How to Close a Savings Account at Bank of America | Fees, Online & Offline Process Explained
Nafeesa parveen 
Closing a savings account the right way helps protect your money and financial records.
How to Close a Savings Account: The Complete Step-by-Step Guide
How to Close a Savings Account may sound simple, but doing it the right way can save you from unexpected fees, credit issues, and future headaches. Whether you’re switching banks, consolidating accounts, or simply no longer need the account, this in-depth guide walks you through everything you need to know about closing a savings account safely and correctly.
This guide is written for beginners and experienced banking customers alike and covers online, in-branch, and phone closures, required documents, common mistakes, and special cases like Bank of America and high-yield savings accounts.
Table of Contents:-
- What Is a Savings Account?
- Why People Close Savings Accounts
- Things to Do Before Closing a Savings Account
- How to Close a Savings Account: Step-by-Step Process
- How to Close a Savings Account Online
- How to Close a Savings Account In-Branch
- How to Close a Savings Account by Phone or Mail
- How Long Does It Take to How to Close a Savings Account?
- Fees and Charges You Should Watch Out For
- Can a Bank Refuse to Close Your Savings Account?
- What Happens After You Close a Savings Account?
- How to Close a Bank of America Savings Account
- Does Bank of America Offer a High-Yield Savings Account?
- Alternatives to Closing a Savings Account
- Common Mistakes to Avoid
- FAQs About Closing a Savings Account
                        1. What Is a Savings Account?
A savings account is a bank account designed to hold money securely while earning interest. Unlike checking accounts, savings accounts are typically used for storing money rather than frequent spending. Banks may limit the number of withdrawals per month and may charge maintenance fees if minimum balance requirements are not met.
Savings accounts can be:
- Regular savings accounts
- High-yield savings accounts
- Student or minor savings accounts
- Joint savings accounts
Understanding what type of account you have is important before closing it.
                      2. Why People Close Savings Accounts
There are many reasons why someone might want to close a savings account:
- High monthly maintenance fees
- Low interest rates
- Switching to a high-yield savings account
- Consolidating multiple bank accounts
- Poor customer service
- Moving to a different country
- No longer needing the account
Closing an account is a normal financial decision, but it should be done carefully.
3. Things to Do Before Closing a Savings Account
Before you request account closure, complete these important steps:
1. Withdraw or Transfer Your Funds
Make sure the account balance is zero or very close to zero. Most banks won’t allow closure if funds remain.
2. Download Statements and Records
Once the account is closed, you may lose access to online statements. Download at least:
- Last 12–24 months of statements
- Tax-related interest statements
3. Cancel Linked Services
Check for:
- Automatic transfers
- Linked checking accounts
- External bank links
- Bill payments
4. Check for Pending Transactions
Wait until all pending deposits or withdrawals are completed.
4. How to Close a Savings Account: Step-by-Step Process
Here is the general process followed by most banks:
- Log in to your bank account or visit the branch
- Ensure balance is zero
- Request account closure
- Verify identity
- Receive closure confirmation
Some banks provide instant closure, while others may take a few business days.
5. How to Close a Savings Account Online
Many banks now allow online account closure.
Steps:
- Log in to your bank’s website or mobile app
- Navigate to Account Settings or Customer Support
- Select the savings account
- Choose Close Account
- Follow verification steps
If online closure isn’t available, the bank will guide you to the next best option.
6. How to Close a Savings Account In-Branch
If you prefer face-to-face support, visiting a branch is a reliable method.
What to Bring:
- Government-issued ID
- Debit card or account number
Process:
- Visit the nearest branch
- Speak with a bank representative
- Request savings account closure
- Sign closure form if required
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But choosing the right credit card is important so that it actually benefits you.7. How to Close a Savings Account by Phone or Mail
Some banks allow closure by phone or written request.
Phone Closure:
- Call customer service
- Verify identity
- Request closure
Mail Closure:
- Write a signed request
- Include account details
- Mail to the bank’s official address
8. How Long Does It Take to Close a Savings Account?
- Online: Same day to 2 business days
- Branch: Same day
- Mail: 7–14 business days
Always ask for confirmation.
9. Fees and Charges You Should Watch Out For
Before closing, check for:
- Early closure fees
- Monthly maintenance fees
- Negative balance charges
Some banks charge fees if the account is closed within 90–180 days of opening.
10. Can a Bank Refuse to Close Your Savings Account?
A bank may delay closure if:
- Balance is negative
- Transactions are pending
- Legal hold exists
Once issues are resolved, the bank must close the account.
11. What Happens After You Close a Savings Account?
After closure:
- You cannot reopen the same account
- Statements may no longer be accessible
- Linked services stop working
Keep confirmation emails or letters for records.
12. How to Close a Bank of America Savings Account
Bank of America offers multiple closure options:
Closing a savings account the right way helps protect your money and financial records. Online:
- Log in to Bank of America online banking
- Contact support via secure message or chat
In-Branch:
- Visit a local branch with ID
Phone:
- Call Bank of America customer service
Ensure your balance is zero before requesting closure.
13. Does Bank of America Offer a High-Yield Savings Account?
Bank of America does not offer a traditional high-yield savings account like online-only banks. Its interest rates are generally lower compared to competitors.
Alternatives:
- Online banks
- Credit unions
- Money market accounts
Many people close Bank of America savings accounts to switch to high-yield options.
14. Alternatives to Closing a Savings Account
Instead of closing, you may:
- Convert to a no-fee account
- Keep minimum balance
- Use it as emergency savings
Sometimes adjusting the account is easier than closing it.
15. Common Mistakes to Avoid
- Closing before transactions clear
- Forgetting linked accounts
- Not saving statements
- Ignoring fees
Avoiding these mistakes protects your finances.
16. FAQs About Closing a Savings Account
Is closing a savings account bad for credit?
No, savings accounts do not affect credit scores.
Can I reopen a closed savings account?
Usually no; you must open a new one.
Can I close a joint savings account?
Yes, but all account holders may need to consent.
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