Call Discover or use their online portal to close your account
You can close a Discover savings account in two ways: by phone or through your online account. Call Discover Bank at 1-800-347-2000 and tell them you want to close your savings account. They will verify your identity, confirm your account details, and process the closure. Alternatively, log into your Discover account online, navigate to Account Settings or Help & Support, and look for the option to close your account. Some account closures can be completed immediately online; others require a phone call to confirm.
Before you close, make sure your account balance is zero or transfer any remaining funds to another bank account. Discover will not close an account with a positive balance until the money is moved. If your account is overdrawn (negative balance), you must pay the full amount owed before closure is complete.
The closure typically takes effect within one to three business days after you initiate it. You will receive a confirmation email or letter. Keep this confirmation for your records in case you need to reference the closure date later.
Key Takeaways
- You can close your Discover savings account by calling 1-800-347-2000 or through your online account portal.
- Your account balance must be zero before closure — transfer or withdraw any remaining funds first.
- If your account is overdrawn, you must pay the full negative balance before Discover will close the account.
- Account closure takes one to three business days and you will receive written confirmation.
- Keep your closure confirmation for your records, especially if you had automatic transfers or recurring payments tied to the account.
Transfer your money before you call
Do not wait until after you close the account to move your money. Transfer your balance to another bank account — either another savings account you own or a checking account — before you initiate closure. You can do this through Discover's online banking platform by setting up an external transfer, or you can withdraw the funds as a check or debit card cash withdrawal.
External transfers from Discover to another bank typically take one to two business days. If you are in a hurry, withdraw the money as cash or request a cashier's check from Discover, which you can deposit at your other bank immediately. Do not close the account until you confirm the money has arrived in your new account.
What happens to automatic payments and direct deposits
If you have set up automatic bill payments or recurring transfers from your Discover savings account, those will stop working once the account closes. You need to update or cancel these before closure. Log into your Discover account and review the Transfers or Payments section to see what is scheduled.
If you receive direct deposits into this Discover account — for example, a paycheck or government benefit — you must update your employer or the paying organization with your new bank account information before you close. Direct deposits sent to a closed account may be returned to the sender, and you could miss a payment. Contact your employer's payroll department or the organization sending the deposit and provide them with your new account number and routing number.
Confirm there are no holds or pending transactions
Before you close, check your account for any pending transactions or holds placed by Discover. Pending transactions are payments or transfers that have been initiated but not yet completed. Holds are temporary blocks on your funds, often placed when you make a purchase with a debit card or when Discover is investigating a dispute.
Log into your account and review your recent activity. If you see pending items, wait for them to clear before closing. If there is a hold on your account, contact Discover to find out why and how long it will remain. You cannot close the account while a hold is active.
Understand what happens after closure
Once your Discover savings account is closed, you will no longer earn interest on any balance. You cannot reopen the same account — if you want a Discover savings account in the future, you will need to open a new one. Your account history and statements will remain available online for a limited time after closure, typically 12 to 24 months, so download or print any statements you need for tax or record-keeping purposes.
If you have a Discover debit card linked to this savings account, that card will continue to work as long as you have another Discover account open (such as a checking account). If this is your only Discover account, your debit card will be deactivated when the account closes.
Reasons to close and alternatives to consider
People close Discover savings accounts for different reasons: low interest rates, poor customer service, consolidating accounts at another bank, or simply no longer needing the account. Before you close, consider whether you might want to keep it open. Discover savings accounts have no monthly fees, no minimum balance requirement, and no penalty for closing, so there is no cost to keeping it open if you might use it later.
If your reason for closing is a low interest rate, check Discover's current savings rate before you go — rates change frequently and Discover sometimes offers competitive rates. If you are moving to another bank for higher rates, compare the rates at your new bank to make sure the difference is worth the effort of closing and opening a new account.
Frequently Asked Questions
Can I close my Discover savings account online without calling?
Some account closures can be completed entirely online through your Discover account portal, but many require a phone call to verify your identity and confirm the closure. Try the online method first — if it does not work, you will be directed to call 1-800-347-2000.
What if I have a negative balance when I try to close?
You must pay the full amount owed before Discover will close the account. You can pay online through your account, by phone, or by mailing a check. Once the negative balance is paid, you can proceed with closure.
How long does it take for my account to fully close?
Closure typically takes one to three business days after you initiate it. You will receive confirmation via email or mail. If you do not see confirmation within a week, call Discover to confirm the account is closed.
Will closing my account hurt my credit score?
Closing a savings account does not directly affect your credit score because savings accounts are not reported to credit bureaus. Your credit score is based on credit accounts like credit cards and loans, not deposit accounts.
Can I reopen the same account after I close it?
No, once you close a Discover savings account, that specific account cannot be reopened. If you want a Discover savings account in the future, you will need to open a new account with a new account number.