the closure to process and for you to receive written confirmation.
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts do not appear on your credit report. Only credit accounts like credit cards, loans, and lines of credit show up there.