Yes, you can close your Chase savings account at any time
Chase will let you close a savings account without penalty. You can do it online, by phone, or in person at a branch. There is no waiting period, no minimum balance requirement to close, and no fee for closing. The main thing to handle before you close is moving any money you want to keep to another account, because once the account is closed, Chase stops accepting deposits to it.
The process itself takes minutes if you do it online or by phone, though it can take a few business days for the closure to fully process on Chase's end. If you have pending transactions or automatic transfers set up, those may still go through for a short time after you request closure, so it is worth cancelling any recurring payments first.
Key Takeaways
- Chase savings accounts close when ready when you request it online, by phone, or at a branch, with no fees or penalties.
- Withdraw or transfer any remaining balance before closing, since Chase will not accept new deposits once the account is closed.
- Cancel any automatic transfers or bill payments linked to the account at least a few days before you close it.
- If you have a Chase checking account tied to overdraft protection on the savings account, update that setting before closing to avoid declined transactions.
- You will receive a final statement by mail showing the account closure and any remaining balance or fees.
How to close your account online, by phone, or in person
The easiest route for most people is Chase's mobile app or website. Log in, find the savings account, look for account settings or account details, and select the option to close the account. Chase will ask you to confirm and may ask where the remaining balance should go. If you have money in the account, you can transfer it to another Chase account or request a check. The closure request processes when ready, though the account may show as "closed" or "pending closure" for a few business days.
If you prefer to talk to someone, call the number on the back of your Chase debit card or savings account statement. A representative can close the account over the phone in about five minutes. They will confirm your identity, ask about any remaining balance, and process the closure right then. This is the fastest way if you want confirmation that it is done.
You can also walk into any Chase branch with your ID and ask to close the account. A teller will handle it on the spot. This works well if you want to withdraw cash from the remaining balance at the same time, or if you have questions about what happens next.
What to do with your money before closing
Before you request closure, move any balance you want to keep. You have three options: transfer it to another Chase account (checking, savings, or money market), transfer it to an account at a different bank, or request a check from Chase.
If you transfer to another Chase account, the money moves within one business day. If you transfer to a different bank, use the account and routing number from that bank; Chase will initiate an ACH transfer that usually takes three to five business days. If you request a check, Chase mails it to the address on file, and it typically arrives within seven to ten business days.
Do not leave money in the account when you close it. If there is a balance remaining, Chase will either transfer it to another account you specify or mail you a check, but this adds time and complexity. It is cleaner to move the money yourself first.
Cancel automatic payments and transfers before you close
If you have set up any automatic transfers out of the savings account—to pay bills, move money to checking, or fund investments—cancel those at least a few days before you close. The same goes for any automatic deposits into the account, like direct deposit of a refund or transfer from another bank.
After you request closure, Chase may still process transactions that were already scheduled. If a payment tries to go through after the account is closed, it will be rejected, which can trigger overdraft fees at the other bank or a late payment on a bill. Cancelling these ahead of time prevents that problem.
You can cancel automatic payments and transfers in the Chase app or website under the account's settings, or ask a representative to do it when you call to close the account.
What happens if you have overdraft protection linked to this account
If your Chase checking account is set up to use this savings account as overdraft protection—meaning the savings account covers overdrafts on checking—you need to change that setting before you close the savings account. Otherwise, if you overdraw checking after the savings account is closed, the overdraft will be declined and you may face a non-sufficient funds fee.
Log into Chase online or call to update your overdraft protection settings. You can link overdraft protection to a different savings account, turn it off entirely, or switch to Chase's overdraft line of credit. Do this before you close the account so there is no gap in coverage if you need it.
Timeline and what to expect after closure
The account closes on the day you request it, but the closure may take a few business days to fully process on Chase's systems. During that time, you may still see the account in your app or online banking, but it will be marked as closed and you cannot use it.
Chase will mail you a final statement showing the closure date, any remaining balance, and any fees charged in the final period. This statement arrives within one to two weeks. Keep it for your records, especially if you closed the account because of a dispute or problem.
If you had a debit card linked to the savings account, it will stop working. If you had checks for the savings account, they will be rejected. There is no need to do anything with these—just stop using them.
Reasons you might not be able to close right away
Chase will not close a savings account if there is a hold on it related to a legal matter, fraud investigation, or unpaid fees. If Chase tells you the account cannot be closed, ask why. Usually it is because of a pending dispute, a negative balance, or a freeze placed by law enforcement or a creditor.
If there is a negative balance—meaning you owe Chase money—you must pay that before closing. If there is a hold due to fraud or a dispute, you may need to wait for that to resolve. If a creditor has frozen the account, you may need a court order to unfreeze it before closing.
These situations are rare with savings accounts, but if you run into one, ask Chase for the specific reason and what you need to do to move forward.
Frequently Asked Questions
Will closing my Chase savings account hurt my credit?
No. Closing a savings account does not affect your credit score. Credit bureaus only track credit accounts like credit cards, loans, and lines of credit. Savings and checking accounts are not reported to credit bureaus, so closing one has no impact on your credit history or score.
What if I closed my account but money is still being deposited to it?
Contact Chase when ready. If direct deposits or transfers are still going to the closed account, Chase will hold the money and eventually return it to the sender. You can call Chase to ask them to redirect the deposits to your new account, or contact the sender (your employer, a government agency, or another bank) to update your account information with them.
Can I reopen a Chase savings account I just closed?
Yes. You can open a new Chase savings account at any time. If you closed the account recently, you can open a new one the same day. There is no waiting period. However, if the account was closed due to fraud or a violation of Chase's terms, Chase may not let you open a new account for a period of time.
Do I need to close my checking account too?
No. Your savings and checking accounts are separate. You can close one without closing the other. If you want to close both, you can do them at the same time, but it is not required.
What if I have a pending check or transfer that has not cleared yet?
Wait for it to clear before closing the account. If you close while a check or transfer is still pending, it may be rejected, which could result in fees. Check your recent transactions in the Chase app to see if anything is still in progress, and wait a few business days after the last transaction before closing.