You can close a savings account at any time, but the bank may hold your money briefly and you'll lose any interest the account was earning
Yes. You own the account and can close it whenever you want. The bank cannot force you to keep it open. When you close, the bank will return all your money to you — usually within one to five business days — and the account stops earning interest immediately. Some banks charge a fee if you close within a certain window (often 90 to 180 days of opening), so check your account agreement first.
The main thing to know is that closing is not the same as withdrawing. When you withdraw, the account stays open. When you close, the account is terminated and you cannot use it anymore. If you have automatic deposits or bill payments tied to that account, they will fail after closure, so you need to redirect them before you close.
Key Takeaways
- You can close a savings account at any time by visiting your bank in person, calling their customer service line, or using their online banking portal.
- The bank will return all remaining money in the account within one to five business days, usually by check, transfer, or direct deposit.
- Some banks charge an early closure fee if you close within 90 to 180 days of opening the account — read your account agreement to know if yours does.
- You must stop any automatic deposits or bill payments linked to the account before closing, or those transactions will fail.
- Closing a savings account does not affect your credit score, but it does end any interest earnings on that money.
How to close your account in three ways
Most banks offer three methods. The fastest is usually in person at a branch, where a teller can process the closure immediately and hand you a check or arrange a transfer on the spot. You will need to bring a photo ID and your account number (or the card linked to the account).
By phone, you call your bank's customer service number (on the back of your debit card or on your statement) and ask to close the account. The representative will verify your identity, confirm your address, and ask how you want the remaining balance sent to you. This takes about 10 to 15 minutes. Write down the confirmation number they give you.
Online, if your bank offers it, you log into your account and look for a "Close Account" or "Account Settings" option. Not all banks allow this method — some require you to call or visit in person. If the option is there, follow the prompts and choose how you want your money returned.
What happens to your money when you close
The bank will send your remaining balance to you in one of three ways: a check mailed to your address on file, a transfer to another bank account you provide, or a direct deposit to your employer's payroll system (if the account was set up that way). Ask the bank which methods they offer and which is fastest for your situation.
A check usually arrives within five to seven business days after closure. A transfer to another account at the same bank can happen the same day or the next business day. A transfer to a different bank takes one to three business days. If the bank cannot reach you or the address is wrong, they may hold the money and try to contact you — this can delay things by weeks.
Make sure the address on your account is current before you close. If it is not, update it first, then close. If you have moved and the check gets returned to the bank, contact them immediately with your new address so they can resend it.
Early closure fees and when they apply
Many banks charge a fee — typically $25 to $100 — if you close a savings account within a set time frame, usually 90 to 180 days of opening it. This is called an early closure fee or account closure fee. Some banks do not charge this fee at all. Others charge it only on savings accounts, not checking accounts.
Check your account agreement or call the bank to learn about your account has this fee and when it expires. If you are within the window and want to avoid the fee, you can wait until the period ends before closing. If you close anyway, the bank will deduct the fee from your balance before sending you the money.
A few banks waive the fee if you close because of a move, job change, or other hardship — it is worth asking. If the fee seems unreasonable or was not clearly disclosed when you opened the account, you can file a complaint with your state's banking regulator or the Consumer Financial Protection Bureau (CFPB).
Redirect automatic deposits and payments before you close
If your paycheck, benefits, or other regular deposits go into this account, you must change the deposit instructions before you close. Contact your employer's payroll department or the organization sending the money and give them your new account number. This can take one to two pay periods to take effect, so do it at least a week before you plan to close.
If you have automatic bill payments set up on this account — utilities, insurance, loan payments, subscriptions — those will fail after the account closes. The company will not know the account is closed; they will just see a failed payment. This can result in late fees, service interruptions, or damage to your credit. Log into each service and update the payment method before closing the account.
If you forget and a payment fails, contact the company immediately and explain that your account closed. Many will waive a late fee if you update the payment method and pay within a few days. For critical services like utilities or loan payments, call them before you close to let them know you are switching accounts.
Closing does not hurt your credit, but it can change your credit mix
Closing a savings account itself does not lower your credit score. Savings accounts do not appear on your credit report because they are not credit products — they are deposit accounts. Your credit score is based on credit cards, loans, and payment history, not on how many savings accounts you have.
However, if you close a credit card (not a savings account), that can affect your score slightly because it reduces your total available credit. Savings accounts have no impact on this. If you are closing a savings account because you are consolidating accounts or switching banks, there is no credit consequence.
What to do if the bank will not close your account
This is rare, but it can happen if you have a negative balance (you owe the bank money), an active dispute, or a hold on the account related to fraud or a legal matter. If the bank refuses to close, ask why in writing and request a written explanation. They must provide one.
If the reason is a negative balance, you must pay it off first. If it is a hold related to fraud or a legal issue, you may need to resolve that matter before closing. If the bank is simply refusing without a valid reason, file a complaint with your state's banking regulator or the CFPB. You have the right to close your account.
If you are switching to a different bank and want to move money from the old account to the new one, you do not have to close the old account first. You can transfer the money and then close it separately, or leave it open if you want to keep it as a backup.
Frequently Asked Questions
Will closing my savings account affect my credit score?
No. Savings accounts are not credit products and do not appear on your credit report. Closing one has no impact on your credit score. Only credit cards, loans, and payment history affect your score.
What if I close my account and then realize I need it again?
You can open a new account at the same bank or a different bank. If you closed very recently, some banks will reopen the account if you ask within a short window (usually 30 days). Call the bank and ask — there is no harm in requesting it.
Can the bank close my account without asking me?
Yes, banks can close accounts for inactivity (usually no deposits or withdrawals for 12 months or more), repeated overdrafts, or suspected fraud. They must notify you in writing before or shortly after closing. If this happens, contact the bank to find out why and how to retrieve your balance.
Do I have to close the account in person, or can I do it by phone?
Most banks let you close by phone or online. In-person closure is fastest if you want a check on the spot, but phone and online methods work fine. Ask your bank which methods they offer — some require in-person closure only in certain situations.
What if I have a joint account — can I close it alone?
No. If the account is joint, both owners must agree to close it. You can contact the bank and ask to remove yourself as an owner, which closes your access but leaves the account open for the other person. The other owner can then close it later if they choose.