Sometimes you need to change banks, or move your money from one account to another. Oftentimes, these situations mean you need to close a checking account or savings account. This guide will walk you through how to close a savings account.

As your life and financial circumstances change, you might need to move money around, open new accounts or close existing ones. Here is the process for closing a savings account.

1. If any bills are automatically withdrawn from your savings account on a regular basis you need to make sure to notify those billers that you are closing your savings account. Be ready to provide them with the information for the account bills should now be withdrawn from.

2. Stop any direct deposits or automatic transfers into your savings account.

3. Make sure not to close your account until you verify that these deposits and/or withdrawals have transferred to the newly designated accounts.

Many savings accounts require you to keep a minimum balance to avoid accruing penalties and fees. Even if you intend to close your account, if time passes between you withdrawing your funds and the account actually closing, your financial institution can assess fees. These fees can put your account into overdrawn status, which could in turn lead to damaged credit or being sent to collections if the fees aren't paid.

After you determine if you need to keep a minimum balance, withdraw or transfer the remaining funds.

Different financial institutions have different requirements for requesting account closure.