How to close a current account—a simple and clear guide

You can close a current account at any time. If you follow the necessary steps, it is a quick and easy process.
There can be lots of reasons you might want to close an account – you might want to switch to another bank that better suits your needs, or your financial situation might have changed. No matter why you want to close your account, it is important to understand the requirements, necessary documents, and the process to follow to make sure you don't experience any problems.

What you need to consider before closing the account

Before you cancel your account, you should check the following points:

  • Check your terms and conditions: Look at the documents you received when you opened your account. They include important information about cancellation periods and terms.
  • Related products: Are there any active products such as loans, credit cards, or savings plans linked to the account? If so, these will need to be transferred or cancelled.
  • Ongoing transactions: Check whether any payments are still due or are scheduled to be debited, such as standing orders, direct debits, or salary payments.
  • Account balance: Make sure that your account is not overdrawn.

What happens when you close your account?

Once everything is ready, there is usually a convenient option to cancel your account online in your bank's customer area. This is where you will also digitally sign the document to confirm the account closure.

Tip: Keep a copy of this document and destroy all of the cards that are linked to the account (e.g. debit or credit cards).

Example: Closing your account with BBVA

It is really easy to close an account with BBVA. You can do it yourself via your online banking:

  1. Log in to the customer area.
  2. On the home page, click on Profile > Personal data and Settings > Close account.

To successfully close the account online, the following conditions must be met:

The account must have a positive balance

After settlement, your account balance must be at least €0 and no more than €2,500 so that we can automatically transfer the money back to you.

No active payments

You will need to deactivate all scheduled payments such as standing orders, direct debits or salary payments before you can close your account.

No active savings deposits

Make sure that you do not have any active Savings Boxes or flexible fixed-term deposits.

No outstanding obligations

Make sure that you do not have any outstanding installment payments with Play&Plan, and that you have paid off in full any existing overdrafts or instant loans.

No ongoing complaints

If you have just filed a fraud claim, please wait until it has been resolved before closing your account.

Summary

It is usually straightforward to close a current account, provided that certain conditions are met. Among others, these include a non-zero account balance, the deactivation of ongoing payments, as well as the clarifying any outstanding obligations. By preparing carefully, you can help to ensure that the process runs smoothly.

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