When it comes time to close a bank account, you should always review your account agreement and understand your bank’s process for closing accounts
How to close an online savings account
Find a new bank account
The first thing to do before closing your current account is to set up a new one. This way you can ensure that you always have a place to deposit your savings.
Sometimes it's convenient to stay with the same bank and open a different account, and other times you want to take advantage of special offers by other banks. Discover the current banking offers available from Citi.
Citi provides digital access to your savings and checking accounts. Plus, you can access your cash easily with over 65,000 fee-free ATMs nationwide.
Review and update any automated transactions
If you have any automatic transactions, such as monthly bill pay, linked to your savings account, cancel those automatic payments and transfer them to your new account once it’s open.
Make sure to wait until you have funds available in your new account to avoid overdraft. You may also want to link your new account to other accounts that you use so that you can transfer your money when you need to.
Move your money to your new account
Once you've opened your new account and reviewed your automatic payments, transfer your money to the new account. This process can take anywhere from 2-10 business days, depending on how much you're transferring and if you're transferring to the same bank. If you’re not sure how long the transfer will take, check with your new bank.
Depending on how long the transfer takes and when you must pay your bills, you may want to leave some money in your old account to cover one last round of automatic payments or wait to close your account until after the transactions are completed. If you expect the transfer to finish well before it's time to pay your bills, you can transfer everything at once.
Monitor your old savings account
While you transition to your new account, you may want to leave the old one open with funds to cover any remaining bills for another month. This way, you can spot any bills or automatic payments that didn't transition properly to your new account. Doing this may help avoid mistakes that may result in NSF (non-sufficient fund) fees, overdraft, interest charges or delays in service(s).
Monitoring the old account can also help you keep track of any recurring deposits you may have forgotten in the transition. In other words, if you're supposed to receive a direct deposit, and it's heading towards an account that no longer exists, you may not receive that money in a timely manner.
If you decide to keep your old account open while transitioning to a new one, be aware of any minimum balance requirements. Not meeting a minimum balance requirement could result in a fee.
Download your transaction records
Downloading your transaction records is good practice. You may need financial records for tax purposes, proof of income or a fraud dispute.
Close your account
When you're ready to close your account, simply contact your bank. Most banks will require you to have a balance of $0 or greater to close the account.
You might receive any money remaining in your account as a check or cash. You can also transfer it to another account. If your balance upon closing is greater than $0, be sure to clearly indicate on any form(s) that you want to receive your money and how you want to receive it. If you're closing an account in-person, come prepared with a valid photo ID.
How to close a joint savings account
A joint savings account is an account that’s shared by 2 or more people. Some joint savings accounts can be closed by one account holder without the other's consent, others require both parties to be present to close the account.
How do I move a savings account from another bank to Citi?
When you open a savings account with Citi, you can fund your new account using other accounts — including those outside of Citi. Citi accounts also allow you to transfer money between your Citi savings account(s) to other accounts within the US for free (unless the other bank(s) charge fees.)
Learn more about the features and benefits of saving with Citi and open an account.
This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
