How to close your PayPal Savings account
To close your PayPal Savings account, log into your PayPal account, go to your Wallet, select the savings account, and choose the option to close it. PayPal will transfer any remaining balance back to your linked PayPal balance or bank account within a few business days. You do not need to contact PayPal support unless the closure fails or your account has an outstanding balance.
The process takes about five minutes and does not affect your main PayPal account. If you have money sitting in the savings account, move it out first or let PayPal return it automatically when you close. There are no penalties for closing early, and you will not lose access to your PayPal wallet or payment history.
Key Takeaways
- Close your PayPal Savings account by logging in, navigating to your Wallet, selecting the savings account, and choosing close account from the menu.
- Any money in the savings account transfers back to your PayPal balance or linked bank account within a few business days at no cost.
- Closing the savings account does not close your main PayPal account or affect your ability to send and receive payments.
- If you cannot close the account through the app or website, contact PayPal support with your account email and they will close it for you.
Step-by-step closure through the PayPal app or website
Open PayPal on your phone or computer and sign in with your email and password. On the app, tap the menu icon (three horizontal lines) at the bottom right. On the website, look for your name or account icon in the top right corner and click it.
Find and tap or click Wallet. You will see a list of your linked accounts and cards. Look for the entry labeled "PayPal Savings" or "Savings Account." Tap or click on it to open the account details.
Once you are viewing the savings account, look for a menu icon (usually three dots or a gear icon) near the top or bottom of the screen. Tap or click it and select Close Account or Remove Account. PayPal will ask you to confirm. Read the confirmation message, then tap or click Close or Confirm.
PayPal will show you a confirmation screen with a reference number. Take a screenshot or write down this number in case you need to reference the closure later. The account is now closed.
What happens to your money when you close
Any balance in your PayPal Savings account automatically transfers to your main PayPal balance. This transfer happens within one to three business days. You can then withdraw that money to your linked bank account, use it to pay for purchases, or send it to another person through PayPal.
If you have a linked bank account on file, you can also request that PayPal send the balance directly to that account instead. During the closure process, PayPal will give you the option to choose where the money goes. If you do not select a destination, it goes to your PayPal balance by default.
There are no fees for closing the account or transferring your balance. PayPal does not charge a penalty for early closure, and you will not lose any interest you earned up to the date of closure.
Why you might want to close your PayPal Savings account
The interest rate on PayPal Savings accounts changes based on market conditions and your account history. If the rate drops below what you can earn elsewhere, moving your money to a different savings account or money market fund may make sense. You can compare rates at other banks or financial institutions before deciding to close.
Some people close their PayPal Savings account because they prefer to keep all their money in one place, such as their primary bank account. Others close it because they no longer use PayPal regularly or want to simplify their financial accounts. There is no penalty for any of these reasons.
If you are closing because of a problem with the account—such as unauthorized activity or a dispute—contact PayPal support before closing. They can investigate the issue and may be able to resolve it without requiring you to close the account.
If you cannot close the account yourself
If the close account option does not appear in your Wallet, or if you get an error message when you try to close, your account may have a hold or outstanding balance. PayPal sometimes prevents closure if there is a pending transaction, a dispute, or a negative balance.
Contact PayPal support through the app or website. Go to Help & Contact, search for "close account," and select the option to message PayPal. Have your account email address ready. Explain that you want to close your savings account and describe any error message you received. A support agent will review your account and either close it for you or explain what needs to happen first.
Response times vary, but PayPal usually replies within 24 to 48 hours. If you need faster help, you can also call PayPal's phone line, though wait times are often longer than messaging.
The difference between closing savings and closing your main PayPal account
Closing your PayPal Savings account does not close your main PayPal account. You will still be able to send money, receive payments, make purchases, and use PayPal's other features. Your payment history, linked cards, and bank accounts stay active.
If you want to close your entire PayPal account instead, that is a separate process. You would need to go to your Account Settings, find the option to close your account, and follow those steps. Closing your main account is permanent and takes longer to process—usually 180 days. During that time, PayPal holds your account in a closed state but does not fully delete it.
Most people who want to stop using PayPal Savings just close that one account and keep their main PayPal account open. This gives you the flexibility to use PayPal for payments later if you need to.
What to do after you close your account
Once your savings account is closed, check your main PayPal balance within a few days to confirm the transfer arrived. If you requested a bank transfer, watch your bank account for the deposit. Bank transfers usually take one to three business days, depending on your bank.
If you moved your money to your PayPal balance and want to withdraw it to your bank account, go to your Wallet, select your linked bank account, and choose Withdraw. Enter the amount and confirm. The money will arrive in your bank account within one to three business days.
Keep the confirmation number from the closure for your records. If PayPal ever asks about the account or if you need to prove it was closed, you can reference this number.
Frequently Asked Questions
Can I reopen my PayPal Savings account after I close it?
Yes. If you close your savings account and later change your mind, you can open a new one by going to your Wallet and selecting the option to add a savings account. You will need to link a bank account and agree to the terms again. Your old account data will not transfer, but you can start fresh with a new account.
Will closing my savings account hurt my credit score?
No. PayPal Savings accounts are not credit products and do not appear on your credit report. Closing the account has no effect on your credit score or credit history. You can close it without worrying about any impact to your credit.
What if I have pending transactions in my savings account?
Wait for all pending transactions to complete before closing. If you try to close while a transaction is in progress, PayPal will block the closure. Check your transaction history to make sure nothing is pending, then try closing again.
Do I lose my interest earnings if I close early?
No. You keep all interest you earned up to the date you close the account. PayPal calculates interest daily and deposits it into your account, so it becomes part of your balance before the closure happens. You will receive that interest when your balance transfers.
How long does it take for my money to arrive after I close?
Money transfers to your PayPal balance within one to three business days. If you request a transfer to your bank account, add another one to three business days for your bank to process the deposit. Weekends and holidays may extend these timelines.