To withdraw money from a Self Credit Builder Account, you close the account through the Self app or website and choose either direct deposit (ACH) or a paper check. The full balance you’ve built up is returned to you, minus the interest and fees Self charged on the loan, and most people receive their money within about two to three weeks.
You Can’t Take Out Just Part of Your Savings
The Credit Builder Account is an installment loan. Your monthly payments go into a certificate of deposit held in your name at one of Self’s partner banks, and that CD is FDIC-insured.1Self. How Does a Credit Builder Account Work The money stays locked until the loan term ends or you close the account early. There is no partial withdrawal option. Closing the account is the only way to release the funds, whether you’ve finished all your payments or you’re stopping months ahead of schedule.
What to Have Ready Before You Close
Decide first how you want to be paid. For an ACH transfer, you need your bank’s nine-digit routing number and your account number. For a paper check, confirm that the mailing address on file in the Self app is current. A wrong address turns a three-week wait into a much longer one.
You’ll also need to log in through the Self app or website. Self uses multi-factor authentication, so keep your registered phone or email nearby for the verification code.
If You’re Sending Money to a Neobank
If you want the ACH sent to a neobank like Chime or Cash App, you can generally use the routing and account numbers those services provide. Some digital wallets handle incoming ACH deposits from third parties differently than traditional banks, though, and processing can take longer. If Self’s system rejects the account details, check with the wallet provider that they accept incoming third-party ACH deposits.
Closing the Account Step by Step
Open the Self app or log in on the website and go to your active Credit Builder Account dashboard. Find the option to close the account. It may sit under an information icon or inside a menu within the account details. Selecting it starts a series of confirmation screens.
You’ll confirm your payout method and verify the deposit or mailing information you entered. The last screen shows the amount you’ll actually receive: your accumulated savings after interest and fees are subtracted. Once you submit, the request goes to Self’s partner bank and you’ll see a confirmation that the payout is processing. Reversing the request after the bank starts working on it is difficult, so review the details before you tap submit.
When the Money Arrives
Paper checks are mailed by USPS and generally take about 10 to 14 business days to arrive, which is roughly three weeks in calendar time. Direct deposits usually land faster, though the exact timing depends on your bank.2Self. When Will I Get My Payout for My Credit Builder Account The deposit will appear on your statement from Self Financial or one of its partner banks.
If you chose a check and nothing has arrived after three weeks, contact Self support through the app. They can confirm whether the check was issued and start a replacement if it went missing.
What Gets Taken Out of Your Payout
Two things reduce what you get back: the interest and fees Self charged over the life of the loan, and, if you’re closing before the term ends, a small early withdrawal fee of less than $1. The exact fee depends on the size of your account, and Self subtracts it from the payout automatically.3Self. Is There a Fee for Closing My Account Early
Closing Early vs. Missing Payments
If you can’t keep making payments, closing the account is usually better than letting payments slip. Self allows a 15-day grace period after each due date before charging a late fee, and a payment more than 30 days overdue gets reported to the credit bureaus, which damages the score you’ve been trying to build.4Self. What Happens if I Can’t Pay My Credit Builder Account Closing early costs you the sub-dollar fee and some of the credit history you would have built. A late mark costs you much more.
Getting the Self Visa Credit Card Deposit Back
The Self Visa Credit Card is a separate product from the Credit Builder Account, and closing the Credit Builder Account does not release the card’s security deposit. To get that deposit back, you close the credit card.
Before you can close the card, pay off every outstanding balance, including pending transactions and any accrued interest. If you close the card while a balance remains, Self applies the security deposit to what you owe and returns only what’s left.5Self. When Will I Get My Security Deposit Back for the Self Visa Credit Card
If your Credit Builder Account is still active when the card closes, the remaining deposit goes back into that account. Otherwise Self sends the refund by whatever payout method you have on file, and it takes roughly 10 to 14 business days.6Self. How Do I Get My Security Deposit Back From the Self Visa Credit Card Pending merchant transactions can push that window out, so avoid using the card in the days before you close it.
How Closing Affects Your Credit
Closing the Credit Builder Account removes an active installment loan from your credit report. That can reduce your credit mix, which accounts for roughly 10% of a FICO score. If the Self loan is your only installment account, your report will show only revolving credit afterward.
Your payment history stays on the report for up to 10 years after the account closes in good standing, so the on-time payments you made don’t disappear. Closing early simply means fewer months of that history got reported.
If you also close the Self Visa Credit Card, expect your credit utilization ratio to rise, since you’re losing that card’s available limit. Utilization above 30% of your total available credit tends to pull scores down. Check your other cards’ limits before closing the card.
Taxes on Your Payout
The bulk of your payout is your own payments coming back, so the principal isn’t taxable. The CD earns a small amount of interest while your money sits with the partner bank, and that interest is taxable income in the year it becomes available to you.7Internal Revenue Service. Topic No. 403, Interest Received
If the interest reaches $10 or more, the partner bank will send you a Form 1099-INT.8Internal Revenue Service. Publication 1099 General Instructions for Certain Information Returns Below that threshold you won’t get a form, but the interest is still reportable on your federal return. For most Self accounts the amount is small enough that the tax impact is minor, but it’s worth knowing about before you file.