How to close your Bank of America savings account
You can close a Bank of America savings account in three ways: visit a branch in person, call customer service, or use online banking if you have a linked checking account. The fastest method is in-person at any Bank of America branch — you'll walk out with confirmation the same day. By phone, expect to wait on hold and answer security questions, but the call takes about 15 minutes. Online closure works only if you're closing the savings account while keeping a checking account open at the same bank.
Before you close, withdraw or transfer any remaining balance. Bank of America will not hold your money; if there's a balance when the account closes, they'll send it to you by check or transfer it to a linked account. You should also check for pending transactions, automatic deposits, or bill payments tied to that account number — those will fail once the account is closed.
Key Takeaways
- You can close a Bank of America savings account at a branch, by phone at 1-800-432-1000, or online if you have a linked checking account.
- Withdraw or transfer your full balance before closing; Bank of America will not keep money in a closed account.
- Cancel any automatic transfers, bill payments, or direct deposits connected to the savings account number before you close it.
- In-person closure at a branch gives you same-day confirmation; phone and online closure may take one to two business days to process.
- You do not need a reason to close the account, and Bank of America does not charge a fee to close a savings account.
Closing in person at a Bank of America branch
Bring your ID and debit card or account number. Tell the teller you want to close your savings account. They will pull up your account, confirm the balance, and ask how you want the money handled — you can take a cashier's check, transfer it to another account, or receive a regular check by mail. The account closes immediately, and you'll receive a written confirmation.
If your account has a balance of more than $10,000, the teller will file a Currency Transaction Report (CTR) with the federal government — this is routine and not a sign of wrongdoing. The closure itself is not delayed by this report.
Closing by phone
Call Bank of America customer service at 1-800-432-1000. Have your account number and ID ready. The representative will verify your identity by asking for your Social Security number, date of birth, and answers to security questions you set up when you opened the account. Tell them you want to close your savings account.
Ask the representative how they will handle your balance — they can transfer it to a linked Bank of America account, mail you a check, or in some cases initiate an external transfer. Confirm the method before you hang up. The account typically closes within one to two business days. Request written confirmation by email or mail so you have a record.
Closing online through Bank of America digital banking
Log into your Bank of America online account or mobile app. This method works only if you have a checking account open at Bank of America in addition to the savings account you're closing. Go to the account settings or account management section and look for "Close Account" or "Account Services."
You'll need to transfer your savings balance to your checking account first — Bank of America will not let you close an account with a balance through the app. Once the transfer is complete, follow the prompts to close the savings account. The closure takes one to two business days. You'll receive an email confirmation when it's done.
What to do before you close
Stop any automatic transfers out of the savings account. If you have a recurring transfer set up to move money from checking to savings, or from savings to another bank, cancel it through your online banking or by calling customer service. Transfers scheduled after the account closes will fail and may trigger overdraft fees on your checking account.
Check for automatic deposits going into the savings account — for example, a direct deposit of a tax refund or insurance payment. Update the deposit destination to your checking account or another bank account before you close. Remove the savings account as a payment method from any bills or subscriptions. If a bill tries to pull from a closed account, it will be rejected and may result in a late payment.
Review your last few statements to make sure there are no pending transactions. Some transactions take several days to clear, and closing the account before they post can cause problems. Wait at least three to five business days after your last transaction before closing if you want to be safe.
What happens to your money when you close
Bank of America does not keep money from closed accounts. If there's a balance, you choose how to receive it during the closure process. If you choose a mailed check, it typically arrives within five to seven business days. If you transfer the balance to another Bank of America account, the transfer is immediate. If you request an external transfer to another bank, it may take one to three business days depending on the receiving bank.
If you close the account and forget to specify what to do with the balance, Bank of America will mail you a check to the address on file. This can take two to three weeks. To avoid delay, always confirm the payout method before you complete the closure.
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, lines of credit — impact your credit history. Closing a savings account is a routine banking action with no credit consequences.
Can I reopen a Bank of America savings account after I close it?
Yes. You can open a new savings account at any time. However, if you closed the account due to a dispute or problem, Bank of America may flag your account history. If you had overdrafts or other issues, ask the bank whether there are any restrictions before you try to open a new account.
What if I have a pending direct deposit scheduled to hit after I close?
The deposit will be rejected and returned to the sender. Contact your employer or the organization sending the deposit and provide your new account number before the close date. If the deposit is already rejected, the sender will usually resend it once you give them the correct account information.
Do I need to close my checking account too?
No. You can close only the savings account and keep your checking account open. Many people do this. Just make sure you've transferred any automatic payments or transfers away from the savings account before you close it.
How long does it take for a Bank of America savings account to fully close?
In-person closure at a branch is immediate — the account closes the same day. Phone and online closures take one to two business days. You'll receive written confirmation once the closure is complete. If you requested a mailed check, add five to seven business days for delivery.