When Can You Close a Bank Account After the Bonus? Fees, Clawbacks and Holds

Keep the account open at least until the bonus posts, and past any minimum period, early-closure fee or clawback window in the offer's terms. Some banks only need the account open on the day they pay. Others take the bonus back or charge a fee if you close within 90 days, 6 months or a year of opening. Many experienced bonus hunters also wait about six months after opening even when the terms don't require it.

The free Safe-to-Close Date Calculator turns an offer's rules into a date, with a buffer.

The four kinds of rules

Every bank bonus's closing rules fall into one of these. The examples come from current offers in the SuperChurn catalog, each checked against the bank's own terms.

1. Open when the bonus pays, nothing more. The bank only checks that the account is open and in good standing on the day it pays the bonus. Once the bonus posts, the terms don't stop you closing.

• Chase Total Checking: the account must not be closed or restricted at payout, which is within 15 days after you meet the requirement.
• Wells Fargo Everyday Checking: must stay open until Wells Fargo deposits the bonus. Wells Fargo also says it may reverse a bonus if it suspects abuse.
• Capital One 360 Checking: open and in good standing when the bonus is deposited, within 135 days of opening.

2. A minimum time open. The account has to stay open for a set period from opening, and closing earlier can cost you the bonus.

• Citi Regular Checking: open and in good standing for 120 days from opening.
• Santander Simply Right Checking: at least 90 days from opening, and until the bonus is paid.

3. A clawback. The bank pays the bonus, then takes it back if you close too soon.

• Associated Bank Access Checking: must remain open 12 months. If you close sooner, Associated may deduct the bonus before closing.

4. An early-closure fee. A flat fee if you close within a set window, whether or not you got a bonus.

• Axos Basic Business Checking: keep it open 180 days or an early closure fee of up to $200 may apply.

On each SuperChurn offer page, the "Keep the account open" line shows which rule applies, with the bank's wording underneath.

Where to find the rule in the terms

Look for these phrases in the offer terms and the bank's fee schedule:

• "must be open and in good standing at the time of payout"
• "if the account is closed within ___ days/months of opening"
• "we may deduct the bonus amount" or "reverse the bonus"
• "early account closing fee" or "early termination fee" (this is usually in the fee schedule, not the offer page)

If an offer says nothing about closing, the account still has to be open when the bonus pays, because a bank can't deposit into a closed account.

Why many people wait about six months anyway

Doctor of Credit's beginner guide suggests keeping bonus accounts open "for at least six months so hopefully the bank doesn't see a lot of accounts being quickly opened and terminated after the bonus posts." That's community practice, not a bank rule, but it's a reasonable default when the terms allow closing right after payout. Banks decide who gets future offers, and a pattern of open-bonus-close is easy for them to spot.

Whether waiting is worth it depends on the monthly fee:

• No monthly fee, as with Capital One 360: waiting costs nothing.
• A fee you can waive, for example with a small recurring direct deposit or a minimum balance: keep meeting the waiver until you close.
• A fee you can't easily waive: weigh it against how much you care about staying on good terms with that bank.

Before you close

• Move everything out first. Cancel direct deposits, automatic payments and linked transfers, and wait for pending items to clear.
• Never close with a negative balance. An unpaid negative balance can be reported to ChexSystems, which banks check when you open new accounts. Chase, for example, excludes anyone who had an account closed with a negative balance in the last 3 years.
• Know what closing does to your next bonus. Some banks start a clock when you close. Chase's checking offers exclude people whose accounts were closed within the last 90 days. Others count from when you got the bonus: Wells Fargo excludes anyone who received a consumer checking bonus in the past 12 months, so closing early doesn't speed that up.
• Close in writing or through the app and keep the confirmation.

How to work out your date

1. Find the latest of: the day the bonus posts, the end of any minimum open period, and the end of any clawback or fee window.
2. Add a buffer of a few weeks, since posting dates slip.
3. Decide whether you'll wait longer (for example, six months) for the reasons above.

Put the account's opening date and the rule into the Safe-to-Close Date Calculator to get the date. If you track the bonus in SuperChurn, the safe-close date appears next to the account once the bonus posts.

Closed it and ready for the next one? See the current checking bonuses and savings bonuses, or every bonus we track.

FAQ

Can I close a bank account right after the bonus posts? Only if the terms don't set a minimum period, clawback or fee window. Check the "Keep the account open" rule first. Many people wait about six months even when it's allowed.

What happens if I close too early? Depending on the bank: you don't get the bonus, the bank deducts the bonus before closing, or you pay an early-closure fee.

Does closing a bank account affect my credit score? Bank accounts don't appear on your credit report. An unpaid negative balance can be reported to ChexSystems and collections, which is why you should never close with one.

Sources

• Offer terms for each linked account, as shown on its SuperChurn page (checked against the bank's own terms).
• Doctor of Credit, "A Beginners Guide To Bank Account Bonuses": https://www.doctorofcredit.com/a-beginners-guide-to-bank-account-bonuses/

SuperChurn isn't owned by or endorsed by any bank. Terms change, so confirm the closing rules with the bank before you close.