Most savings accounts have no maturity date at all
A standard savings account from a bank or credit union stays open as long as you want it to. You can deposit money, withdraw money, and leave it sitting there for decades without the account closing or the money being returned to you. There is no deadline, no expiration, and no forced action on your part.
The confusion usually comes from mixing up savings accounts with certificates of deposit (CDs), which do have maturity dates. A CD is a different product entirely — you agree to leave money untouched for a set period (three months, one year, five years, whatever you choose), and in return the bank pays you a higher interest rate. When that period ends, the CD matures, and you get your money back plus interest.
A regular savings account has no such agreement. You can withdraw whenever you want, though your bank may limit how many withdrawals you can make per month without a fee.
Key Takeaways
- Standard savings accounts never mature — they stay open indefinitely unless you close them yourself.
- Certificates of deposit (CDs) do have maturity dates, typically ranging from three months to five years, and they pay higher interest in exchange for locking your money away.
- If your account has been inactive for a very long time, your state's unclaimed property laws may require the bank to turn the money over to the state, though you can still reclaim it.
- Money market accounts and high-yield savings accounts also have no maturity date, though they may have withdrawal limits or minimum balance requirements.
When banks hold money after inactivity
Even though your savings account has no maturity date, there is one scenario where the bank may do something with your money if you ignore the account long enough. Most states have unclaimed property laws that require banks to turn over funds from accounts that have had no activity for a set period — usually three to five years, depending on the state.
When this happens, the bank does not keep your money. Instead, it transfers it to your state's unclaimed property program, usually run by the state treasurer's office. Your money is still yours, and you can reclaim it at any time by contacting that office or searching the state's unclaimed property database. The process is free, though it may take a few weeks to receive your funds after you file a claim.
This is not a maturity date in the traditional sense — it is a legal requirement designed to protect dormant accounts. But it does mean that if you open a savings account and never touch it for years, you should check in occasionally or risk having to jump through an extra step to get your money back.
How CDs work if you are considering one instead
If you have seen a CD advertised and wondered whether it might be right for you, here is what the maturity date actually means. You choose a term — say, 12 months — and deposit money. The bank locks that money away for those 12 months and pays you a fixed interest rate, which is usually higher than what a savings account offers. When the 12 months end, the CD matures.
At maturity, you have a choice: withdraw your money plus the interest you earned, or let the bank automatically roll the money into a new CD at the current rate. If you withdraw early — before the maturity date — you will pay an early withdrawal penalty, which is typically a few months' worth of interest. The longer the CD term, the higher the penalty usually is.
CDs come in many lengths: three months, six months, one year, two years, three years, and sometimes longer. The longer you lock your money away, the higher the interest rate tends to be. But you are trading flexibility for that rate — with a savings account, you can access your money whenever you want.
Money market accounts and other savings products
Money market accounts are a middle ground between savings accounts and CDs. They have no maturity date, so they work like a regular savings account in that sense. However, they often require a higher minimum balance to open, and they may limit how many withdrawals you can make per month without paying a fee. In return, they usually pay higher interest than a standard savings account.
High-yield savings accounts also have no maturity date. These are savings accounts offered by online banks or credit unions that pay significantly more interest than traditional brick-and-mortar banks. The catch is that interest rates change — they are not locked in like they are with a CD. When the Federal Reserve raises or lowers rates, your high-yield account rate will eventually follow.
None of these products have a maturity date. The only savings-type product with a maturity date is a CD, and that is by design — you are being paid extra interest in exchange for agreeing not to touch the money for a specific period.
What happens if you forget about an old account
If you opened a savings account years ago and have not looked at it since, the account itself will not close or mature. However, you should check on it for a few reasons. First, if your state's unclaimed property law has kicked in, you will need to reclaim the money through the state rather than the bank. Second, if the account has a monthly maintenance fee and no activity, the balance could be slowly eaten away by those fees.
To learn about you have unclaimed money, visit your state treasurer's website and search the unclaimed property database. Most states have a searchable online tool. If you find money in your name, follow the instructions to file a claim. You will typically need to provide proof of identity and may need to submit documentation showing you owned the account.
If the account is still active at the bank and you want to keep it, simply log in or visit a branch to confirm it is still yours. If you want to close it, you can do that anytime — there is no maturity date preventing you from closing early.
Frequently Asked Questions
Can a savings account expire if I do not use it?
No, a savings account will not expire on its own. However, if you do not use it for several years, your state may require the bank to turn the money over to the state's unclaimed property program. You can still reclaim it, but you will need to contact the state rather than the bank.
What is the difference between a maturity date and an inactivity period?
A maturity date is a deadline you agree to when you open a CD — the money is locked away until that date. An inactivity period is a legal rule that triggers if you never touch your account. They are completely different things, and only CDs have actual maturity dates.
If I open a CD, what happens when it matures?
When a CD matures, you receive your original deposit plus the interest you earned. The bank will then ask whether you want to withdraw the money or roll it into a new CD. If you do nothing, most banks will automatically roll it into a new CD at the current rate.
Do I lose money if I withdraw from a savings account early?
No. You can withdraw from a savings account anytime without penalty. However, your bank may limit the number of withdrawals you can make per month, and if you exceed that limit, you may pay a fee. CDs are the product where early withdrawal costs you money.
Is a high-yield savings account the same as a CD?
No. A high-yield savings account has no maturity date and no withdrawal restrictions — it works like a regular savings account but pays more interest. A CD locks your money away for a set period. The interest rate on a high-yield account can change, while a CD rate is fixed for the entire term.