You can close a Bank of America savings account online through your account settings, but only if the account has a zero balance and no pending transactions
Bank of America lets you close a savings account through their website or mobile app without calling or visiting a branch. The process takes a few minutes if your account is ready. However, the bank will not let you close an account that still holds money or has checks, transfers, or automatic payments in flight.
Before you start, withdraw or transfer any remaining balance to another account. Wait for any pending transactions to clear — this usually takes one to three business days. Once the account shows zero and is fully settled, you can initiate closure from your online dashboard.
Key Takeaways
- Your savings account must have a zero balance and no pending transactions before Bank of America will let you close it online.
- You can close the account through the Bank of America website or mobile app by navigating to account settings and selecting the close option.
- If you cannot close it online, call Bank of America at 1-800-432-1000 or visit a branch in person to complete the closure.
- After closure, Bank of America will send you a final statement by mail within 30 days confirming the account is closed.
- Closing a savings account does not affect your credit score, but closing multiple accounts in a short time may impact your credit history.
Steps to close your account online
Log into your Bank of America account on the website or open the mobile app. Navigate to the account you want to close and look for account settings or account details. The exact location varies slightly between the website and app, but both have a "Close Account" or "Manage Account" option.
Click or tap the close option. Bank of America will show you a confirmation screen listing the account number and current balance. If the balance is not zero, you cannot proceed — you must withdraw or transfer the money first. If the account is ready, confirm the closure. The system will process the request immediately, and you should see a confirmation message with a reference number.
Save or print the confirmation for your records. You will also receive an email confirmation to the address on file. Bank of America will mail you a final statement within 30 days showing the account closure date.
What to do if the online option is not available
Some accounts cannot be closed online. This happens if the account still has a balance, pending transactions, or linked services like overdraft protection or automatic transfers. It also happens if the account is flagged for fraud investigation or has a hold placed by the bank.
Call Bank of America at 1-800-432-1000 and ask to close your savings account. A representative can close it over the phone if you verify your identity. You can also visit a Bank of America branch in person with your ID and ask a teller to close the account. Bring any debit cards or checks associated with the account so the bank can deactivate them.
Preparing your account for closure
Before you attempt to close the account, move any money out. If you have another Bank of America account, you can transfer the balance instantly through the app or website. If you want to move the money to a different bank, initiate an external transfer — this usually takes one to three business days to complete.
Check for any automatic payments or recurring transfers linked to the savings account. These will fail once the account closes, which could trigger late fees on bills or cause subscription services to be interrupted. Move these payments to another account or cancel them before you close the savings account.
If you have a debit card tied to the savings account, the card will stop working after closure. If you want to keep using that card, link it to a different Bank of America account first. Otherwise, destroy the card or contact Bank of America to have it deactivated.
What happens after you close the account
Once closed, the account number becomes inactive and cannot be used for deposits or withdrawals. Any checks written against the account will bounce. Direct deposits sent to the account will be rejected by the bank and returned to the sender.
Bank of America will send you a final statement within 30 days. This statement shows the closure date, any final interest earned, and any fees charged up to the date of closure. Keep this statement for your records — you may need it for tax purposes if the account earned interest.
The closure does not appear on your credit report and does not affect your credit score. However, if you close multiple savings or checking accounts within a short period, this activity may be noted in your banking history and could influence future credit decisions by other lenders.
Reasons the closure might be delayed or rejected
Bank of America may not allow you to close an account if it is under investigation for fraud or suspicious activity. In this case, the bank will contact you to explain the hold. You cannot close the account until the investigation is complete.
If the account has a negative balance — meaning you owe the bank money — you must pay the amount owed before closure. This can happen if fees were charged and the account went below zero. Contact Bank of America to find out the exact amount and pay it before attempting to close.
Accounts with outstanding disputes or chargebacks cannot be closed until the dispute is resolved. If you filed a dispute on a transaction, wait for Bank of America to finish investigating before you close the account.
Frequently Asked Questions
Will closing my savings account hurt my credit?
No, closing a single savings account does not affect your credit score. Savings accounts are not reported to credit bureaus. However, closing multiple accounts in a short time may be noted in your banking history and could influence lending decisions by other banks.
What if I close my account and then want to reopen it?
You can open a new Bank of America savings account at any time. However, the old account number cannot be reactivated. If you closed the account by mistake, contact Bank of America immediately — they may be able to reverse the closure within a short window if no time has passed.
Do I need to close my checking account if I close my savings account?
No, closing a savings account does not affect any other accounts you have with Bank of America. Your checking account, money market account, or any other products will remain open and active unless you close them separately.
What if I have a pending direct deposit scheduled for the day I close the account?
The direct deposit will be rejected and returned to the sender. Before you close the account, update your direct deposit information with your employer or the organization sending the payment to direct it to a different account instead.
Can I close the account if I still have checks linked to it?
You can close the account, but any checks written against it will bounce after closure. If you have outstanding checks, wait until they clear before closing, or contact the recipients to provide a new account number or payment method.