Call Discover or use their online portal to close your account

You can close a Discover savings account by phone or through your online banking dashboard. Call Discover Bank at 1-800-347-2000 and tell them you want to close the account, or log into your account online, navigate to Account Settings, and select the option to close. Discover will ask you to withdraw or transfer any remaining balance before the account closes—they will not close an account with money still in it.

The process takes a few minutes by phone. Online closure may take up to one business day to process. Either way, Discover will send you written confirmation of the closure within 5 to 10 business days.

Key Takeaways

  • You must withdraw or transfer your full balance before Discover will close the account; they cannot close an account that still holds money.
  • Phone closure (1-800-347-2000) is fastest and takes a few minutes; online closure through your dashboard takes up to one business day.
  • Discover sends written confirmation by mail within 5 to 10 business days after closure is complete.
  • If you have pending transactions or scheduled transfers, wait for them to clear before closing, or they may fail after the account closes.

Move your money before you close

Before you call or submit a closure request, move all money out of the account. You can transfer funds to another bank account you own using Discover's online transfer tool, or withdraw cash at an ATM or Discover branch. If you have a small balance and want Discover to handle it, ask during the closure call—some representatives can arrange a check mailed to your address, though this adds 7 to 10 business days to the process.

Check your account for any pending deposits or automatic transfers scheduled to arrive after you close. If you have a direct deposit set up, update your employer or benefits provider with your new bank account information before closing, or your next deposit will fail and bounce back to the sender.

What happens to your account after closure

Once Discover closes your account, you lose access to it immediately. You cannot log in, make transfers, or receive deposits. Any automatic bill payments or recurring transfers linked to that account will fail. If you set up automatic payments through a biller (like a utility company or loan servicer) that pulls from your Discover account, contact those billers and give them your new bank account number before closing.

Discover keeps records of your closed account for your file. If you need a statement or transaction history after closure, you can request it by phone or through their website for up to seven years.

Reasons to close and what to consider first

People close Discover savings accounts for several reasons: switching to a bank with higher interest rates, consolidating accounts at one institution, or simply no longer needing the account. Before you close, consider whether you use any other Discover products tied to the same login—closing one account does not affect others, but it is worth confirming you can still access what you need.

If you are closing because of low interest rates, check Discover's current rates first. They change frequently, and the rate may have improved since you opened the account. If you are closing to move to another bank, compare the new bank's fees, minimum balance requirements, and withdrawal limits against Discover's, so you are not surprised by different terms.

If you have a linked Discover checking account

Closing a Discover savings account does not close your checking account, and vice versa. If you use both, you can close just the savings account and keep the checking account open. However, if the checking account is your only remaining account with Discover and you want to close that too, follow the same process: move your money out and call or use the online portal to request closure.

If you have scheduled transfers between your Discover checking and savings accounts, those will fail once the savings account closes. Update any automatic transfers or bill payments that depend on either account before you close.

What to do if you cannot reach Discover or the closure fails

If you call and cannot reach a representative, try again during business hours (Monday through Friday, 8 a.m. to 11 p.m. Eastern Time; Saturday and Sunday, 10 a.m. to 7 p.m. Eastern Time). If the online closure tool does not work or shows an error, clear your browser cache and try again, or call instead.

If Discover refuses to close the account, the most common reason is that you still have a balance in it. Withdraw or transfer every cent, then try again. If there is a different issue—such as a fraud hold or pending investigation—Discover will explain it during the call. In rare cases, you may need to wait for that issue to resolve before closure is possible.

Frequently Asked Questions

Will closing my Discover savings account hurt my credit score?

No. Closing a savings account does not affect your credit 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. Discover may note the closure in your banking history with them, but this does not impact your credit score.

Can I reopen a Discover savings account after I close it?

Yes, you can open a new Discover savings account at any time, even if you closed one before. You will go through the same signup process as a new customer. However, you will not recover the old account or its history—that account is permanently closed. If you need statements from the old account, request them before you close.

What if I have a pending deposit that arrives after I close?

If money is deposited to a closed account, Discover will hold it and contact you. You can request that they return it to the sender or transfer it to another account you own. This process can take 5 to 10 business days. To avoid this, update any direct deposits or automatic transfers to your new account before you close.

Do I need to close the account in person at a branch?

No. Discover Bank is an online-only bank and does not have branches where you can close an account in person. You must close by phone or through your online dashboard. If you need to withdraw cash before closing, use any ATM that accepts Discover cards, or visit a Discover-affiliated ATM network location.

How long does it take for Discover to send me a confirmation letter?

Discover mails written confirmation within 5 to 10 business days after the account closes. If you need proof of closure sooner, ask for it during your closure call—the representative can provide a reference number or send an email confirmation immediately.