Yes, you can close your Bank of America savings account at any time
Bank of America does not lock you into keeping a savings account open. You can close it whenever you want, with no penalty or waiting period. The bank will not ask why, and you do not need a reason. You can close it in person at a branch, by phone, or online through your account settings—though the fastest route is usually a phone call or an in-person visit, because you can confirm the account is closed before you leave.
Before you close the account, move any money out of it first. Bank of America will not close an account that still holds funds. Once the balance is zero, the closure is straightforward and takes a few minutes.
Key Takeaways
- You can close a Bank of America savings account at any time by visiting a branch, calling customer service, or using your online account settings.
- The account must have a zero balance before Bank of America will close it—transfer or withdraw all remaining money first.
- Closing a savings account will not affect your checking account or other Bank of America products unless you specifically close those too.
- If you have pending transactions or automatic transfers linked to the account, cancel or redirect them before you close it.
- The bank will send you written confirmation of the closure, which you should keep for your records.
How to close the account in person or by phone
The fastest way is to visit your local Bank of America branch with a photo ID. Tell a representative you want to close your savings account. They will verify the balance is zero, process the closure, and give you written confirmation on the spot. If you have questions about pending transactions or linked transfers, they can answer them before you finalize the closure.
If you prefer to call, dial the customer service number on the back of your debit card or on your Bank of America statement. Have your account number ready. The representative will confirm your identity, verify the balance is zero, and close the account. Ask them to mail you written confirmation, or ask if you can view it in your online account after the call ends.
Closing the account online
Log into your Bank of America online account or mobile app. Go to your savings account details and look for a "Close Account" or "Account Services" option. The exact wording varies depending on your account type and whether you use the website or app. If you cannot find the option, it may mean the account still has a balance, or your account type does not allow online closure.
If the online option is not available, you will need to call or visit a branch. Some account types—particularly older savings products or accounts with special terms—require a phone call or in-person visit to close. The bank will tell you which method applies to your account.
What to do before you close the account
Transfer all money out of the savings account first. You can move it to another Bank of America account you own, or to an account at a different bank. If you use online bill pay or have automatic transfers set to pull from this savings account, change those to pull from a different account instead. Bank of America will not close an account that has pending transactions or active transfers.
Check whether you have a linked checking account. Closing a savings account does not close your checking account or any other Bank of America products. If you want to close multiple accounts, you will need to close each one separately. If you have a Bank of America debit card tied to this savings account, the card will still work as long as you have a checking account. If this is your only account, the debit card will stop working after closure.
What happens after you close the account
Bank of America will send you written confirmation of the closure by mail within a few business days. Keep this letter with your financial records. The account number will no longer be active, and you will not be able to access the account online or by phone.
If you receive a check or direct deposit intended for this account after closure, it will be returned to the sender. Make sure anyone sending you money knows your new account number if you want deposits to continue. If you closed the account because you are switching banks entirely, update your direct deposit information with your employer or benefit provider.
Reopening the account later
If you change your mind, you can open a new Bank of America savings account at any time. It will have a different account number from the one you closed. There is no waiting period or penalty for reopening. You can do this online, by phone, or at a branch.
The new account will start with a zero balance, and you will need to fund it yourself. You can transfer money from another account or make a deposit at a branch. The process takes a few minutes, and you will receive your new account number immediately.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit because savings accounts are not reported to credit bureaus. Only credit products like credit cards, loans, and lines of credit show up on your credit report. Closing a savings account is purely an account management decision.
What if I have a pending check or direct deposit coming to this account?
Checks and direct deposits sent to a closed account will be returned to the sender. Before you close the account, wait for any pending deposits to arrive, or update your direct deposit information with your employer or benefit provider to send money to a different account instead.
Can I close the account if it has a negative balance?
No. If your account is overdrawn, you must pay the negative balance first. Bank of America will not close an account with money owed. Once the balance is zero or positive, you can withdraw the remaining funds and then close it.
Do I need to close my checking account too?
No. Your savings and checking accounts are separate. Closing one does not close the other. You can keep your checking account open and close only the savings account, or close both if you want to end your relationship with Bank of America entirely.
How long does it take for the account to fully close?
The closure itself is immediate—the account stops working right away. Written confirmation arrives by mail within a few business days. If you need proof of closure sooner, ask the representative to provide it in writing at the time of closure, or check your online account after the call to see if confirmation appears there.