Most banks let you close a savings account online, but the method depends on your bank and whether you have money left in it
You can close many savings accounts through your bank's website or mobile app without visiting a branch. The process usually takes a few minutes: log in, find the account closure option (often under settings or account management), confirm you want to close it, and choose where remaining funds should go. Some banks send a confirmation email or letter within a few days.
Not every bank offers online closure. Smaller banks, credit unions, and some regional institutions may require you to call or visit in person. If your account has a negative balance or unresolved disputes, the bank may also require you to handle closure by phone or in branch. Check your bank's website first to see if the option is available to you.
Key Takeaways
- Major banks like Chase, Bank of America, Wells Fargo, and Ally typically allow online account closure through their website or app.
- You must withdraw or transfer any remaining balance before closing, or tell the bank where to send it.
- If your account is overdrawn or has pending transactions, the bank may require you to call or visit a branch instead.
- Request written confirmation of closure and keep it for your records in case billing or fraud issues arise later.
How to close your account through your bank's website
Log into your online banking account and look for account settings, account management, or a similar menu. The exact location varies by bank. Chase users typically find it under "Account Services," while Bank of America places it in "Account Settings." Ally and other online-only banks usually have a dedicated "Close Account" link in the main menu.
Click the closure option and select the savings account you want to close. The bank will ask you to confirm the account number and may show you the current balance. If money remains, you will choose whether to transfer it to another account at the same bank or receive a check. Some banks transfer the funds immediately; others mail a check within 5 to 10 business days.
After you confirm, the bank sends a confirmation email or makes the closure visible in your account history. Save this confirmation. Some banks also mail a formal closure letter, which can be useful if you need proof later that the account is closed.
When you have to call or visit instead
Call your bank's customer service number if your account is overdrawn (has a negative balance), has a hold placed on it, or shows pending transactions. Banks will not close accounts with unresolved issues online because they need to discuss how you will pay the negative balance or resolve the hold.
Credit unions and smaller regional banks often do not offer online closure. Call the number on your debit card or statement and ask to speak with someone who handles account closures. Have your account number ready. The representative will confirm your identity, ask why you are closing (optional), and walk you through where your remaining balance will go.
If you have a joint account, both account holders may need to authorize the closure. Some banks require both people to call or visit together, while others allow one person to initiate closure by phone if the other person is listed on the account.
What happens to your money when you close
Any balance remaining in your account must go somewhere before or during closure. You can transfer it to another account at the same bank (usually instant), transfer it to an account at a different bank (takes 1 to 3 business days), or request a check (takes 5 to 10 business days by mail).
If you do not specify where the money should go, the bank will either hold it or mail you a check. This can delay closure and create confusion. Always tell the bank exactly where you want the funds sent before you confirm closure.
If your account has a negative balance, you owe the bank that amount. You must pay it before closure, either by transferring funds from another account, sending a check, or arranging a payment plan with the bank.
Banks that allow online closure
| Bank | Online Closure Available | Phone Closure Available |
|---|---|---|
| Chase | Yes, through website or app | Yes, 1-800-935-9935 |
| Bank of America | Yes, through website or app | Yes, 1-800-432-1000 |
| Wells Fargo | Yes, through website or app | Yes, 1-800-869-3557 |
| Ally Bank | Yes, through app | Yes, 1-877-247-2559 |
| Charles Schwab Bank | Yes, through website | Yes, 1-800-515-2157 |
| Most credit unions | No, phone or branch only | Yes, check your statement |
This table covers common banks and credit unions. Smaller regional banks vary widely. If your bank is not listed, log into your account and search for "close account" or "account closure" in the help section, or call the number on your statement.
What to do after you close the account
Keep the closure confirmation email or letter for at least one year. If the bank later sends you a bill or statement for the closed account, you have proof that it was closed on a specific date.
Update any automatic payments or direct deposits that were linked to this account. If you forget and a payment tries to go through after closure, it will be rejected and may trigger overdraft fees at another account or a late payment on a bill. Check your other accounts and any services that were pulling money from this savings account (subscriptions, insurance payments, loan payments).
If the bank mailed you a check for the remaining balance, deposit it within 180 days. After that, the check may expire and you will have to contact the bank to request a replacement or a wire transfer instead.
What to do if you cannot close the account online
Call your bank's main customer service line and ask to speak with someone who handles account closures. Have your account number, the last four digits of your Social Security number, and a government ID ready for verification. The representative will confirm your identity and walk you through the closure process by phone.
If you prefer to close in person, visit any branch of your bank with a photo ID and your debit card. The teller can close the account on the spot and hand you a check for any remaining balance or process a transfer to another account. Bring a list of any automatic payments or direct deposits so you can update them while you are there.
If you are closing because of poor customer service or high fees, ask the representative if there are other account types that might work better for you. Some banks offer no-fee savings accounts or accounts with higher interest rates that you may not have known about.
Frequently Asked Questions
How long does it take to close a savings account online?
The closure itself is instant once you confirm it in your account. However, if you request a check for your remaining balance, it takes 5 to 10 business days to arrive by mail. Transfers to another account at the same bank are usually immediate, while transfers to a different bank take 1 to 3 business days.
Will closing a savings account hurt my credit score?
Closing a savings account does not affect your credit score because savings accounts do not appear on your credit report. Only credit products like credit cards, loans, and lines of credit show up. Your credit score is based on payment history, amounts owed, and length of credit history — not on savings accounts.
What if I close my account and then need to access it again?
Once closed, the account cannot be reopened. You will need to open a new account, which may take a few minutes online or a few days if you apply in person. Some banks waive the waiting period if you are a returning customer, but this varies. Contact your bank to ask about their policy.
Can I close a savings account if it has a pending deposit or withdrawal?
Most banks will not let you close an account with pending transactions. Wait for the transaction to clear (usually 1 to 3 business days), then close the account. If a transaction is stuck as pending for more than a week, call your bank to ask them to cancel or complete it before you proceed with closure.
Do I need to close the account in the same state where I opened it?
No. You can close a savings account online or by phone from anywhere, regardless of where you opened it or where the bank is headquartered. If you are closing in person, you can visit any branch of your bank, even if it is in a different state.