The basic steps to close an online savings account

Most online banks let you close an account through their website or mobile app without calling anyone. Log into your account, find the settings or account management section, and look for a link labeled "Close Account" or "Manage Accounts." Some banks put this under a "Profile" or "Account Settings" menu. You will need to confirm your identity — usually by entering your password or answering security questions — and then select the reason you are closing (optional, but some banks ask). The bank will then walk you through any final steps, such as confirming you have withdrawn your money or transferred it elsewhere.

If your online bank does not offer account closure through their website, you will need to call their customer service line. Have your account number and a form of ID ready. The representative will verify your identity, confirm that your account balance is zero or that you want remaining funds sent to you, and process the closure. This usually takes a few minutes on the call, though the account may take a few business days to fully close in their system.

Key Takeaways

  • Most online banks let you close accounts through their website or app by finding the account settings or profile section and selecting "Close Account."
  • Before closing, withdraw all your money or transfer it to another account — banks will not close an account with a balance.
  • If the online closure option is not available, call the bank's customer service line with your account number and ID ready.
  • After you request closure, the account typically closes within a few business days, though some banks may take up to a week.
  • Keep confirmation of the closure in case the bank sends you mail or statements after the account is supposed to be closed.

What to do with your money before you close

You cannot close an account that still has money in it. Before you start the closure process, withdraw your full balance or transfer it to another bank account. If you have a linked checking account at the same bank, you can move money between accounts instantly through their website. If you are moving money to a different bank, use an external transfer, which usually takes one to three business days.

If your account has a very small balance — sometimes less than $1 — some banks will close the account and send you a check for the remaining amount. Check your bank's closure policy on their website or ask during the call. Do not assume the bank will handle leftover cents; confirm this before you close.

Handling automatic payments and direct deposits

If you have set up automatic bill payments or recurring transfers from this savings account, stop them before you close. Log into each service (your utility company, subscription service, loan servicer, or payroll system) and change the payment method or account number. If you forget to update these, payments will fail and you may face late fees or service interruptions.

Similarly, if your employer or another source sends direct deposits to this savings account, update your direct deposit information with them before closing. You can usually do this through your employer's payroll portal or by submitting a new direct deposit form. Give yourself at least a week before closing the account to make sure all these changes have taken effect.

What happens to pending transactions and checks

If you have written checks against this savings account or have pending transactions that have not yet cleared, wait until they post before closing. Pending transactions can take several business days to clear, and closing an account with outstanding checks can cause them to bounce. Check your recent transaction history to see if anything is still in progress.

If you have already written a check that has not been cashed, contact the person or business who received it and ask them to deposit it before you close the account. If that is not possible, you can request a stop payment from the bank (usually for a small fee) and then issue a new check from your new account once it is open.

Confirming the account is actually closed

After you request closure, the bank will usually send you a confirmation email or letter. Keep this for your records. The account may show as "closed" in your online banking portal right away, or it may take a few business days to disappear entirely from your account list.

If you continue to receive statements or marketing emails from the bank after the closure date, log back into your online account (if you still have access) and check whether the account is still listed. If it is, contact customer service again. Sometimes accounts do not fully close on the first request, especially if there was a processing error or if the bank's system is slow to update.

Closing an account with a negative balance

If your account has a negative balance — meaning you owe the bank money — you cannot close it until you pay what you owe. This usually happens if the bank charged overdraft fees or if a transaction posted after you thought the account was empty. Log into your account to see the exact amount owed, then transfer money in from another account to bring the balance to zero.

Once the balance is paid, you can proceed with closing. If you are unsure how much you owe or why the account is negative, call customer service before attempting to close. The representative can explain the charges and tell you the exact amount needed to settle the account.

What to do if the bank will not let you close online

Some online banks, especially smaller ones or those with limited app features, do not offer online account closure. In that case, you will need to call their customer service number, which you can find on your statements, their website, or your online banking portal. Have your account number, Social Security number or tax ID, and a government-issued ID ready.

Tell the representative you want to close the account. They will verify your identity, confirm that your balance is zero, and process the closure over the phone. Ask them to send you a written confirmation of the closure, either by email or mail. If the bank refuses to close the account for any reason, ask why — sometimes there is a hold or a pending issue that needs to be resolved first.

Frequently Asked Questions

Does 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. Credit scores are based on credit accounts like credit cards, loans, and lines of credit. Closing a savings account has no impact on your creditworthiness.

Can I reopen an account after I close it?

Most banks will let you reopen a closed account within a certain period, usually 30 to 90 days. After that window closes, you may need to open a new account instead. Contact the bank to ask about their policy on reopening closed accounts.

What if I close the account but the bank keeps sending me statements?

Contact customer service and provide them with the closure confirmation number. Ask them to remove your email address from their mailing list and confirm that the account is marked as closed in their system. If statements continue after 30 days, follow up again.

Do I need to close the account in person?

No. Online banks do not have physical branches, so you cannot close an account in person. You can close through their website, app, or by phone. If the bank has a physical location, you may be able to visit, but it is not necessary.

What if there is still money in the account and I cannot access it?

Call customer service immediately. Explain that you cannot withdraw or transfer your money. The representative can help you troubleshoot access issues, reset your password, or process a withdrawal over the phone. Do not close the account until your money is safely in another account.