Yes, you can close a Bank of America savings account online through your account settings, but the process depends on your account balance and whether you have linked accounts or outstanding transactions.
Bank of America lets you close a savings account through their website or mobile app without calling or visiting a branch. The steps are straightforward if your account has a zero balance and no pending transactions. If you have money in the account, you'll need to transfer it out first. If you have a linked checking account or credit card, closing the savings account won't affect those — they stay open unless you close them separately.
The closure itself is instant once you confirm it online, but it can take three to five business days for the account to fully disappear from your profile. During that time, any deposits or transfers you try to make will be rejected. You won't receive a paper confirmation in the mail unless you request one.
Key Takeaways
- Your Bank of America savings account must have a zero balance before you can close it online — transfer any remaining money to another account first.
- Closing a savings account online takes about five minutes and happens instantly, but the account may remain visible in your profile for three to five business days.
- You can close the account through the Bank of America website or mobile app without calling customer service or visiting a branch.
- Closing a savings account does not affect any other accounts you have with Bank of America, including checking accounts or credit cards.
How to close your savings account through the website
Log into your Bank of America account online and go to the Accounts section. Select the savings account you want to close. Look for a menu or settings option — this is usually three dots or a gear icon near the account name. Select "Close Account" or "Account Services" and then "Close This Account."
Bank of America will show you a confirmation screen that lists the account number, current balance, and any pending transactions. If the balance is not zero, you cannot proceed. Transfer the remaining balance to another Bank of America account or to an external account using a transfer or withdrawal. Once the balance is zero, return to the close account screen and confirm the closure.
After you confirm, the system will ask why you're closing the account — this is optional, but Bank of America uses the feedback to improve their service. You'll see a final confirmation message with a reference number. Take a screenshot or note this number in case you need to reference the closure later.
How to close your savings account through the mobile app
Open the Bank of America mobile app and tap the account you want to close. Scroll down and look for "Account Services" or a menu icon. Tap "Close Account" or "Manage Account." The app will show your current balance and any pending activity.
If your balance is zero, confirm the closure by tapping the final confirmation button. The app will display a confirmation number. If you have a balance, you'll need to transfer it out first using the transfer feature in the app, then return to close the account once it reaches zero.
Closing through the app works the same way as the website — it's instant, and you don't need to call or visit a branch. The account will stop accepting deposits immediately, though it may take a few business days to fully remove from your app.
What to do if you have a balance in the account
Before you can close the account, the balance must be zero. You have two options: transfer the money to another Bank of America account, or transfer it to an external bank account.
To transfer to another Bank of America account, use the transfer feature in your online banking or app. Select the savings account as the source and choose your checking account or another savings account as the destination. The transfer is usually instant. Once the balance is zero, go back and close the account.
To transfer to an external account, use the external transfer or bill pay feature. This takes one to three business days depending on the receiving bank. You can also withdraw the money in cash at a Bank of America ATM or branch, but this only works if the balance is small enough to carry. Once the transfer or withdrawal clears and the balance shows zero, you can close the account online.
What happens to pending transactions before closure
If you have a pending deposit, transfer, or withdrawal, you cannot close the account until that transaction completes. Bank of America will show you the pending activity on the close account screen and tell you to wait. Pending transactions usually clear within one to two business days.
If you have automatic transfers set up — for example, a monthly transfer from checking to savings — cancel those before you close the account. You can do this in the transfer settings or by calling customer service. If you don't cancel them, the transfer may fail after the account closes, which could trigger an overdraft fee on your checking account.
Scheduled bill payments or direct deposits to the savings account will also fail after closure. If you have direct deposit set up to this account, update your employer's payroll system to send your paycheck to a different account before you close.
What to know about account closure timing and records
The closure is final once you confirm it online — you cannot undo it through the website or app. If you change your mind immediately, call Bank of America customer service and ask if they can reopen it. They may be able to do so within a short window, usually 24 to 48 hours, but this is not may provide.
The account will stop accepting deposits and withdrawals right away. It may take three to five business days for the account to fully disappear from your online banking profile and mobile app. During this time, if you try to transfer money to the closed account, the transfer will fail and the money will be returned to the sending account.
Bank of America keeps records of closed accounts for your protection. If you need a statement or proof of closure later, you can request it by calling customer service or visiting a branch. They can provide documentation showing the account was closed and the final balance.
Why you might not be able to close online
If the close account option doesn't appear in your online banking or app, it usually means one of the following: the account has a balance, there are pending transactions, you have a credit line or overdraft protection linked to the account, or the account is flagged for review by Bank of America's fraud or compliance team.
If the account is linked to overdraft protection on a checking account, you'll need to remove that link first. Go to your checking account settings, find overdraft protection, and remove the savings account from the list. Then return to close the savings account.
If the account is flagged for review, you won't be able to close it online. Call Bank of America at the number on the back of your debit card or visit a branch. A representative can tell you why the account is flagged and whether it can be closed or if you need to wait.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
No. 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, and lines of credit — show up on your credit report. Closing a savings account has no impact on your creditworthiness.
What if I close my account and then want to reopen it?
You can open a new savings account with Bank of America at any time through their website, app, or a branch. However, if you closed the account within the last 90 days, Bank of America may require you to wait or may ask additional questions. If you think you might want the account back soon, call customer service before closing to ask about their reopening policy.
Do I need to close my account in person or can I do it entirely online?
You can close it entirely online through the website or mobile app. You do not need to visit a branch or call customer service unless the account has a problem that prevents online closure, such as a fraud flag or linked overdraft protection.
What happens to my debit card if I close my savings account?
Closing a savings account does not affect your debit card. Your debit card is linked to your checking account, not your savings account. The card will continue to work normally after you close the savings account.
Can I close the account if I have a negative balance?
No. If your account is negative, you owe Bank of America money. You must bring the balance to zero by depositing funds before you can close the account. If you don't pay the negative balance, Bank of America may close the account themselves and send the debt to collections.