Close it if you are paying fees you do not need to pay, or if another bank offers better terms for how you actually use savings

Closing a Chase savings account makes sense if you are carrying a monthly maintenance fee that you cannot waive, or if you have found a bank offering higher interest rates or lower minimums that match your balance and deposit habits. It does not make sense purely because you are unhappy with Chase's customer service or because you want to consolidate accounts — those are real reasons, but they are not reasons the account itself is costing you money.

The mechanics of closing are straightforward: you call Chase, request the closure, move your money out first, and the account closes within a few business days. The harder question is whether closing is actually the right move for your situation. That depends on what you are paying now, what you would pay elsewhere, and whether you have other Chase accounts that might be affected.

Key Takeaways

  • Chase savings accounts have a $25 monthly maintenance fee if your balance falls below $300, though you can waive it by maintaining that minimum or setting up direct deposit.
  • If you are paying the fee and cannot meet the minimum, closing and moving to a bank with no minimum balance is the direct way to stop the charge.
  • Closing does not hurt your credit score, but moving money out takes one to three business days, so plan the timing if you need the funds when ready.
  • If you have a Chase checking account, closing savings alone does not affect it, but some Chase products offer combined benefits that you would lose.

What the monthly fee actually costs and how to avoid it

Chase charges $25 per month to keep a savings account open if your balance stays below $300. That is $300 per year just to have the account sitting there. You can stop paying it three ways: keep $300 or more in the account at all times, set up a direct deposit of any amount to the account each month, or close the account.

If you have $300 available and you are not using the savings account for anything else, keeping the minimum is the easiest path — you pay nothing and keep the account open. If you cannot maintain $300 or you do not want to, direct deposit is the second option: any paycheck or regular transfer counts, even if it is $50 per month. If neither of those works for you, or if you straightforward do not want a Chase savings account anymore, closing it stops the fee when ready.

The fee waiver for direct deposit is real and automatic — Chase does not require you to ask. Once direct deposit hits the account once, the monthly fee stops. This matters because many people close accounts thinking they have to, when they could have kept the account free by setting up a single automatic transfer from their checking account.

How closing actually works and what to do first

Before you call Chase to close, move your money out. Log into your Chase account online or through the mobile app, transfer your balance to another bank account (yours or someone else's), or request a check. This takes one to three business days depending on the destination. Do not close the account first and then try to move the money — it is harder and slower.

Once the account is empty, call Chase at the number on the back of your debit card or visit a branch in person. Tell them you want to close the savings account. They will ask why, and you do not have to give a detailed reason — "I am moving my savings elsewhere" is enough. They may offer to waive the fee or move you to a different product, but you are not obligated to accept. The account closes within a few business days.

After closure, you will receive a final statement by mail showing the account is closed. If there was any interest earned in the final month, it will appear on that statement. You do not owe Chase anything, and the account will not reappear on your credit report.

Whether closing affects your credit or other Chase accounts

Closing a savings account does not hurt your credit score. Credit bureaus track credit accounts — credit cards, loans, lines of credit — not deposit accounts. Closing a Chase savings account has zero impact on your credit report or your ability to borrow money.

If you have a Chase checking account, closing savings does not affect it. They are separate accounts with separate numbers. You can close one and keep the other running without any problem. However, some Chase products bundle benefits across accounts — for example, some premium checking accounts offer fee waivers or interest rate boosts if you maintain a linked savings account. If you have one of those, closing savings might remove the benefit. Check your checking account terms before you close to see if savings is mentioned.

If you have a Chase credit card, closing a savings account does not affect that either. Credit cards and deposit accounts are completely separate in Chase's system.

Where your money goes and how long the transfer takes

When you move money out of Chase savings, it goes to whatever account you specify — another bank, another Chase account you own, or a check you request. The timing depends on the destination.

If you transfer to another account at the same bank (Chase to Chase), the money moves within one business day, often the same day. If you transfer to a different bank, it takes one to three business days using standard ACH transfer. If you request a check, Chase mails it, and you have to deposit it yourself — that adds several days. The fastest option is transferring to another Chase account you control, or to a linked external account if you have already set that up.

Plan the timing so you are not without access to your money. If you need the funds on a specific date, move them at least three business days before that date. If you are moving to a new bank and you do not have an account there yet, open it first, then transfer from Chase.

Interest rates and whether you are losing money by staying

Chase savings accounts currently earn a very low interest rate — typically 0.01% annual percentage yield (APY) or less, depending on the account type. That means $1,000 in the account earns roughly $0.10 per year. Many online banks and credit unions offer 4% to 5% APY on savings accounts with no monthly fee and no minimum balance.

If you have $5,000 in savings, the difference between 0.01% at Chase and 4.5% elsewhere is roughly $225 per year. Add the $25 monthly fee Chase charges if you fall below the minimum, and you are losing $300 per year just by keeping the account open. That is a real cost, and it is worth moving if you have the time to set up a new account.

However, if you are only keeping a few hundred dollars in savings and you can easily maintain the $300 minimum, the interest difference is small — maybe $10 to $20 per year. In that case, closing is not urgent, and you might keep the account for convenience if you already use Chase for checking.

Reasons to keep the account open instead

Keep your Chase savings account if you use Chase for checking and you want everything in one place. Consolidation has a real value: one login, one statement, one place to move money between accounts. If you are comfortable with Chase's interest rate and you can easily maintain the $300 minimum, the convenience might be worth more to you than the extra interest you would earn elsewhere.

Keep it if you have a Chase Premier Plus Checking account or another premium product that requires a linked savings account to waive fees or earn higher interest on checking. In those cases, closing savings might cost you more in lost benefits than you would save by moving to another bank.

Keep it if you are building an emergency fund and you want the account separate from your checking account — the physical separation can help you avoid dipping into savings for everyday expenses. Chase savings works fine for that purpose, even if the interest rate is low.

Frequently Asked Questions

Does closing a Chase savings account hurt my credit?

No. Closing a deposit account does not appear on your credit report and does not affect your credit score. Credit bureaus only track credit accounts like loans and credit cards, not savings or checking accounts.

What happens if I have a pending direct deposit when I close?

If a direct deposit is scheduled to hit the account after you close it, the deposit will bounce back to the sender. Contact your employer or the organization sending the deposit and give them your new account number before you close the savings account.

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

Yes. You can open a new Chase savings account at any time by visiting a branch or explore online. There is no waiting period or penalty for having closed one previously.

What if there is still a small balance in the account when I try to close?

Chase will not close the account until the balance is zero. Move or withdraw every penny first, including any pending interest. Once the balance is zero, the account closes within a few business days.

Do I lose any benefits or protections by closing?

Your money is protected by FDIC insurance up to $250,000 while it is in the account. Once you close and move the money, that protection transfers to whatever account you move it to — assuming that account is also FDIC-insured. You do not lose protection by switching banks; you just move it with your money.