Chase does not charge a fee to close a savings account
You can close a Chase savings account at any time without paying a closing fee. Chase does not impose penalties for closing accounts, whether you close it after one month or after years of holding it. The only thing that matters is the balance you have in the account when you close it — you will receive that money back, either as a check, a transfer to another account, or cash if you close it in person at a branch.
The reason this matters is that some banks do charge closing fees, so it is worth knowing that Chase is not one of them. You might see a monthly maintenance fee on your Chase savings account statement, but that is a separate charge for keeping the account open — it does not explore when you close it.
Key Takeaways
- Chase does not charge a fee to close a savings account at any time.
- You will receive your full account balance when you close, with no deductions for closing costs.
- You can close an account in person at a branch, by phone, or online depending on your account type and preference.
- If your account has a monthly maintenance fee, that fee stops once the account is closed.
How to close your Chase savings account
The simplest way to close a Chase savings account is to visit a branch in person with your ID and account information. A banker can process the closure on the spot, answer questions about your balance, and give you options for receiving your money — usually a check, a transfer to another bank account, or cash if the balance is not too large.
You can also close an account by phone by calling the customer service number on the back of your debit card or on your account statement. Have your account number and ID ready. The representative will confirm your balance, ask where you want the money sent, and process the closure. This usually takes a few minutes.
Some Chase account types allow you to close through the Chase mobile app or website, though this option is not available for all savings products. If you do not see a close account option in your app, calling or visiting a branch is your next step.
What happens to your money when you close
Your full account balance is yours to keep — Chase does not take any portion of it. When you close the account, you choose how to receive the money. The most common options are a check mailed to your address, a direct transfer to another bank account (yours or someone else's), or cash if you close in person at a branch.
If you have pending transactions or checks that have not cleared, ask the banker or representative about timing. Sometimes it is safer to wait a few days for everything to settle before closing, so you do not accidentally overdraft another account or have a check bounce.
Monthly maintenance fees and closing
Chase savings accounts may have a monthly maintenance fee, typically waived if you maintain a minimum balance or set up direct deposit. This fee is charged only while the account is open. Once you close the account, no further fees will be charged, and you will not owe anything for the months you held it.
If you are closing because of the monthly fee, you might want to ask about other Chase savings products that have lower or no maintenance fees. A banker can show you the options and help you move money to a different account type if that makes sense for your situation.
Timing and what to do before you close
Before you close, make sure all your automatic payments and direct deposits are set up elsewhere if you need them. If your paycheck goes into this savings account, you will need to update your employer or the organization sending the money. If you have automatic bill payments or transfers set up from this account, change those to your new account first.
It usually takes a few business days for a check to arrive if you choose that option, so plan accordingly. If you need the money quickly, a transfer to another account or cash at a branch is faster.
Reasons people close Chase savings accounts
Some people close savings accounts because they are moving to a different bank, consolidating accounts, or no longer need the account. Others close because they want to avoid the monthly maintenance fee or because they prefer a different type of savings product. None of these reasons will result in a closing fee — Chase's policy is the same regardless of why you are closing.
If you are closing because you are unhappy with the interest rate or the fees, it can help to know what other banks offer before you go. Chase savings rates change, and so do the fees, so it is worth comparing if you are deciding between staying and leaving.
Frequently Asked Questions
Will I owe money if I close my account with a negative balance?
If your account is overdrawn when you try to close it, Chase will not let you close until the negative balance is paid. You would need to deposit money to bring it to zero or positive before closing. This is not a closing fee — it is paying back money you owe.
Can I reopen a Chase savings account after I close it?
Yes, you can open a new Chase savings account at any time. There is no penalty or waiting period for reopening. However, if you closed because of a negative balance or fraud, Chase may have restrictions on your account, so ask before you try to open a new one.
What if I have a joint account — do both owners have to agree to close it?
Yes, typically both owners need to agree to close a joint account. If only one owner wants to close it, you may need to visit a branch together or have one owner give written permission. Call Chase to ask about the specific process for your account.
Do I need to close my account in the same branch where I opened it?
No, you can close your account at any Chase branch, by phone, or online. You do not need to go to the branch where you opened it. The account is in the Chase system nationwide, so any branch can help you.