Yes, you can close your Bank of America savings account at any time, with no penalty
Bank of America does not charge a fee to close a savings account, and you do not need a reason to do it. You can close the account in person at a branch, by phone, or online through your account settings. The process takes a few minutes, though it may take several business days for any remaining balance to reach you after closure.
Before you close, make sure you have moved or withdrawn any money in the account. Bank of America will not transfer your savings balance to another account automatically—you must do that yourself or request a check. If you have pending transactions or automatic transfers set to that account, those will fail once it closes.
You do not need to close a checking account to close savings, or vice versa. Each account is separate, and closing one has no effect on the other.
Key Takeaways
- Bank of America charges no fee to close a savings account, and you can do it in person, by phone, or online.
- You must move your money out of the account before closing—Bank of America will not transfer it automatically.
- Closing takes a few minutes, but the account may remain open in the system for several business days while pending transactions clear.
- If you have automatic transfers or bill payments linked to the account, cancel or redirect those before you close.
- Closing a savings account does not affect any other accounts you hold at Bank of America.
How to close your account in person
Walk into any Bank of America branch with a photo ID and tell a teller you want to close your savings account. Bring your debit card or account number if you have it. The teller will confirm your identity, show you the current balance, and ask how you want to receive the money—as a check, a transfer to another account, or cash if the balance is small.
If you choose a check, it will be mailed to the address on file, usually within five to seven business days. If you choose a transfer to another bank account, you will need to provide the routing number and account number of the receiving bank. If you choose cash, the teller will give it to you on the spot, though some branches may have limits on how much cash they will dispense at once.
Ask the teller to confirm the account is closed before you leave. Some accounts remain visible in the system for a short time after closure, but the teller can tell you the closure is complete.
How to close your account by phone
Call Bank of America customer service at 1-800-432-1000 and say you want to close your savings account. You will need to verify your identity by providing your Social Security number, date of birth, and account number. The representative will confirm your balance and ask how you want to receive the money.
If you choose a check or transfer, the representative will process it and give you a confirmation number. Write down this number for your records. The check will arrive in five to seven business days, or the transfer will post within one to three business days depending on the receiving bank.
Ask the representative to email or mail you a written confirmation that the account is closed. This protects you if there is a dispute later about whether the account was actually closed.
How to close your account online
Log into your Bank of America account on the website or mobile app. Go to Settings, then Account Services, then look for an option to close the account. Not all accounts can be closed online—if you do not see a close option, you will need to call or visit a branch instead.
If the option is available, Bank of America will ask you to confirm your balance and choose how to receive the money. You can usually request a check or a transfer to another account. After you submit the request, you will receive a confirmation number on screen and by email.
Online closure is fastest for the initial request, but the money still takes the same amount of time to reach you—five to seven days for a check, one to three days for a transfer.
What to do before you close
Check whether you have any automatic transfers or recurring payments tied to the savings account. Log into your account and look at the transfer history and bill pay settings. If you see any scheduled transfers, cancel them or change them to a different account. If you do not, those transactions will fail after the account closes, and you may face late fees on bills.
Withdraw or transfer any money in the account. Do not leave a balance and assume Bank of America will send it to you—you must move it yourself. If you leave money behind, Bank of America will eventually send it to your state's unclaimed property program, and you will have to file a claim to get it back, which takes weeks or months.
If you have a debit card linked to the savings account, it will stop working once the account closes. If you also use it for your checking account, only the savings portion will stop working. Destroy the card or wait for it to expire.
What happens after you close
The account will show as closed in your Bank of America profile, but it may remain visible for 30 to 90 days while the system processes any final transactions. You will not be able to deposit money into it or access it, but you may still see it listed in your account history.
If a check or transfer you initiated before closing has not yet posted, it will still go through. Bank of America will not cancel pending transactions just because you closed the account. If you are worried about a pending transaction, contact customer service before you close and ask them to cancel it.
Once the account is fully closed and removed from your profile, you can open a new savings account at Bank of America at any time with no waiting period.
Reasons people close savings accounts
Some people close because they are moving to a different bank and want to consolidate their accounts. Others close because they are not using the account and want to simplify their finances. Some close because the account has a monthly maintenance fee they want to avoid, though Bank of America waives the fee on many savings accounts if you maintain a minimum balance or set up direct deposit.
If you are closing because of a fee, check whether you could avoid it by meeting the balance requirement instead. Bank of America's regular savings account has no monthly fee if you keep $300 or more in the account. If you cannot maintain that balance, closing makes sense. If you can, keeping the account open costs you nothing and gives you a place to save without opening a new account elsewhere.
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 do not appear on your credit report. Only credit accounts—credit cards, loans, and lines of credit—show up. Closing a savings account is purely a banking transaction, not a credit event.
What if I have a negative balance when I try to close?
Bank of America will not let you close an account with a negative balance. You must deposit money to bring the balance to zero or positive before closing. If you owe money because of overdraft fees, pay that first, then close.
Can I reopen the same account after I close it?
No. Once you close an account, that account number is retired and cannot be reopened. If you want a savings account again, you will open a new one with a new account number. The process is the same as opening any new account.
How long does it take for my money to arrive after I close?
If you request a check, it arrives in five to seven business days. If you request a transfer to another bank, it takes one to three business days. If you take cash at the branch, you get it immediately. The account closure itself is instant, but the money movement takes time.
Do I need to close my checking account too?
No. Your savings and checking accounts are separate. You can close one and keep the other open. Many people keep a checking account for daily spending and close savings accounts they are not using.