Call Discover or use their online portal to close your account
You can close a Discover High Yield Savings account in two ways: by phone or through your online account. The fastest route is usually the phone line — call Discover at 1-800-347-2000 and tell them you want to close the account. They will ask why you are leaving and confirm your identity, then process the closure on the spot. The account closes within one to three business days.
If you prefer not to call, log into your Discover account online, go to Account Settings, and look for the option to close the account. You will need to confirm your request and may receive a follow-up email asking you to verify. Online closure takes the same amount of time as a phone closure, but you will not get immediate confirmation the way you do on a call.
Before you close, make sure your account balance is zero. Discover will not close an account that still holds money. If you have funds in the account, transfer them to another bank account first — you can do this through ACH transfer, which usually takes one to two business days.
Key Takeaways
- Phone closure at 1-800-347-2000 is the fastest way to close your account and gives you immediate confirmation.
- You must transfer your balance to zero before Discover will close the account; they will not close it with money still inside.
- Account closure takes one to three business days after you request it, whether you call or use the online portal.
- Discover will send you a final statement showing the account closure and any interest paid through the closing date.
- If you have a linked external bank account for transfers, that link will be removed when the account closes.
Transfer your money before you request closure
Discover requires a zero balance before they will close your account. If you still have money in the savings account when you call or submit an online closure request, Discover will deny the request and ask you to empty the account first.
To transfer your balance, log into your Discover account and select the transfer option. You can transfer to any external bank account you have already linked to your Discover profile. If you have not linked an external account yet, you will need to add one before you can move the money. Discover will ask for your routing number and account number, which you can find on a check or by logging into your other bank's website.
ACH transfers from Discover to another bank usually take one to two business days. Plan for this delay before you call to close the account. If you are in a hurry, confirm the transfer has landed in your other bank before you request closure.
What happens to your interest and final statement
Discover pays interest on your balance through the day your account closes. If you close mid-month, you will receive interest for the days you held the account that month. This interest will be deposited into your account before closure, so you will need to transfer that money out as well.
After the account closes, Discover will mail you a final statement showing the account closure date and the total interest paid for the year. Keep this statement for your tax records if you earned more than $10 in interest during the year — you may need it when you file your taxes, since Discover will also send a 1099-INT form to the IRS if your interest exceeded that threshold.
Linked accounts and automatic transfers will stop
If you set up automatic transfers from another bank into your Discover savings account, those transfers will stop when the account closes. Discover will not process any scheduled transfers after the closure date. If you have automatic transfers set up, cancel them before you close the account, or they may fail and trigger an error at your other bank.
The same applies to any external bank accounts you linked to Discover for outgoing transfers. Those links will be deleted when your account closes. If you plan to open another Discover account later, you will need to re-link your external bank accounts.
Reasons Discover might refuse to close your account
Discover will not close an account if your balance is not zero. They will also refuse closure if there is a pending dispute or if you have an outstanding debt to Discover (for example, an overdraft fee that has not been paid). If Discover tells you they cannot close your account, ask them to explain the specific reason — it will be one of these three.
If you have a pending dispute on a transaction, you will need to wait for Discover to resolve it before closing. This can take 10 business days or longer. If you owe a fee, you must pay it first. Once the dispute is resolved or the fee is paid, you can request closure again.
What to do if you want to reopen the account later
Once your Discover savings account is closed, you cannot reopen the same account. If you change your mind later, you will need to open a new account. Discover will treat it as a brand-new account with a new account number, even though you are using the same Discover login.
There is no waiting period — you can open a new Discover High Yield Savings account immediately after closing the old one. Your previous account history will still be visible in your Discover login under closed accounts, but the new account will be separate. Interest rates and terms may have changed since you closed the first account, so check the current rate before you open a new one.
Frequently Asked Questions
Can I close my account online without calling?
Yes. Log into your Discover account, go to Account Settings, and select the option to close the account. You will receive a confirmation email. The process takes the same one to three business days as a phone closure, but you will not get real-time confirmation the way you do when you call.
What happens to my debit card when I close the account?
Discover will deactivate your debit card when the account closes. If you have not already destroyed the card, it will stop working within a few days. You do not need to do anything — Discover handles the deactivation automatically.
Will closing the account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts do not appear on your credit report. Only credit accounts — credit cards, loans, lines of credit — show up on your credit history. Discover savings accounts are deposit accounts, not credit accounts.
How long does it take to get my money back after I transfer it?
ACH transfers from Discover to another bank take one to two business days. Weekends and holidays do not count as business days, so a transfer requested on Friday may not land until Tuesday. Check your other bank's account to confirm the money arrived before you close your Discover account.
Can I close the account if I still owe Discover money?
No. If you have an outstanding fee or debt to Discover, you must pay it before they will close your account. Once the debt is paid, you can request closure. Ask Discover what the outstanding balance is if you are not sure.