You can close one account and keep the other open
No, you do not have to close both accounts at the same time. Most banks let you close a checking account while keeping your savings account active, or close savings while keeping checking open. The two accounts are separate in the bank's system, and closing one does not automatically close the other.
However, some banks tie accounts together for overdraft protection or linked transfers. Before you close either account, check whether the bank uses one to cover shortfalls in the other. If it does, closing the checking account might remove that safety net from your savings account, or closing savings might leave your checking without a backup source of funds.
The process for closing each account is the same whether you close them together or separately: you contact the bank, confirm there is no outstanding balance or pending transactions, and request closure. The bank will send you a final statement and close the account within a few business days.
Key Takeaways
- You can close a checking account and keep savings open at the same bank, or vice versa, without closing both.
- Check whether your bank links the accounts for overdraft protection or automatic transfers before closing either one.
- Closing one account does not affect the other account's status, balance, or access unless the bank has a specific linking feature.
- If you want to close both accounts, you can do so in the same conversation with the bank, but you are not required to.
When a bank links checking and savings together
Some banks automatically link a checking account to a savings account for overdraft protection. This means if your checking account balance drops below zero, the bank transfers money from your linked savings account to cover the shortfall. If you close the checking account without understanding this setup, your savings account loses that connection but remains open and unaffected otherwise.
Other banks use linked accounts for convenience features like automatic transfers on a set schedule—for example, moving $50 from checking to savings every payday. If you close the checking account, those transfers stop, but your savings account stays open with whatever balance it holds.
Before you close either account, log into your online banking or call the bank and ask: "Are my checking and savings accounts linked for overdraft protection or automatic transfers?" The answer will tell you whether closing one account changes how the other one works.
How to close one account without closing the other
Contact your bank by phone, in person, or through online banking and say you want to close your checking account (or whichever one you are closing). The bank will ask whether you want to close all accounts or just that one. Tell them you are keeping your savings account open.
The bank will then walk you through the steps for that single account: confirming the balance is zero or arranging a transfer of any remaining funds, checking for pending transactions or automatic payments linked to that account, and scheduling the closure. This usually takes three to five business days after you request it.
Your savings account will not be affected. You can continue to use it, deposit money into it, and withdraw from it as normal. If the bank had overdraft protection set up between the accounts, that feature will stop working once the checking account closes, but your savings balance and access remain unchanged.
What happens to automatic payments and direct deposits
If you have automatic bill payments or direct deposit set up on the account you are closing, you must redirect them before closure. The bank will not automatically move these to your other account. If you close the checking account and a bill payment tries to process after closure, the payment will fail and you may face late fees from the company you owe.
Log into your online banking or call the companies that send you direct deposits (your employer, for example) and update your account information to point to your savings account instead. For automatic bill payments, log into each biller's website or call them to change the account number. Allow at least one to two weeks for these changes to take effect before the checking account closes.
If you are keeping the checking account open and closing only savings, you do not need to move anything—savings accounts typically do not have bill payments or direct deposits attached to them.
Closing both accounts at the same time
If you decide you want to close both accounts, you can do so in a single phone call or visit. Tell the bank you want to close both your checking and savings accounts. The bank will handle both closures in the same process, and you will receive one final statement showing the closure of both accounts.
The timeline is the same: three to five business days after you request closure. Make sure both accounts have zero balances or arrange for any remaining funds to be transferred out or sent to you as a check. If either account has pending transactions, the bank will wait for those to clear before closing.
Closing both accounts at once can be simpler if you are moving to a different bank entirely and do not need to keep any accounts at your current bank. However, if you think you might need to access funds from one account later, keeping one open gives you that option.
If you want to keep one account but are unsure which
Consider which account you use more often. If you use checking for everyday purchases and bill payments, keeping that one open makes sense. If you use savings primarily to hold money you do not touch regularly, keeping savings open might be better.
Think about whether you receive direct deposits. If your paycheck goes into checking, you will need to update that with your employer if you close checking. If it goes into savings, you will need to update it if you close savings. Whichever account receives your income is usually the one worth keeping.
Also consider whether you have overdraft protection set up. If your bank covers overdrafts from savings to checking, closing savings removes that safety net. If you close checking, you lose the overdraft feature but your savings stays intact. Decide which protection matters more to you, or whether you want to remove overdraft protection entirely before closing either account.
Frequently Asked Questions
Will closing my checking account hurt my credit score?
No. Closing a checking account does not appear on your credit report and does not affect your credit score. Credit scores are based on credit history—loans, credit cards, and payment history—not on bank accounts. Closing savings or checking has no impact on your credit.
Can I reopen an account after I close it?
Most banks will let you reopen a closed account within 30 to 90 days, though policies vary. If you close an account and then change your mind, contact the bank right away. After that window closes, you will likely need to open a new account instead, which may have different terms or fees than the original.
What if I have a negative balance in one account?
You cannot close an account with a negative balance. You must deposit enough money to bring the balance to zero before the bank will close it. If you do not have the funds, ask the bank whether you can transfer money from your other account to cover the shortfall, then close the negative account.
Do I lose my debit card when I close checking but keep savings?
Yes. Your debit card is tied to your checking account. When you close checking, the debit card stops working. If you keep your savings account open, you can request a debit card for that account, though not all banks offer debit cards on savings accounts. Ask your bank what options are available.
Can the bank close one of my accounts without permission?
Banks can close accounts for inactivity, suspected fraud, or violation of account terms, but they must notify you first. If your bank closes an account, you will receive written notice explaining why. If you believe the closure was a mistake, contact the bank to dispute it, though the decision is usually final.