Chase does not charge a fee to close a savings account

You can close any Chase savings account at no cost. Chase does not impose a closing fee, early closure penalty, or any other charge for ending the account. The only money that leaves your account is the balance you withdraw or transfer out.

What matters instead is whether you have an active balance, whether you've met any minimum deposit requirements tied to a promotional offer, and whether the account is in good standing. If you close an account while it still holds funds, you'll receive that money—but you won't pay Chase to leave.

Key Takeaways

  • Chase charges no fee to close a savings account, regardless of how long you've held it or how much money is in it.
  • You must withdraw or transfer your full balance before closing; Chase will not close an account with a zero balance if it still appears active in their system.
  • If you opened the account to receive a promotional bonus, closing it too soon may disqualify you from that bonus or require you to repay it.
  • You can close a Chase savings account online, by phone, or in person at a branch, and the process typically completes within one to three business days.

What happens to your money when you close

Before you close the account, you need to move your balance somewhere. You can transfer funds to another Chase account you own, move money to an external bank account via ACH transfer, or withdraw cash in person at a Chase branch or ATM.

Once your balance reaches zero, you can request closure. Chase will send you written confirmation that the account is closed. If the account held any pending transactions or holds at the time of closure, those may still process after the account is technically closed—so watch your records for a few days after closure to catch any unexpected charges.

Promotional bonuses and early closure

Chase offers periodic bonuses for opening new savings accounts—typically $50 to $200 depending on the promotion. These bonuses come with terms: you usually must maintain a minimum deposit (often $500 or $1,500) for a set period, usually 60 to 90 days.

If you close the account before that period ends, Chase may claw back the bonus—meaning they'll deduct it from your balance or reverse the credit. Read the promotion terms when you open the account so you know the holding period. If you're closing because you need the money, losing the bonus is the cost; Chase won't charge you an additional fee on top of that.

How to close your Chase savings account

You have three routes: online through Chase.com or the mobile app, by phone at the customer service number on your statement, or in person at any Chase branch.

Online closure is fastest if your account balance is already zero. Log in, navigate to account settings, and select close account. You'll receive immediate confirmation.

Phone closure requires you to call Chase customer service. Have your account number and Social Security number ready. The representative will confirm your balance, help you arrange a transfer if needed, and process the closure. This typically takes 5 to 10 minutes.

In-person closure at a branch lets you withdraw cash directly and close the account on the spot. Bring your ID and debit card. The teller will print a closure confirmation before you leave.

What to do with your money before closing

Decide where your balance goes. If you're moving to a different bank, initiate an ACH transfer from your Chase account to the new bank's account number. This takes one to three business days. If you're keeping money at Chase, transfer it to a checking account or another savings account you own.

Do not simply withdraw all cash and then close the account if you plan to deposit it elsewhere—you'll lose the FDIC protection during the gap between withdrawal and deposit. A direct transfer keeps your funds insured the entire time.

After your account closes

Once closed, you cannot reopen the same account. If you want to return to Chase savings later, you'll open a new account, which means a new account number and a new start date for any promotional terms.

Chase will continue to send statements for 30 to 60 days after closure to document any final transactions. Keep these for your records. If you notice a charge after closure, contact Chase immediately—they can reverse unauthorized transactions up to 60 days after they post.

Frequently Asked Questions

Will Chase charge me if I close my account with a negative balance?

If your account goes negative (you owe Chase money), you cannot close it until the balance is paid. Chase will not waive the negative balance as a closing fee; you must deposit funds to bring it to zero first. Once paid, closure is free.

Can I close my account if I still have pending transactions?

Yes, but pending transactions may still post after closure. Close the account only after all transactions have fully cleared. If something posts to a closed account, contact Chase to reverse it or have the funds returned to you.

What if I close my account and then want to reopen it?

You cannot reopen a closed account. You can open a new Chase savings account at any time, but it will have a different account number. Any promotional bonus terms start fresh with the new account.

Does closing a Chase savings account hurt my credit score?

Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit accounts (credit cards, loans, lines of credit) impact your credit history.

How long does it take for Chase to fully close my account?

The closure request processes immediately, but it may take one to three business days for the account to fully disappear from your online banking. You'll receive written confirmation of closure by mail within 5 to 10 business days.