Most banks let you close a savings account online, but the process and what happens next depends on your bank and whether your account has money in it
You can close many savings accounts through your bank's website or mobile app without calling or visiting a branch. The steps vary: some banks have a dedicated "close account" option in settings, others require you to transfer your balance to another account first, and a few still require a phone call or in-person visit even though they offer online banking.
Before you start, know that closing an account online works best when your account balance is zero or when you're moving money to another account at the same bank. If you have a balance, you'll need to decide where that money goes — back to a checking account, to another bank, or as a check mailed to you. Some banks won't let you close the account until the balance is handled.
Key Takeaways
- Most major banks allow you to close a savings account through their website or app, but the exact steps differ by bank.
- You must have a zero balance or transfer your money elsewhere before closing — banks will not close an account with money still in it.
- If your bank does not offer online closure, you can call customer service or visit a branch, and closure usually takes one to three business days.
- Check for any remaining fees, pending transactions, or automatic transfers linked to the account before you close it.
- After closure, keep your final statement and confirmation number in case you need proof the account was closed.
How to close your account through online banking
Log into your bank's website or mobile app and look for account settings, account management, or a help menu. Search for "close account" or "close savings account" — the wording varies by bank. Some banks put this option under "Account Services" or "My Accounts."
If you find the option, the bank will usually ask you to confirm your identity, review your account balance, and choose what to do with any remaining money. You may be able to transfer the balance to another account at the same bank instantly, or the bank may mail you a check. After you confirm, the account closes within one to three business days, and you'll receive a confirmation email or statement.
If you cannot find a close-account option after searching, your bank may not offer online closure for savings accounts. This is less common at large national banks but more common at smaller regional banks and credit unions. Move to the phone or branch option instead.
What to do if your bank does not offer online closure
Call your bank's customer service number — usually on the back of your debit card or on the bank's website. Tell them you want to close your savings account and ask what information they need. They will typically ask for your account number, the last four digits of your Social Security number, and confirmation of your current balance.
The representative will walk you through what happens to your money. If your account has a balance, you can ask for a check to be mailed to you, a transfer to another account at the same bank, or a transfer to an external account (which may take one to three business days). The account closes after the balance is handled, usually within one to three business days from the call.
If you prefer not to call, you can visit a branch in person with a photo ID and your debit card. A teller can close the account on the spot and handle your balance the same way. This is the fastest option if you need immediate confirmation.
Handling your account balance before closure
Your bank will not close an account that still has money in it. Before you start the closure process, decide where your balance goes. The most common options are transferring to a checking account at the same bank (usually instant), requesting a check by mail (typically five to ten business days), or transferring to an account at a different bank (one to three business days).
If you have a very small balance — sometimes under $25 — some banks will close the account and mail you a check for that amount without requiring you to transfer it first. Ask your bank about this when you call or start the online process.
Do not withdraw all your money in cash and then close the account. The bank needs to see a zero balance in the system, not just an empty account. Use the bank's transfer or check options instead.
Check for fees, pending transactions, and automatic payments
Before closing, review your recent statements to see if any automatic payments or transfers are linked to the account. Subscription services, bill payments, or regular transfers from another account may still be scheduled. If you close the account without updating these, the payments will fail and you may face late fees or service interruptions.
Log into any services that pull money from this account — streaming services, insurance companies, loan payments, or payroll direct deposit — and update them to use a different account or payment method. This takes a few minutes but prevents problems after closure.
Also check whether your bank charges a closure fee. Most do not, but some charge $25 to $50 if you close an account within a certain period (often 90 days to one year after opening). This fee may be waived if you ask, especially if you've been a customer for a long time.
What happens after your account closes
Once closed, the account no longer appears in your online banking dashboard. Your bank will send you a final statement showing the closing date and your final balance. Keep this statement for your records — it serves as proof the account was closed if you ever need it.
If you requested a check, it will arrive by mail within five to ten business days. If you transferred the balance to another account, the money appears there within one to three business days depending on whether it was an internal transfer or external transfer.
Closing a savings account does not affect your credit score or credit history. It may appear on your credit report as a closed account, but this has no negative impact. The account will eventually age off your report after several years of inactivity.
Reasons to keep a savings account open instead
Before you close the account, consider whether keeping it open makes sense. A savings account costs nothing to maintain if you have no monthly fees, and it gives you a separate place to set aside money without the temptation to spend it. If your bank waives fees for accounts with a low balance, you can keep the account open with $1 or $25 and use it later.
If you're closing because the interest rate is too low, compare rates at other banks first. Some online banks offer savings rates significantly higher than traditional banks — sometimes 4% to 5% annually compared to 0.01% at a brick-and-mortar bank. Moving your money to a higher-rate account rather than closing it entirely may be worth the effort.
Frequently Asked Questions
Will closing my savings account hurt my credit?
No. Closing a savings account does not affect your credit score. Savings accounts are not reported to credit bureaus the way credit cards or loans are. The account may appear on your credit report as closed, but this has no negative impact on your creditworthiness.
What if I close my account and then need to reopen it?
You can reopen a closed savings account at the same bank, but the process varies. Some banks let you reopen within 30 to 90 days by calling customer service. Others require you to open a new account, which means a new account number. Ask your bank about their policy before you close.
Can I close my account if it has a negative balance?
No. If your account is overdrawn or has a negative balance due to fees, you must pay the amount owed before closing. The bank will not close an account with money owed to them. Pay the balance through online banking or by phone, then proceed with closure.
How long does it take to close an account online?
The closure itself is usually instant or takes one business day after you confirm. However, if you have a balance that needs to be transferred or mailed as a check, that process takes one to ten business days depending on the method. The account is considered closed once the bank processes your request, even if money is still in transit.
Do I need to close my account in person if I opened it in person?
No. How you opened the account does not determine how you close it. If your bank offers online closure, you can use it regardless of how the account was originally opened. Only visit a branch if online closure is not available or if you prefer to close it in person.