I have following accounts at BOA.

  • a Savings Account
  • a Checking Account (where my salary is crediting every 15 days)
  • a Visa Credit Card
  • a MasterCard Credit Card

Lately I found that I am not using my savings account much and I am just maintaining a $500 minimum deposit in that. I would like to close that savings account.

Does closing this Savings account hurt my credit score? I want to keep my Checking Account (for Salary Credits) and two credit card accounts untouched.


I just closed my savings account and I don't see any hit/change on my credit report

1 Answer 1


In the United states in general closing a checking/savings account doesn't hurt your credit score. The accounts aren't reported as part of your credit score.

It can hurt your score if by closing the checking/savings account that disqualifies you for the credit card; and closing the credit card impacts your average age of your accounts and changes the amount your monthly credit utilization.

In my credit union the savings account is required for membership, the checking account is optional. But the presence of a number of accounts gets you better rates on loans and Certificates of deposit. So check to see what the rules are at your bank.

  • 1
    "savings account is required for membership" is definitely peculiar to credit unions. A bank doesn't even have "membership".
    – Ben Voigt
    Jan 19, 2019 at 16:03

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