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
Bank of America lets you close a savings account through their website or mobile app without visiting a branch. The fastest route is logging into your account, navigating to account settings, and selecting the close account option. However, you must have a zero balance first — if money remains, you transfer it out before closing. If your savings account is linked to a checking account or has automatic transfers set up, you may need to remove those connections before the system will let you close it.
The entire process typically takes a few minutes online, though the account may take one to three business days to fully close after you submit the request. If you run into trouble or your account has complications (like pending transactions or fraud holds), you can call Bank of America at 1-800-432-1000 to close it over the phone instead.
Key Takeaways
- Your savings account must have a zero balance before Bank of America will let you close it online.
- You close the account through your online banking dashboard under account settings or through the mobile app.
- Any linked transfers, automatic payments, or connections to other accounts should be removed before you attempt to close.
- The account closure takes effect immediately in your dashboard but may take one to three business days to fully process on Bank of America's end.
- If you cannot close it online due to pending transactions or account holds, phone support can close it for you.
Steps to close your savings account through online banking
Log into your Bank of America account at bankofamerica.com or open the mobile app. Navigate to the account you want to close and look for account settings or account details — the exact label varies depending on whether you are on desktop or mobile. Once you are in the account settings, you should see an option to close the account or manage the account.
Before you click close, confirm your balance is zero. If money is still in the account, transfer it to another Bank of America account or to an external bank account first. Bank of America will not let you proceed with closure if funds remain. After the balance is zero, select the close account option, review any confirmation messages, and submit. You will receive a confirmation on screen and typically via email within a few minutes.
Do not close the account if you have pending transactions, automatic bill payments coming out of it, or direct deposits going into it. Cancel or redirect those first. If your savings account is linked to a checking account for overdraft protection or transfers, remove that link before closing — you can do this in the linked accounts section of your settings.
What happens to your money before closing
Any balance remaining in your savings account must go somewhere before closure. You have two options: transfer it to another Bank of America account you own, or transfer it to an external bank account. To transfer within Bank of America, use the transfer feature in your dashboard — select the savings account as the source and your checking account (or another savings account) as the destination. The money moves immediately or within one business day depending on the time of day you initiate it.
To transfer to an external bank, you need the routing number and account number of the receiving bank. Bank of America calls this an external transfer. These typically take one to three business days to complete. Do not close your savings account until the transfer has finished and the money appears in the receiving account — if you close before the transfer clears, the transaction may fail and you could lose track of the funds.
Removing linked accounts and automatic payments
If your savings account is set up to receive direct deposits, send automatic bill payments, or transfer money to or from another account, you must stop or redirect these before closing. Log into your account and find the transfers or bill pay section. For automatic bill payments, update each payee to pull from a different account instead, or cancel the payment if you no longer need it. For direct deposits (like paychecks), contact your employer or the organization sending the deposit and provide them with your new account number.
For linked transfers between your Bank of America accounts, go to the linked accounts section and remove the connection. If your savings account is linked to your checking account for overdraft protection, disable that feature before closing. Bank of America will not close the account if active links remain, and you will see an error message telling you which connections need to be removed.
What to do if you cannot close online
If the close account option does not appear in your settings, or if you get an error message, the account likely has a complication preventing closure. Common reasons include a pending transaction that has not cleared, a fraud hold or dispute in progress, a negative balance (meaning you owe money), or an active overdraft protection link. Check your account for any alerts or notifications explaining the hold-up.
Call Bank of America at 1-800-432-1000 to speak with a representative who can close the account over the phone. Have your account number ready and be prepared to explain why you are closing it (though you do not have to give a reason). The representative can remove blocks, process the closure manually, and confirm the account is scheduled to close. This route typically takes 10 to 15 minutes and results in the same outcome as closing online.
Timeline for account closure and what to expect after
Once you submit the closure request online, your account is marked as closed in your dashboard immediately. However, Bank of America takes one to three business days to fully process the closure on their end. During this time, the account remains visible in your online banking but shows as closed. You will not be able to make deposits or withdrawals, and any pending transactions should clear during this window.
After the account is fully closed, it will disappear from your account list within a few days. Bank of America will send you a confirmation email with the closure date. Keep this email for your records. If you need documentation of the closure later (for tax purposes or to prove you no longer have the account), you can contact Bank of America and request a closure letter — they can mail or email this to you.
Reasons to close a savings account and alternatives
People close savings accounts for many reasons: switching to a different bank, consolidating multiple accounts, or simply not using the account anymore. Before you close, consider whether you might want to keep it. A second savings account can be useful for separating money for different goals, and Bank of America does not charge a monthly fee for most savings accounts. If you are closing because of low interest rates, you could instead transfer the balance to a high-yield savings account at another bank while keeping your Bank of America checking account open.
If you are closing because of fees, review your account type — some Bank of America savings accounts waive fees if you maintain a minimum balance or set up direct deposit. Contact Bank of America to ask whether you may have access to for a fee waiver before closing. If you are unhappy with customer service or want to move all your banking elsewhere, closing the account is straightforward, but make sure you have transferred any automatic payments or direct deposits to your new bank first.
Frequently Asked Questions
Can I close my savings account if I have a negative balance?
No. If your account is negative (you owe Bank of America money), you must pay the balance in full before closing. You can transfer funds into the account to bring it to zero, or call Bank of America to arrange payment. Once the balance is zero or positive, you can proceed with closure.
What if I close my account and then need to reopen it?
You can open a new savings account with Bank of America at any time, but it will have a different account number. The closed account cannot be reopened. If you think you might need the account later, consider leaving it open instead — there is no penalty for having an unused account.
Will closing my savings account affect my credit score?
No. Closing a savings account does not impact your credit score because savings accounts do not appear on your credit report. Only credit accounts (credit cards, loans, lines of credit) affect your credit. Closing a savings account is purely an account management action.
How long does it take for the account to disappear from my online banking?
The account shows as closed in your dashboard immediately after you submit the request, but it may take three to five business days to disappear from your account list entirely. During this time, you can still view the closed account if you need to reference old transactions or statements.
Can I close my account if I have pending direct deposits or bill payments?
Bank of America will not let you close the account while active transfers or bill payments are linked to it. You must cancel or redirect these to another account first. If you close the account with pending transactions, those transactions may fail or be rejected, and you could lose money or miss a payment.