You've decided it's time to part ways with your Capital One savings account. Perhaps you've found a better interest rate elsewhere, consolidated your finances, or simply no longer need the account. Whatever your reason, closing a bank account, especially a savings account, requires a little planning to ensure a smooth transition. Don't worry, it's not as complicated as it might seem!
Are you ready to streamline your financial life? Let's dive into the step-by-step guide on how to close your Capital One savings account with confidence and ease.
Step 1: Prepare for the Closure – The Essential Pre-Checks
Before you even think about hitting that "close account" button or picking up the phone, there are a few critical preparatory steps. Skipping these could lead to headaches down the road, so pay close attention!
Sub-heading: Emptying Your Account – The Right Way to Withdraw Funds
This is the most crucial step. You cannot close a Capital One savings account with a balance in it. You'll need to transfer all your funds out. Here are your options:
Electronic Transfer (ACH): This is often the easiest and most common method.
To a Linked External Account: If you have another bank account linked to your Capital One savings, you can initiate an ACH transfer online or through the Capital One mobile app. This typically takes 1-3 business days.
To a New Capital One Account: If you're moving funds to another Capital One account (e.g., a checking account), this transfer will usually be instantaneous.
Wire Transfer: For larger sums or if you need the funds to arrive quickly, a wire transfer is an option. Be aware that Capital One might charge a fee for outgoing wire transfers. You'll likely need to contact customer service for this.
Withdrawal at a Capital One Branch/Caf�: If you have a Capital One branch or Caf� nearby, you can withdraw your funds in person. Verify their banking services beforehand, as some Caf�s primarily focus on financial education and digital banking.
Requesting a Check: You can request Capital One to mail you a check for your remaining balance. This is a slower method, but an option if you prefer.
Important Note: Make sure your account balance is zero before attempting to close it. This includes any accrued interest that might be pending. Capital One states that you will receive any accrued interest if you close your account before interest is credited.
Sub-heading: Updating Direct Deposits and Automatic Withdrawals
This is vitally important to avoid missed payments or lost income.
Direct Deposits: If your salary, benefits, or any other regular income is directly deposited into your Capital One savings account, you must update this information with your employer or the paying entity. Set up the new direct deposit with your new bank account before closing your Capital One account.
Automatic Withdrawals/Payments: Think about all the services, bills, and subscriptions that automatically deduct funds from your savings account. This could include:
Utility bills (electricity, water, internet)
Loan payments (mortgage, car, student)
Subscription services (streaming, gym memberships)
Insurance premiums
Automatic transfers to other accounts
Go through your bank statements for the last 6-12 months to identify all automated transactions, including infrequent ones. Update these with your new account details.
Sub-heading: Saving Your Statements and Transaction History
Before closing the account, it's a good idea to download and save copies of your statements and transaction history. This can be useful for tax purposes, personal record-keeping, or if any discrepancies arise later. You can usually do this through your online banking portal.
Reminder: Reading twice often makes things clearer.
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| How To Close Capital One Savings Account |
Step 2: Choose Your Closure Method
Capital One offers a few ways to close your savings account. Select the one that is most convenient for you.
Sub-heading: Online Closure – The Digital Path
Yes, you can close your Capital One savings account online! This is often the quickest and most preferred method for many.
Log in to Your Capital One Account: Go to the official Capital One website (
www.capitalone.com Navigate to Your Savings Account: From your dashboard, locate and select the specific savings account you wish to close.
Find the "Close Account" Option: Look for an option like "I want to…" or a gear icon (settings) next to your account. This will usually lead to an "Account Services" menu. Within this menu, you should find a "Close Account" option, often under a section like "Control Your Card" (even though it's a savings account, some menus are generalized).
Follow the Prompts: Capital One will guide you through the process, asking for confirmation and potentially the reason for closure. Make sure to follow all prompts carefully.
Confirmation: Ensure you receive a confirmation message or email that your account closure request has been submitted.
Important Note: While you can close online via the website, the Capital One mobile app may redirect you to a web browser URL to complete the closure.
Sub-heading: Phone Closure – Speaking to a Representative
If you prefer to speak with someone directly or encounter any issues with the online process, calling Capital One customer service is a reliable option.
Gather Your Information: Have your Capital One account number, personal identification details (like your Social Security Number), and any other relevant information readily available.
Call Capital One Customer Service: The general customer service number for Capital One is 1-800-CAPITAL (1-800-227-4825). For banking-specific inquiries, you might also find 1-800-655-2265 helpful.
State Your Intent: Clearly inform the representative that you wish to close your Capital One savings account.
Be Prepared for Retention Efforts: The representative might ask about your reasons for closing and could offer incentives to keep your account open. You are not obligated to accept these offers if your decision is firm.
Confirm Closure: Crucially, ask for confirmation that the account has been closed and inquire about receiving an email confirmation.
Sub-heading: Mail Closure – The Traditional Route
While less common now, you can still close your account by sending a written request via mail. This is generally the slowest method.
Draft a Letter: Write a formal letter stating your intention to close your Capital One savings account. Include:
Your full name
Your Capital One savings account number
Your contact information (phone number, email address)
A clear statement that you wish to close the account
Your signature
A date you expect the account to be closed by (though this is more of a guideline for you)
Mail the Letter To: Attn: General Correspondence Capital One PO Box 30285 Salt Lake City, UT 84130-0287
Recommendation: If using mail, consider sending it via certified mail with a return receipt requested to ensure it was received by Capital One.
Tip: Each paragraph has one main idea — find it.
Step 3: Verification and Follow-Up
Once you've submitted your closure request, your job isn't quite done. A little follow-up can prevent future surprises.
Sub-heading: Confirming Account Closure
Check for Confirmation: If you closed online or by phone, you should receive a confirmation email. Keep this email for your records.
Monitor Your Account: Even after receiving confirmation, it's wise to periodically check your Capital One online banking for a few weeks to ensure the account status is indeed "closed" and no further activity occurs.
Zero Balance Verification: Make sure the balance remains at $0.00.
Sub-heading: What Happens to Accrued Interest?
Capital One states that if you close your account before interest is credited, you will receive the accrued interest. This is usually calculated up to the day of closure. The final small interest payment might be sent as a check or transferred to a linked account, depending on how you've handled your final balance.
Step 4: Post-Closure Checklist – Tying Up Loose Ends
Even after the account is officially closed, a few final checks are recommended.
Shred Old Cards/Checks: If you had any physical checks or a debit card associated with your Capital One savings account, shred them securely to prevent any unauthorized use.
Update Financial Tracking Tools: If you use budgeting software or financial tracking apps, update them to reflect the closed account.
Monitor Credit Report (Optional but Recommended): While closing a savings account typically doesn't impact your credit score (unlike closing a credit card), it's good practice to periodically check your credit report for accuracy.
By following these steps, you can ensure a smooth and hassle-free closure of your Capital One savings account.
10 Related FAQ Questions
Tip: Look for small cues in wording.
How to transfer money out of Capital One savings before closing?
You can transfer money out via ACH transfer to a linked external account, an internal transfer to another Capital One account, request a wire transfer, or withdraw funds at a Capital One branch/Caf�, or request a check for the remaining balance.
How to check if my Capital One savings account is truly closed?
After initiating the closure, check your online banking portal for the account's status. It should show as "closed" or disappear from your active accounts. You should also receive an email confirmation.
How to get my final interest payment from Capital One after closing my savings account?
Capital One typically includes any accrued interest up to the closure date in your final balance transfer or will mail you a separate check for it.
How to update direct deposits and automatic withdrawals when closing a Capital One savings account?
Contact your employer/paying entity for direct deposits and each biller/service provider for automatic withdrawals before closing the account, and provide them with your new bank account details.
How to avoid fees when closing a Capital One savings account?
QuickTip: Look for repeated words — they signal importance.
Capital One does not charge a fee for closing a checking or savings account. Ensure your balance is zero to avoid any potential issues.
How to find my Capital One savings account number?
Your account number can be found on your online banking dashboard, on your monthly statements, or by calling Capital One customer service.
How to close a Capital One savings account if I live abroad?
You can generally close it online or by calling Capital One customer service (they may have an international number or allow collect calls). Mail might be an option but could be less reliable internationally.
How to reopen a Capital One savings account after closing it?
Generally, once an account is closed, it cannot be reopened. You would need to apply for a new Capital One savings account.
How to speak to a live person at Capital One about closing my savings account?
Call Capital One's general customer service at 1-800-227-4825 or 1-800-655-2265 for banking inquiries, and follow the prompts to speak with a representative.
How to handle joint Capital One savings accounts when closing?
Typically, any owner of a joint account can close it without the other owner's consent, but it's always best practice to discuss and agree upon the closure with all joint account holders.
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