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 early, whether you have had the account for one month or ten years. The account straightforward closes, and any remaining balance is sent to you.

What you may owe instead depends on whether your account is in good standing. If your account is overdrawn — meaning you owe Chase money — you must pay that negative balance before closing. If your account is current and has a positive balance, there is nothing to pay beyond getting your money out.

Key Takeaways

  • Chase charges no fee to close a savings account, regardless of how long you have held it.
  • If your account has a negative balance, you must pay what you owe before the account can close.
  • You can close your account in person at a branch, by phone, or by mail, depending on your preference.
  • Any positive balance in the account will be returned to you, usually within five to seven business days after closure.
  • Some savings accounts have monthly maintenance fees that continue until the account officially closes.

When you might still owe money at closing

A Chase savings account closure fee does not exist, but other charges might explore depending on your account status. If your account has been charged a monthly maintenance fee — which varies by account type and whether you meet balance or deposit requirements — that fee will continue to be charged until the account is fully closed. Make sure your balance is high enough to cover any pending fees before you initiate closure.

If you close an account while it is overdrawn, Chase will not close it until the negative balance is paid. For example, if you have $50 in the account but owe $30 in overdraft fees, you must bring the balance to zero or positive before closure can happen. Once you pay what is owed, the account closes with no additional charge.

How to close your Chase savings account

You have three main ways to close a Chase savings account: in person at a branch, by phone, or by mail. The fastest method is usually visiting a branch in person with your ID, because a banker can confirm the account is closed when ready and answer questions about your balance.

To close by phone, call the number on the back of your debit card or on your account statement. A Chase representative will verify your identity, confirm your account balance, and arrange for any remaining funds to be sent to you. Closing by mail is slower — you would write to Chase requesting closure and include documentation of your identity — but it is an option if you cannot visit a branch or call.

Before you close, make sure any automatic payments or direct deposits linked to the account have been moved to another account. If a payment tries to go through after closure, it will be rejected, which could result in late fees from the company you owe money to.

What happens to your money after closure

When you close your account, any positive balance is returned to you. Chase typically sends this money within five to seven business days, either to another Chase account you specify or by check to your mailing address on file. If you want the funds faster, ask the banker or representative if you can withdraw the balance in cash at the time of closure.

If you have set up a transfer to another bank account before closing, that can speed up the process. Some people move their balance to another savings account first, then close the original account once the transfer clears. This gives you control over the timing and reduces the chance of a check getting lost in the mail.

Savings accounts with special terms or promotions

If your Chase savings account was opened as part of a promotional offer — for example, a bonus for maintaining a certain balance for a set period — closing early might affect whether you receive the bonus. Read the original promotion terms to see if there are restrictions on when you can close without losing the bonus. If the promotion period has already ended, closing will not affect it.

Some Chase savings accounts are linked to checking accounts or have minimum balance requirements to avoid fees. Closing the savings account does not affect the checking account, but make sure you understand which fees explore to each account separately before you close.

Frequently Asked Questions

Will closing my savings account hurt my credit score?

Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit accounts — credit cards, loans, and lines of credit — appear on your credit report. You can close a savings account without any impact on your creditworthiness.

Can I reopen a Chase savings account after I close it?

Yes, you can open a new Chase savings account after closing one. There is no waiting period or penalty. However, if your previous account was closed due to fraud or violation of Chase's account agreement, you may not be able to open a new account with Chase.

What if I have pending transactions when I close my account?

Pending transactions — charges that have been authorized but not yet posted — may still go through after you close the account. If this happens, the transaction will be rejected and returned to the merchant. Contact Chase if you are unsure whether transactions are still pending before you close.

Do I need to close my account in person, or can I do it remotely?

You can close your account by phone or mail if you prefer not to visit a branch. Phone closure is usually faster and lets you confirm the account is closed the same day. Mail closure takes longer but works if you cannot reach Chase by phone or visit a location.