Chase does not charge a fee to close a savings account
You can close a Chase savings account at any time without paying a closure fee. Chase does not impose penalties for closing accounts early, and there is no minimum balance requirement to keep the account open. The only cost you might face is if your account is overdrawn at the time of closure — Chase will deduct what you owe from the funds you have on deposit or pursue collection if the account has no balance.
The process itself is free. You can close the account in person at a branch, by phone, or online through your Chase account dashboard, depending on which method works for you. If you have pending transactions or automatic payments linked to the account, those need to be handled before or during closure to avoid complications.
Key Takeaways
- Chase charges no fee to close a savings account, and there is no penalty for closing early or maintaining a low balance.
- You can close the account in person, by phone, or online, and the process takes a few minutes to a few business days depending on your method.
- Any overdrawn balance on the account at closure will be deducted from your available funds or sent to collections if the account has no money.
- Automatic deposits or payments tied to the account should be redirected before closure to prevent failed transactions.
- If you have a linked checking account, closing the savings account does not affect the checking account unless you specifically request both closures.
How to close your Chase savings account
The fastest method is to close the account online through your Chase account dashboard if you have digital banking set up. Log in, navigate to your savings account, and look for the account settings or "Close Account" option. Chase will walk you through the steps and confirm the closure when ready. This method works if your account is in good standing and has no pending issues.
If you prefer to speak with someone, call Chase customer service at the number on the back of your debit card or on your account statement. A representative can close the account over the phone and answer questions about what happens to any remaining balance. This usually takes 10 to 15 minutes.
You can also visit a Chase branch in person with your ID and account information. A teller can close the account on the spot and handle any remaining balance by check or transfer to another account. In-person closure is useful if you have questions about linked accounts or need to close multiple accounts at once.
What happens to money still in the account
Any balance remaining in your savings account at closure will be returned to you. If you close the account online or by phone, Chase will ask where you want the money sent — usually to a linked checking account or by check mailed to your address on file. If you close in person, the teller can transfer the balance to another account or issue a check when ready.
The transfer typically takes one to three business days if you choose to move the money to another Chase account. If you request a check, allow five to seven business days for it to arrive by mail. Make sure you have a destination account or mailing address ready before you start the closure process.
Overdrawn accounts and what you owe
If your savings account is overdrawn — meaning you owe Chase money — the bank will not close the account until the negative balance is resolved. You will need to deposit funds to bring the account to zero or positive before closure can proceed. If you close the account while it is overdrawn, Chase will deduct what you owe from any linked accounts or other funds on deposit with the bank.
If you do not have funds available to cover the overdraft, Chase may send the debt to a collections agency. This will appear on your credit report and can affect your ability to open new bank accounts. Contact Chase when ready if your account is overdrawn and you cannot pay the balance — the bank sometimes works out payment plans for small amounts.
Redirecting automatic payments and deposits before closure
Before you close the account, check whether any automatic deposits (like direct deposit from your employer) or automatic payments (like bill payments or transfers) are linked to it. If you close the account without redirecting these, deposits will fail and go back to the sender, and payments may bounce or be rejected.
Log into your Chase account and review the "Transfers" and "Bill Pay" sections to see what is set up. Update any direct deposits with your employer or benefit provider to point to a different account. For automatic payments, either change the account number in the biller's system or cancel the automatic payment and set up a new one with your new account. Allow at least one pay cycle before closing the account to make sure the redirects are working.
Linked accounts and what stays open
If you have a Chase checking account linked to the savings account you are closing, the checking account will remain open unless you specifically ask Chase to close it as well. Closing a savings account does not automatically close any other accounts you hold with Chase. The two accounts are separate, and you can keep one while closing the other.
If you have a Chase credit card or other products tied to your savings account for overdraft protection, closing the savings account will remove that link. You will no longer have overdraft coverage from the savings account, but the credit card itself will stay active. Ask the representative helping you close the account to confirm what will and will not be affected.
Timing and what to expect after closure
Closure is usually final within one to three business days, depending on how you close the account. Online closures are typically processed the same day. Phone closures take one business day. In-person closures at a branch are when ready, though it may take a day or two for the account to fully disappear from your online dashboard.
Once the account is closed, you will no longer be able to access it or make deposits or withdrawals. If you need to reopen a savings account with Chase later, you can do so at any time — there is no waiting period or penalty for having closed an account previously. Chase will treat it as a new account opening.
Frequently Asked Questions
Will closing my Chase savings account hurt my credit score?
Closing a savings account does not directly affect your credit score because savings accounts do not appear on your credit report. However, if your account is overdrawn and you do not pay the balance, Chase may report the debt to credit bureaus, which will harm your score. Pay any negative balance before closure to avoid this.
Can I close my account if I have pending transactions?
Chase will not close the account if there are pending transactions still processing. Wait for pending transactions to clear, then close the account. If a transaction is stuck in pending status, contact Chase to have it cancelled or completed before you proceed with closure.
What if I forgot I had a Chase savings account and want to close it now?
You can close it the same way as an active account — online, by phone, or in person. If the account has been inactive for a long time, Chase may have already frozen it or declared it dormant under state law, but you can still request closure. Any balance will be returned to you according to your state's unclaimed property rules.
Do I need to visit a branch in person to close my account?
No. You can close your account online or by phone without visiting a branch. In-person closure is an option if you prefer to speak face-to-face or need to handle multiple accounts at once, but it is not required.
Can I reopen a Chase savings account after closing it?
Yes. You can open a new Chase savings account at any time after closing one. There is no waiting period, and closing an account does not prevent you from opening another. You will go through the standard account opening process as if you were a new customer.