How to close a Chase savings account
You can close a Chase savings account by phone, in person at a branch, or online through Chase's website or mobile app. The fastest route is usually a phone call to the number on the back of your debit card or savings account statement—you'll reach a representative who can walk you through the process in about 10 minutes. If you have a balance, Chase will send it to you by check or transfer it to another account you specify. If you have a negative balance (money owed), you'll need to pay that before closing.
Before you close, make sure any automatic deposits or withdrawals tied to that account are moved to another bank account or cancelled. Chase won't close the account if active transfers are still scheduled. You should also check whether you'll face an early closure fee—Chase typically charges $25 if you close a savings account within 90 days of opening it, though this varies by account type and current promotions.
Key Takeaways
- Call the number on your account statement or debit card to close over the phone, which usually takes 10 minutes and requires no branch visit.
- Chase will charge a $25 early closure fee if you close within 90 days of opening the account, so check your account age first.
- Move or cancel any automatic deposits, bill payments, or transfers linked to the account before closing, or Chase will refuse to process the closure.
- Your remaining balance will be sent by check or transferred to another account within 5 to 7 business days after closure.
- If you owe money on the account, you must pay the negative balance before Chase will close it.
What happens to your money when you close
When you close a Chase savings account with a positive balance, Chase will return your money. You can choose to have it transferred to another bank account (usually your Chase checking account or an external account) or mailed to you as a check. If you choose a transfer, it typically takes 1 to 3 business days if it's going to another Chase account, or 5 to 7 business days if it's going to a different bank.
If you request a check, it will be mailed to the address on file and can take 7 to 10 business days to arrive. Make sure the address is current before you close. If the check is lost or never arrives, you can contact Chase to request a replacement, though this adds another week or two to the process.
Early closure fees and when they apply
Chase charges a $25 early closure fee if you close a savings account within 90 days of opening it. This fee is deducted from your balance before the remaining money is sent to you. Some promotional savings accounts or special offers may have different terms, so check your account agreement or call Chase to confirm whether your specific account is subject to this fee.
If you're closing after 90 days, there is no fee. Chase will not charge you for closing the account itself—only for closing it early. If you've already paid a monthly maintenance fee (some Chase savings accounts charge $5 per month if you don't meet a minimum balance), that fee is separate and will have already been deducted from your account.
Stopping automatic transfers and deposits before closing
Chase will not close your account if you have active automatic transfers, direct deposits, or bill payments scheduled. You must cancel or redirect these before you call to close. Log into your Chase account online or through the mobile app, go to the Transfers section, and cancel any recurring transfers from or to the savings account. If you have direct deposit set up to go to this account, you'll need to contact your employer or the organization sending the deposit and provide them with your new account number.
If you forget to cancel these before calling Chase, the representative will tell you to do so and will not process the closure. You can then call back once everything is cleared. This step usually takes a few minutes but can add a day or two to the overall process if you have to wait for your employer to update their records.
Closing in person at a Chase branch
You can walk into any Chase branch with your ID and ask to close your savings account. Bring your debit card or account number so the teller can pull up your account quickly. The teller will confirm your balance, explain any fees, and ask how you want your money returned. If you want it transferred to another Chase account, they can do that immediately. If you want a check or a transfer to an external bank, they'll process it and you'll receive the funds within the timeframe listed above.
In-person closure can be useful if you want to close the account and open a different one on the same day, or if you prefer to handle it face-to-face. However, it requires a trip to a branch during business hours. If you don't have a branch nearby or prefer not to go in person, phone or online closure is faster.
Closing through the Chase mobile app or website
Chase allows you to close some savings accounts through the mobile app or website, though not all account types support online closure. Log into your Chase account, navigate to the account details for the savings account you want to close, and look for a "Close Account" or "Account Services" option. If it's available, you'll be guided through a series of screens that confirm your balance, explain any fees, and ask where you want your money sent.
If the online option is not available for your account, you'll see a message directing you to call or visit a branch. Online closure is the fastest option when it's available—you can complete it in 5 minutes and won't have to wait on hold. However, you should still make sure all automatic transfers are cancelled before you start, or the system will stop you and ask you to do that first.
What to do if you have a negative balance
If your account is overdrawn—meaning you owe Chase money—you cannot close the account until you pay the negative balance. This can happen if you had overdraft fees, insufficient funds charges, or if a transfer went through that exceeded your balance. You'll need to deposit money into the account to bring it to zero or positive before Chase will process the closure.
You can deposit money online through a transfer from another account, at an ATM, or in person at a branch. Once the balance is paid, you can proceed with closing. If you're unsure how much you owe, call the number on your statement and ask the representative to tell you the current balance and any outstanding fees.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit products like credit cards, loans, and lines of credit impact your credit. You can close a savings account without any credit consequences.
Can I reopen a Chase savings account after closing it?
Yes, you can open a new Chase savings account at any time after closing one. However, if you open a new account within 90 days of closing the old one, you may be subject to the early closure fee again if you close it quickly. Chase also has a policy against opening and closing accounts repeatedly to collect promotional bonuses, so avoid that pattern.
What if I closed my account but the check never arrived?
Contact Chase within 30 days of the closure date and ask them to issue a replacement check or process a transfer to another account instead. Provide them with the original closure date and the amount. Chase will investigate and reissue the funds, though this can take another 7 to 10 business days.
Do I need to close my account in person if I have a large balance?
No. The amount in your account does not require you to close in person. You can close by phone or online regardless of your balance. Chase will transfer or mail the funds the same way whether it's $100 or $10,000. In-person closure is optional and offered only for convenience.
What if I want to keep my Chase checking account but close only the savings account?
You can close just the savings account and keep your checking account open. When you close, make sure you don't have any automatic transfers between the two accounts, or Chase will stop the closure process. Once the savings account is closed, your checking account will continue to work normally with no changes.