Closing a savings account does not affect your credit score
Savings accounts are not reported to credit bureaus, so closing one will not show up on your credit report at all. Your credit score is built from credit activity — borrowed money you repay, credit cards you use, loans you take out. A savings account is money you own, not money you borrowed, so the credit bureaus have no record of it and no reason to care whether it stays open or closes.
The only way closing a savings account could indirectly touch your credit is if you close it and then miss a payment on something else because you no longer have the money set aside. But that is a problem with your cash flow, not with the account closure itself.
Key Takeaways
- Savings accounts do not appear on your credit report because they are not credit products — they are accounts you own outright.
- Closing a savings account leaves no mark on your credit score, whether you close it today or ten years from now.
- Credit bureaus only track borrowed money and how you repay it, not the savings accounts you maintain or close.
- The bank you close the account with may report the closure to internal banking systems, but not to credit reporting agencies.
What credit bureaus actually track
The three major credit bureaus — Equifax, Experian, and TransUnion — collect information about credit accounts: credit cards, auto loans, mortgages, personal loans, student loans, and payment history on all of them. They do not collect information about deposit accounts like savings, checking, or money market accounts, because you are not borrowing money from the bank in those cases.
Your credit score is a number built from that credit data. It reflects how much you have borrowed, how much you still owe, how often you pay on time, and how long you have held credit accounts. A savings account contributes none of those things, so it has no place in the calculation.
Even if you have had a savings account for twenty years and close it tomorrow, that twenty years of history will not appear anywhere on your credit report because it was never recorded there in the first place.
Why banks might report account closures internally
When you close a savings account, your bank will record that closure in its own systems. This information stays within the bank and may be shared with other banks through internal banking networks like ChexSystems or Early Warning Services. These systems track account closures, overdrafts, and fraud — they help banks decide whether to open new accounts for you in the future.
A closure on your ChexSystems record could make it harder to open a new checking or savings account at another bank, but only if the closure was due to fraud, repeated overdrafts, or other serious problems. A normal closure for any reason — moving banks, consolidating accounts, or simply not needing the account anymore — typically does not flag you as a risk.
This is separate from your credit report. Your credit score will not change, but a future bank might see the closure when you try to open a new account with them.
The difference between savings accounts and credit cards
Closing a credit card can affect your credit score, but closing a savings account cannot. The difference is that a credit card is a credit product — you are borrowing money and agreeing to pay it back. When you close a credit card, you remove an active credit account from your report, which can lower your score by reducing your available credit and shortening your average account age.
A savings account is not a credit product. You are not borrowing anything. The bank is holding your money, and you can withdraw it whenever you want. There is no credit history to report, no payment record to track, and no score impact when you close it.
If you are worried about your credit score, focus on credit cards and loans. Leave your savings account decisions based on your actual financial needs, not on credit concerns.
What happens to your money when you close the account
Before you close a savings account, make sure you have a plan for the money in it. The bank will not keep the funds — you must withdraw them or transfer them to another account. Most banks let you move the money to a checking account at the same bank, transfer it to an account at a different bank, or withdraw it as a check or cash.
If you leave money in the account after closing it, the bank will typically mail you a check for the balance. This can take one to two weeks, and if the check is lost or you move without updating your address, retrieving the money becomes more complicated. Withdraw or transfer the money yourself before you close the account to avoid this hassle.
Reasons to close a savings account that have nothing to do with credit
People close savings accounts for many practical reasons: the interest rate is too low, the bank charges monthly fees, they are consolidating accounts at a different bank, or they simply do not need multiple accounts anymore. None of these reasons will hurt your credit.
If you are closing the account because you are in financial trouble and need the money to cover expenses, that is a cash flow problem, not a credit problem — at least not yet. But if closing the account leaves you unable to pay bills or credit cards on time, that could eventually hurt your credit. The account closure itself will not; the missed payments that follow would.
Frequently Asked Questions
Will closing my savings account show up on my credit report?
No. Savings accounts do not appear on credit reports at all, whether open or closed. Credit bureaus only track credit products like loans and credit cards, not deposit accounts you own outright.
Can closing a savings account lower my credit score?
No, closing a savings account will not lower your credit score. Your score is based on credit activity, not on savings accounts. The only indirect risk is if closing the account causes you to miss a payment on a credit card or loan.
What is ChexSystems and will it hurt my credit?
ChexSystems is a banking history system separate from credit reporting. It tracks account closures and overdrafts. A normal closure will not flag you, but repeated problems might make banks hesitant to open new accounts with you. This does not affect your credit score.
Should I keep a savings account open to help my credit?
No. Keeping a savings account open will not help your credit score because savings accounts are not reported to credit bureaus. Build credit through credit cards and loans that you use and repay on time.
What should I do with the money before I close the account?
Transfer the balance to another account or withdraw it as cash or a check before you close. Do not leave money in the account after closing, or the bank will mail you a check, which can take weeks and may get lost.