Yes, you can close a Bank of America savings account online through your account settings
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: you log in, navigate to your account settings, and request closure. The bank will then walk you through what happens to any remaining balance and confirm the closure.
Before you start, make sure your account balance is zero or that you are ready to transfer or withdraw the money. Bank of America will not close an account with a balance still in it. If you have pending transactions or automatic deposits set to hit that account, cancel or redirect those first — otherwise they may bounce or cause problems after closure.
Key Takeaways
- You can close a Bank of America savings account online through the website or mobile app by going to account settings and selecting the closure option.
- Your account balance must be zero before closure; transfer or withdraw any remaining money first.
- Cancel or redirect any automatic deposits, transfers, or bill payments tied to the account before you close it.
- Closure is usually final within one to three business days, and the account will stop accepting transactions immediately.
- If you cannot close the account online for any reason, you can call Bank of America or visit a branch to complete the closure.
Steps to close your savings 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 — it will be listed under your accounts. Look for a settings or options menu, usually shown as three dots or a gear icon next to the account name.
Select "Close Account" or "Account Services" and then "Close This Account." Bank of America will show you the account balance and ask you to confirm. If there is money in the account, you will see a prompt to transfer it out or withdraw it before proceeding. Complete that step, then confirm the closure request.
You will receive a confirmation message on screen and via email. The account will close within one to three business days. After closure, you will no longer be able to use the debit card, make transfers to or from the account, or access it through online banking.
What to do with your remaining balance
If your savings account has money in it, you must move that balance before the account closes. You have two options: transfer the money to another Bank of America account you own, or withdraw it as cash.
To transfer online, go to the account settings and select "Transfer Funds." Choose the receiving account (checking, another savings account, or a money market account) and enter the amount. The transfer usually completes the same day or the next business day. If you want to withdraw the money instead, visit an ATM or a branch and withdraw the full balance in cash.
Canceling automatic payments and deposits before closure
Before you close the account, check whether any automatic deposits, bill payments, or transfers are set to use that savings account. If you have direct deposit going to this account, you will need to change it to another account or employer. If you have automatic bill payments or transfers scheduled, cancel them or redirect them to a different account.
Log into your Bank of America account and go to "Transfers & Payments" or "Bill Pay." Look for any recurring transactions tied to the savings account you are closing. Delete or edit each one. This prevents payments from bouncing or deposits from failing after the account closes.
What happens if you cannot close the account online
Some accounts cannot be closed through the website or app — for example, if there is a hold on the account, if it is linked to a credit product, or if there is a dispute pending. In these cases, you will see a message explaining why closure is not available online.
Call Bank of America at the number on the back of your debit card or visit a local branch with your ID. A representative can close the account for you or explain what needs to happen before closure is possible. If there is a hold, the bank will tell you when it will be lifted. If the account is linked to another product, you may need to close that product first.
Timeline and what to expect after closure
Once you request closure online, the account will close within one to three business days. During that time, the account is still active but flagged for closure. Do not attempt to use the account or make transactions — they may be rejected or cause delays.
After closure is complete, you will not receive statements for that account anymore. If you need a record of transactions for tax or record-keeping purposes, download or print your statements before you close the account. Bank of America keeps records of closed accounts, but it is easier to save them yourself while you still have access.
Reasons you might want to close a savings account
People close savings accounts for different reasons: they are consolidating accounts at one bank, switching to a different bank entirely, or they opened the account by mistake. Whatever your reason, closing an unused account can simplify your banking and reduce the number of statements and accounts you have to track.
If you are closing because you are unhappy with the interest rate or fees, consider whether transferring the money to a different Bank of America savings product might work instead. Some savings accounts earn higher interest than others, and some have no monthly fees. A branch representative or the website can show you what options are available to you.
Frequently Asked Questions
Will closing my savings account hurt my credit?
No. Closing a savings account does not affect your credit score 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. You can close a savings account without any impact on your credit.
What if I close my account and then need to access it again?
Once closed, the account cannot be reopened. If you change your mind, you will need to open a new savings account. You can do this online or at a branch. The new account will have a different account number, so make sure to update any automatic transfers or deposits if you had them set up.
Can I close my savings account if I have a negative balance?
No. If your account is overdrawn or has a negative balance, you must pay the amount owed before closure. Bank of America will not close an account with a debt. Contact the bank to find out the exact amount due, then deposit funds to bring the balance to zero.
Do I need to close my debit card when I close my savings account?
Not necessarily. If your debit card is linked to a checking account, it will continue to work after you close the savings account. If the debit card is linked only to the savings account you are closing, it will stop working. Bank of America will tell you which accounts your card is tied to when you request closure.
How long does it take to close a Bank of America savings account?
The closure request is processed within one to three business days. The account will be flagged for closure immediately after you submit the request online, but it remains active until the closure is complete. You will receive an email confirmation when the account is fully closed.