Chase does not charge a fee to close a savings account
You can close a Chase savings account at any time without paying a closure fee. Chase does not impose penalties for closing accounts, whether you close it after one month or ten years. The only cost you might face is if your account has a negative balance — meaning you owe Chase money — but that is a debt issue, not a closure fee.
What matters more than the closure itself is what happens to any money still in the account and whether you have any automatic payments or transfers tied to it. If you close the account without moving the funds first, Chase will send you a check or initiate a transfer, depending on how you set it up. If you have automatic bill payments or direct deposits linked to the account, those will stop working once the account closes.
Key Takeaways
- Chase charges no fee to close a savings account, and you can do it online, by phone, or in person at a branch.
- You must move any remaining balance out of the account before or during closure, or Chase will mail you a check.
- Any automatic payments, transfers, or direct deposits tied to the account will fail after closure, so update those elsewhere first.
- If your account has a negative balance, you owe that amount to Chase regardless of whether you close the account.
- Closing a savings account does not affect your checking account or other Chase products unless you close those separately.
How to close your Chase savings account
You have three ways to close a Chase savings account: online through the Chase mobile app or website, by phone, or in person at a Chase branch. The online method is fastest if you have access to your account. Log in, find the account settings or account management section, and look for a "close account" or "account services" option. Chase will walk you through the steps and confirm the closure.
If you prefer to call, phone Chase customer service at the number on the back of your debit card or on your account statement. Have your account number ready. A representative will verify your identity, confirm you want to close the account, and ask where you want any remaining funds sent. The call usually takes five to ten minutes.
Closing in person at a branch requires you to bring a valid ID and your account information. A teller can process the closure on the spot and handle the transfer of funds immediately. This method is useful if you have questions or want to make sure everything is handled correctly before you leave.
What happens to your money when you close
Before you close the account, move your balance to another account — either another Chase account or an account at a different bank. You can do this by transferring the funds online, setting up a one-time transfer, or withdrawing the money in cash at a branch. If you close the account without moving the money, Chase will send you a check in the mail within seven to ten business days, or transfer it to a linked account if you have one set up.
If your account balance is zero or negative, there is nothing to transfer. A negative balance means you owe Chase money, usually because of overdraft fees or other charges. You will still owe that debt even after closing the account, and Chase may pursue collection or report it to credit bureaus.
Stopping automatic payments and transfers before closure
Before you close the account, check whether you have any automatic bill payments, recurring transfers, or direct deposits linked to it. Log into your Chase account and review the "Transfers" or "Bill Pay" section. Cancel any automatic payments that use this savings account. If you have direct deposits going to this account, contact your employer or the organization sending the deposit and update your banking information to point to a different account.
If you close the account without canceling these, the payments and deposits will fail. Your bills may not get paid, and your paycheck might bounce back to your employer. This can trigger late fees from creditors or cause your employer to resend the deposit, which takes extra time. Spend ten minutes updating these before you close.
Timing: how long closure takes
The account closure itself is immediate when you close it online, by phone, or in person. However, any pending transactions or transfers may still process after you close. If you have a check that has not cleared or a pending debit, that transaction can still go through for a few days after closure. Chase will cover it from the account balance or, if there is no balance, it may overdraft the account.
If Chase is sending you a check for your remaining balance, that check arrives within seven to ten business days. If you set up a transfer to another account during closure, that transfer usually completes within one to three business days depending on whether it is going to another Chase account or an external bank.
Reasons Chase might refuse to close your account
Chase rarely refuses to close a savings account, but there are a few situations where they may delay or require you to resolve something first. If your account has a negative balance, Chase may ask you to pay the debt before closing. If there is an active dispute or investigation on the account, closure may be delayed until that is resolved. If you have a restraint on the account — for example, due to a court order or tax levy — you cannot close it until the restraint is lifted.
In almost all cases, you can still close the account once these issues are handled. If Chase tells you that you cannot close the account, ask them to explain the reason in writing and what steps you need to take to resolve it.
What closing does not affect
Closing a Chase savings account does not close your checking account, credit card, or any other Chase product. Each account is separate. If you have a Chase checking account and a savings account, closing the savings account leaves your checking account open and active. Your debit card, online banking access, and other services remain unchanged unless you close those accounts too.
Closing a savings account also does not directly affect your credit score. Savings accounts do not appear on your credit report the way credit cards or loans do. However, if your account goes into collections due to a negative balance, that can show up on your credit report and hurt your score.
Frequently Asked Questions
Can I reopen a Chase savings account after I close it?
Yes, you can open a new Chase savings account at any time. However, if you closed the account due to a negative balance or other issue, Chase may flag your account history. If you had a previous account closed due to fraud or abuse of terms, Chase might deny you. For most routine closures, opening a new account is straightforward.
What if I close my account and then realize I forgot to transfer money out?
Contact Chase immediately. If the account is very recently closed, they may be able to reopen it or recover the funds. If Chase has already mailed a check, you can deposit that check once it arrives. If the funds were transferred to a linked account, check that account. The sooner you contact Chase, the more options you have.
Do I need to close my account in the same way I opened it?
No. You can open an account online and close it by phone, or open it in person and close it online. The method of closure does not have to match how you opened it. Use whichever method is most convenient for you.
Will closing my savings account affect my Chase checking account or credit card?
No. Closing a savings account does not affect any other Chase accounts you have. Your checking account, credit card, and any other products remain active and unaffected unless you close those separately.
What happens if I have pending transactions when I close the account?
Pending transactions may still process for a few days after closure. If there is money in the account, the transactions will go through. If the account is empty or has a negative balance, pending transactions may be declined or cause an overdraft. Check your account for pending items before you close.