Yes, you can close a Chase savings account at any time, with no penalty

Chase does not charge a fee to close a savings account, and you can do it online, by phone, or in person at a branch. The process takes a few minutes, but what happens to your money and how quickly you can access it depends on which method you choose and whether you have a balance remaining.

Before you close the account, you need to decide what to do with any money still in it. Chase will not automatically transfer the balance elsewhere — you have to move it yourself or let Chase mail you a check. If you have pending transactions or automatic transfers set up, those can complicate the closure, so it helps to know what to expect at each step.

Key Takeaways

  • Chase charges no fee to close a savings account, and you can initiate closure online, by phone, or at a branch location.
  • You must move any remaining balance to another account or request a check before the account closes; Chase will not hold the money indefinitely.
  • Closing online through Chase's website or app is the fastest method if your account has a zero balance or you have already transferred your funds.
  • If you close by phone or in person, bring your account number and a government-issued ID to confirm your identity.
  • Pending transactions and automatic bill payments linked to the account may fail after closure, so cancel or redirect them before you close.

Closing your account online through the Chase app or website

The online method is the quickest if your account balance is zero. Log into your Chase account, navigate to the savings account you want to close, and look for a "Close Account" or "Account Services" option. Chase's interface varies slightly depending on whether you use the app or the website, but both routes lead to the same closure form.

You will be asked to confirm your identity and the reason for closure (though this is optional). Chase will then show you a summary of the account details and ask you to confirm. Once you submit, the account closes when ready, and you will receive a confirmation email. If your account still has a balance, Chase will typically hold the funds for a short period and then mail you a check to the address on file.

Closing by phone with Chase customer service

Call the number on the back of your debit card or on your Chase statement. Have your account number and the last four digits of your Social Security number ready. A representative will verify your identity, confirm you want to close the account, and ask what you want to do with any remaining balance.

If you have money in the account, you can ask Chase to transfer it to another Chase account you own, transfer it to an external bank account (which takes one to three business days), or mail you a check. The representative will process the closure on the call, and you will receive written confirmation in the mail within five to seven business days.

Closing in person at a Chase branch

Bring your ID and account number to any Chase branch. Tell a teller you want to close your savings account. They will verify your identity, confirm the account details, and ask what you want to do with the balance. If you have money in the account, you can withdraw it in cash on the spot, transfer it to another account, or request a check.

The teller will process the closure when ready, and you will receive a receipt. This method is useful if you want to withdraw cash the same day or if you prefer to handle it face-to-face, but it requires a trip to a branch during business hours.

What to do with your money before closing

If your account has a balance, you have three main options. First, you can transfer the money to another Chase account you own — this is when ready and costs nothing. Second, you can transfer it to an external bank account; Chase will ask for the routing number and account number, and the transfer usually takes one to three business days. Third, you can request a check, which Chase will mail to your address on file within five to seven business days.

Do not close the account until you have moved the money or confirmed with Chase that a check is in the mail. If you close with a balance still in the account, Chase will eventually mail you a check, but the timeline can be unpredictable, and you may not receive it for several weeks.

Canceling automatic payments and transfers before closure

Before you close the account, check whether any automatic bill payments, recurring transfers, or direct deposits are linked to it. Log into your Chase account and review the "Transfers" or "Payments" section. If you find any, cancel them or redirect them to another account at least a few days before you plan to close.

If you close the account while automatic payments are still active, those payments will fail, and you may face late fees from the companies you owe. Similarly, if your paycheck or other deposits are set to go into this account, they will bounce back to the sender, and you will have to update your direct deposit information with your employer or the institution sending the money.

What happens after you close the account

Once the account is closed, you can no longer use the debit card or access the account online. Chase will keep a record of the closed account for your file, which can be useful if you need to dispute a transaction or verify account history later. The account will no longer appear in your active accounts list, but you can usually find it under "Closed Accounts" if you need to reference it.

If you had a Chase savings account linked to overdraft protection on a checking account, that link will be removed when you close the savings account. Your checking account will no longer have overdraft coverage from that savings account, so make sure you understand how overdrafts will be handled going forward.

Frequently Asked Questions

Will closing my Chase 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 accounts like credit cards, loans, and lines of credit appear on your credit report.

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 problem with Chase or a dispute, the bank may flag your account history, and you should be prepared to explain why you want to open a new one.

What if I have pending transactions when I try to close?

Chase will not let you close an account with pending transactions. Wait for all pending transactions to clear (usually one to three business days), then try closing again. You can check pending transactions in the "Activity" or "Transactions" section of your account.

How long does it take to close a Chase savings account?

Online closure is when ready. Phone and in-person closures are processed the same day, though you will receive written confirmation in the mail within five to seven business days. If you have a remaining balance, the check may take an additional five to seven business days to arrive.

Do I need to close my account in the same way I opened it?

No. You can open an account online and close it in person, or vice versa. Use whichever method is most convenient for you at the time of closure.