Yes, you can close a Chase savings account at any time
You can close a Chase savings account whenever you want, with no penalty or waiting period. Chase does not charge a fee to close an account, and you do not need a reason to do it. The process takes a few minutes if you do it in person at a branch, or about 10 business days if you do it by phone or online.
Before you close the account, make sure you have moved any money out of it — Chase will not hold funds after the account closes. If there is a balance remaining, Chase will mail you a check, but this can take several weeks. It is simpler to withdraw or transfer the money yourself first.
Key Takeaways
- Chase charges no fee to close a savings account, and you can do it in person, by phone, or online.
- You must withdraw or transfer all money from the account before closing, or Chase will mail you a check later.
- Closing an account does not hurt your credit score, but it may affect your account history length if this is an old account.
- If you have a linked checking account or automatic payments tied to the savings account, you will need to update those before closing.
- The account will close when ready in a branch, but may take up to 10 business days if you close it by phone or online.
How to close your account in person at a Chase branch
Walk into any Chase branch with your ID and ask to close your savings account. A teller or banker will pull up your account, confirm you want to close it, and process the closure on the spot. If there is money in the account, they will ask how you want it handled — you can withdraw it as cash, transfer it to another account, or have them mail you a check.
Bring your debit card and ID. If the account is in two names, both account holders should be present, though some branches will close it with one person if they have a signed authorization from the other. Call your local branch ahead of time to ask what they need.
How to close your account by phone or online
Call Chase customer service at the number on the back of your debit card. Tell them you want to close your savings account. They will confirm your identity, check that the account balance is zero, and process the closure. The account will close within 10 business days.
You can also close the account through the Chase mobile app or website. Log in, find the savings account, and look for a "Close Account" or "Account Services" option. Chase will walk you through the steps and confirm the closure. If you have trouble finding it online, calling is usually faster.
What to do with your money before closing
Do not leave money in the account when you close it. Before you start the closure process, move all funds out. You can transfer money to another Chase account, to an account at a different bank, or withdraw it as cash.
If you do accidentally close the account with a balance still in it, Chase will mail you a check. This can take two to four weeks. You can also call Chase after closing and ask them to reopen the account temporarily so you can withdraw the money, though they may charge a fee to reopen it.
Update linked accounts and automatic payments first
If you have automatic transfers set up — for example, money moving from checking to savings each month — you will need to cancel those before closing. Log into your Chase account online and find the transfer settings. Delete any recurring transfers that involve the savings account you are closing.
If you have automatic bill payments or direct deposits going to this savings account, change those to a different account. This takes a few days to update with the companies involved, so do it at least a week before you plan to close the account. If a payment tries to go through after the account closes, it will be rejected and may trigger a late fee from the company you owe.
How closing an account affects your credit and banking history
Closing a savings account does not lower your credit score. Savings accounts do not appear on your credit report the way credit cards and loans do. You can close a savings account without any impact on your credit.
However, if this is an old account, closing it does shorten your overall banking history with Chase. If you plan to open a credit card or loan with Chase in the near future, keeping the account open for a few more months may help slightly. But if you do not need the account, closing it is fine — it will not stop you from getting credit later.
What happens after you close the account
Once the account is closed, you cannot use it anymore. Any debit card linked to it will stop working. If you set up online bill pay or transfers from this account, those will fail. You will not receive statements for the closed account, though Chase keeps records of closed accounts for your history.
If you change your mind and want to reopen a savings account with Chase, you can do that anytime. Chase may ask you to open a new account rather than reopen the old one, depending on how long it has been closed. There is no penalty for reopening — you just start fresh with a new account number.
Frequently Asked Questions
Will Chase charge me to close my savings account?
No. Chase does not charge a fee to close a savings account. If you close it in person at a branch, it happens when ready. If you close it by phone or online, it takes up to 10 business days, but there is no cost either way.
What if I have a balance left in the account when I close it?
Chase will mail you a check for the remaining balance. This can take two to four weeks. It is faster to withdraw or transfer the money yourself before closing. If you need the money sooner, call Chase after closing and ask if they can reopen the account temporarily.
Does closing a savings account hurt my credit score?
No. Savings accounts do not appear on your credit report, so closing one has no effect on your credit score. You can close a Chase savings account without worrying about credit impact.
Can I close my account if I have automatic transfers set up?
You can close it, but you should cancel automatic transfers first. If a transfer tries to go through after the account closes, it will fail and may trigger fees. Log into your Chase account online and delete any recurring transfers involving this savings account before you close it.
What if both my name and someone else's name are on the account?
Both account holders should go to the branch together to close it. Some branches will close it with one person if they have written permission from the other, but calling ahead to ask what your branch requires is best. By phone, Chase may need authorization from both account holders as well.