Can I Close My Bank Account After Getting the Bonus?

Yes. Once you have earned a bank bonus, you are allowed to close the account. Banks do not require you to stay a customer forever. The entire model works because the bank is betting you will stick around long-term. If you decide not to, that is your choice. The key is timing. Close too early and the bank can claw back the bonus or charge you a fee. Close at the right time and you walk away with every dollar.

The most important date to track is when your hold period ends. The required stay-open period varies a lot by bank. Some offers ask for as little as 60 to 90 days (Huntington's checking bonuses require keeping the account open 90 days), some ask for six months (Shell Federal Credit Union), and a few ask for a full year (Associated Bank and America First Credit Union both say the bonus can be taken back if you close within 12 months). During that window, the bank considers the bonus conditional. If you close the account before the hold period is over, the bank can take the bonus back. Some banks are strict and will deduct the full amount from your remaining balance on the way out. Others have shorter windows or no clawback language at all, but it is not worth guessing. Read the terms before you open the account and mark the end date on your calendar.

The second thing to watch for is an early termination fee. This is separate from the bonus clawback. Current offers list fees of $15 to $50 for closing within the first 90 to 180 days, regardless of the bonus. M&T and U.S. Bank charge $50 within 180 days, BMO charges $50 within 90 days, KeyBank Smart Checking and PNC Virtual Wallet charge $25 within 180 days, and Webster charges $15 within 90 days. A $300 bonus minus a $50 early termination fee is still $250, but there is no reason to give that money back if you can avoid it by waiting a few extra weeks. These figures come from each bank's own offer page as of late September 2026 and change with new offers, so check yours. The simplest approach is to wait until both the hold period and the early closure window have passed before you initiate anything.

When you are ready to close, the process is straightforward. Transfer your remaining balance to another account first. Then contact the bank by phone, secure message, or in-branch visit and request account closure. Ask for written confirmation that the account is closed with a zero balance. Do not leave a small residual balance sitting there. Some banks will charge dormancy fees on leftover pennies, or even reopen the account to collect them. You also want to make sure your 1099-INT shows up the following January. The bank reports the bonus as taxable income whether the account is still open or not, so you need that form either way.

Closing with a zero balance and written confirmation protects your standing with the bank. Many banks only accept future applications from customers who left in good standing, so a clean exit keeps your options open. There is no investing and no market exposure in closing an account. You are simply following the bank's rules and keeping a clear record.