Closing a Discover Savings Account: The Basic Steps
To close a Discover savings account, you contact Discover directly by phone, online, or mail, confirm you want to close the account, withdraw or transfer any remaining balance, and wait for written confirmation. The process usually takes a few days to a week. Discover does not charge a fee to close the account, and you can initiate the closure even if you have a small balance or no balance at all.
The fastest route is calling Discover's customer service line at 1-800-347-2000. A representative will walk you through the closure, answer questions about your balance, and confirm the account is closed. You can also start the process online through your Discover account dashboard or send a written request by mail, though these routes take longer for confirmation.
Key Takeaways
- Call Discover at 1-800-347-2000 to close your account; the process takes about 10 minutes and costs nothing.
- You must withdraw or transfer your full balance before closure, or Discover will mail you a check for any remaining funds.
- Request written confirmation of closure so you have proof the account is no longer active.
- If you have automatic deposits or transfers linked to this account, update those arrangements before you close it.
- Closing a savings account does not hurt your credit score, but closing a credit card account may have a small temporary impact.
What to Do With Your Money Before You Close
Before you call to close the account, decide where your money will go. You have two options: transfer the balance to another bank account you own, or let Discover mail you a check. Transferring is faster and safer. You can set up an external transfer through your Discover account online, or give the representative your new bank's routing number and your account number when you call.
If you have a small balance and do not want to set up a transfer, Discover will mail you a check to the address on file within 7 to 10 business days. This is slower but requires no extra steps from you. If your account has zero balance, you can close it when ready without waiting for any funds.
How to Close Your Account by Phone
Calling is the most direct method. Have your Discover account number ready, though the representative can look it up using your Social Security number or the phone number on file. Call 1-800-347-2000 and tell the representative you want to close your savings account.
The representative will confirm your identity, review your account balance, and ask where you want the money to go. If you choose to transfer, provide your new bank's routing number and your account number. If you choose a check, confirm the mailing address. The representative will then close the account and give you a confirmation number. Write down this number and the date.
Ask the representative to send you written confirmation by email or mail. This confirmation shows the account is closed and protects you if a problem arises later. Most closures are final within 24 hours, though it may take a few business days for the account to fully disappear from your online dashboard.
Closing Your Account Online or by Mail
You can also close your account through your Discover online dashboard. Log in, go to Account Settings, and look for the option to close the account. Discover's website will walk you through the steps and ask about your balance. This method works if you prefer not to call, but you will not get when ready confirmation from a person.
To close by mail, write a letter to Discover requesting closure. Include your full name, account number, and the address on file. Mail it to Discover Bank, P.O. Box 15298, Wilmington, DE 19850-5298. Include a request for written confirmation of closure. This method is slowest — expect 2 to 3 weeks for a response — and is best used only if you cannot call or use the online option.
What Happens to Linked Services and Automatic Transfers
Before you close the account, check whether you have set up any automatic deposits or transfers using this Discover account. Common examples are direct deposit from your employer, automatic bill payments, or transfers to other accounts. If you close the account without updating these, the transactions will fail and may trigger overdraft fees at your other bank.
Log into your Discover account and review the Transfers section to see what is active. Update your employer's direct deposit information to point to a different account. Change any automatic bill payments to a different bank account or payment method. If you are unsure what is linked, ask the Discover representative during your closure call — they can review this with you.
After Your Account Is Closed
Once Discover confirms closure, the account is no longer active and you cannot use it. If you transferred your balance, the funds should appear in your new account within 1 to 3 business days, depending on your bank. If you requested a check, watch for it in the mail within 7 to 10 business days.
Keep the confirmation number and any written closure confirmation for your records. If you ever need proof that the account was closed on a specific date — for tax purposes, a dispute, or a background check — you will have documentation. You can also log into your Discover account online after closure; the account will show as closed but remain visible in your history for reference.
Reasons You Might Want to Close a Savings Account
People close savings accounts for many reasons: the interest rate is too low, they are consolidating accounts at a different bank, they no longer need the account, or they want to simplify their finances. Closing a savings account does not hurt your credit score because savings accounts do not appear on your credit report. Credit cards and loans do, but a savings account does not.
If you are closing because the interest rate is low, compare rates at other banks before you move your money. Online banks often offer higher rates than traditional banks. If you are closing because you want fewer accounts, that is a valid reason — fewer accounts can make your finances easier to track.
Frequently Asked Questions
Will closing my Discover savings account hurt my credit?
No. Savings accounts do not appear on your credit report, so closing one has no impact on your credit score. Only credit cards, loans, and lines of credit affect your credit. If you also have a Discover credit card, closing the savings account will not affect that card.
What if I have a negative balance or owe Discover money?
You cannot close the account until the balance is zero or positive. If you owe money, you must pay it first. Contact Discover to find out the exact amount owed and how to pay it. Once paid, you can proceed with closure.
How long does it take to close the account after I call?
The account is usually closed within 24 hours of your call, though it may take a few business days to disappear from your online dashboard. If you requested a check for your balance, expect 7 to 10 business days for it to arrive in the mail.
Can I reopen the account after I close it?
Discover does not reopen closed accounts. If you change your mind, you would need to open a new account. There is no waiting period, so you can open a new Discover savings account when ready if you decide you want one.
What if I forget to update my direct deposit before closing?
Your next paycheck will fail to deposit and may be returned to your employer. Contact your employer's payroll department right away with your new bank account information. They can reissue the deposit to the correct account, though it may take a few days. Update your direct deposit as soon as possible to avoid missed paychecks.