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 close an account that still has a balance. If there is money in the account when you request closure, you will need to transfer it to another account first, either at Chase or at a different bank.
Key Takeaways
- Chase charges no fee to close a savings account, and you can do it at any time without a reason.
- You must move all money out of the account before closing it — Chase will not close an account with a remaining balance.
- Closing in person at a Chase branch takes a few minutes; closing by phone or online takes about 10 business days to complete.
- After closure, keep your final statement and any tax documents Chase sends you, in case you need proof the account is closed.
Closing your account in person at a Chase branch
The fastest way to close a Chase savings account is to walk into any Chase branch with your ID and ask to close the account. A banker will pull up your account, confirm the balance is zero, and process the closure on the spot. You will receive a final statement either when ready or by mail within a few days.
Bring a government-issued ID — a driver's license, passport, or state ID card. If you have a joint account, both account holders should be present if possible, though some branches will allow one person to close it with written permission from the other. Call your local branch ahead of time to ask about their specific policy on joint accounts.
Closing your account by phone
You can call Chase customer service at the number on the back of your debit card or on your account statement to request closure. Tell the representative you want to close your savings account and confirm that the balance is zero. They will process the request and send you a confirmation by mail.
The closure usually takes about 10 business days from the date you call. During that time, the account will still appear in your online banking, but you will not be able to use it. Once the 10 days have passed, the account will disappear from your account list.
Closing your account through Chase online banking
Some Chase accounts can be closed through the mobile app or website. Log into your account, go to the settings or account management section, and look for an option to close the account. Not all account types offer this option online — if you do not see a close option, you will need to call or visit a branch instead.
If the online option is available for your account, you will be asked to confirm that the balance is zero and to review the closure terms. After you submit the request, Chase will send you a confirmation email and a final statement by mail within 10 business days.
What happens to your debit card when you close the account
If your Chase savings account came with a debit card, that card will stop working once the account is closed. You do not need to do anything special — the card will straightforward decline at checkout or at an ATM. If you want to destroy the card yourself before closure, you can cut it up or shred it.
If you have a separate checking account at Chase and want to keep using that, closing your savings account will not affect your checking account or its debit card. The two accounts are separate, and closing one does not touch the other.
What to do with any remaining money before closing
Before you request closure, you must move all money out of the savings account. You have a few options: transfer the money to another Chase account you own, transfer it to an account at a different bank, or withdraw it in cash at a Chase branch or ATM.
The easiest method is usually to transfer the money online to another account. Log into Chase online banking, go to the transfer section, and move the full balance to your checking account or another bank account. If you are transferring to a different bank, the transfer may take one to three business days, so plan ahead.
After your account is closed
Once your account is closed, you will receive a final statement by mail showing the closure date and the last balance. Keep this statement for your records — it serves as proof that the account is closed, which can be useful if there are any questions later.
If you earned any interest on the account during the year it was open, Chase will send you a 1099-INT tax form by January 31 of the following year. This form reports the interest income to the IRS. Keep it with your tax documents even after the account is closed.
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 do not appear on your credit report. Only credit products like credit cards, loans, and lines of credit show up on your credit history. Closing a savings account is purely a banking matter, not a credit matter.
Can I reopen a Chase savings account after I close it?
Yes, you can open a new Chase savings account at any time after closing one. However, if your account was closed due to fraud or violation of Chase's terms, Chase may not let you open a new account. For a normal closure, you can straightforward walk into a branch or open one online whenever you want.
What if I close my account but still have pending transactions?
Any pending transactions — like transfers or automatic payments scheduled to happen — may still process after closure. Make sure to cancel any recurring transfers or bill payments before you close the account. If a transaction does process after closure, contact Chase to have the money returned to you.
Do I need to close my account in the same state where I opened it?
No. You can close your account at any Chase branch, regardless of which state you opened it in. Chase is a national bank, so all branches have access to your account information. You can also close it by phone or online from anywhere.
What if I have a negative balance when I try to close?
If your account has a negative balance — meaning you owe Chase money — you must pay that amount before the account can be closed. You can transfer money in from another account or deposit cash at a branch to bring the balance to zero, then request closure.