Close a savings account
Log into Internet Banking and you will be taken to the accounts overview. Select 'More actions' on the savings account you wish to close.
Choose ‘Account services’ and select the ‘Close account’ option.
The next page details the balance of your account and requires you to select where you want to transfer the funds and why you wish to close the account. Once this is complete, select the 'Continue' button.
You will then be shown a summary page detailing the transaction. Check the details and if you are happy, select the 'Confirm' button at the bottom of the screen to complete your request.
Finally, you will see a confirmation page confirming that your account is now closed. You may still see your account listed on your accounts overview page but it will be removed within 24 hours.
Be sure to take note of the ‘What you need to do’ section.
Some savings accounts can be closed online. You can do this if:
- the account balance is £5 or less
- you have another account with us to transfer the closing balance to.
Bear in mind
- Fixed rate and monthly savers cannot be closed online - this is because they are structured to pay interest at the end of a fixed period. You might be charged for closing this type of account early. We have not made it possible to close these accounts online to protect you from accidentally being charged.
- Club Lloyds Monthly Saver accounts can be closed online. However, if you choose to close your account, you will not be able to open another Club Lloyds Monthly Saver until the anniversary of your original account being opened.
- Not all accounts that meet the criteria are eligible due to, for example, periods of inactivity or restrictions on your account.
- Your account will not be fully closed until the day after your request when it will disappear from your accounts homepage. You may not be able to open additional savings accounts until the account is fully closed.
What if my account is eligible, but the balance is over £5?
You will need to transfer all but £5 or less out of the account. Once the transfer is complete you will be able to see the option to close the account.
Can I close my joint account online?
Yes, unless you have previously requested that both parties named on the account sign their names to authorise any changes.
Will I get any outstanding or owed interest on my account if I close it online?
Yes, if you choose to close your savings account online we will calculate any remaining interest on the account and if applicable, transfer it along with the remaining balance to an account chosen by you within 24 hours. A statement showing your closing balance will be shown on screen, once your account is closed. This screen can be printed or saved.
What should I do if I've closed my account online but haven't received the closing balance?
If you cannot close your account online or prefer to, you can close your account at one of our branches with a counter.