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 mail.
Before you close the account, make sure you withdraw or transfer any money in it. If there is a balance, Chase will not close the account until it reaches zero. If you have pending transactions or automatic transfers set up, cancel those first so nothing bounces after the account closes.
Key Takeaways
- Chase charges no fee to close a savings account, and you can do it in person, by phone, or by mail.
- You must withdraw or transfer all money out of the account before Chase will close it.
- Cancel any automatic transfers, bill pay, or direct deposits linked to the account before you close it.
- In-person closure at a branch takes minutes; phone or mail closure takes about 10 business days.
- Ask Chase for written confirmation of the closure and keep it for your records.
Closing your account in person at a Chase branch
Walk into any Chase branch with your ID and debit card or account number. Tell a teller you want to close your savings account. They will verify your identity, confirm the account balance is zero, and process the closure on the spot. You will receive a receipt or confirmation number.
This is the fastest method and the one that leaves the least room for error. The teller can also help you cancel any automatic transfers or payments tied to the account before closing it. If you have questions about where your money went or what happens next, you can ask them in real time.
Closing your account by phone
Call Chase customer service at the number on the back of your debit card or on your account statement. Tell them you want to close your savings account. They will ask for your account number and verify your identity by asking security questions. Once they confirm the balance is zero, they will process the closure.
Chase will mail you a written confirmation within 10 business days. Keep this confirmation in case you need proof the account is closed. If you do not receive it after two weeks, call back and ask for a reference number or email confirmation instead.
Closing your account by mail
Write a letter to Chase requesting closure of your savings account. Include your full name, account number, the date, and your signature. Mail it to the address on your account statement or the back of your debit card. Include a copy of your ID if Chase has not seen your signature recently.
This method takes the longest—usually 10 to 15 business days from the time Chase receives your letter. Send it certified mail with return receipt so you have proof it arrived. Once Chase processes the closure, they will send you written confirmation by mail.
What to do before you close the account
Empty the account completely. Transfer or withdraw all money, down to the last cent. Chase will not close an account with a balance, even if it is just a few dollars. If you have a pending deposit or transfer coming in, wait for it to clear before you close the account.
Cancel any automatic transfers out of this account. If you have a bill pay set up to draw from this savings account, change it to pull from a different account or cancel it. Check whether you have set up any automatic transfers to move money into this account from checking or another source—turn those off too. If you forget and a transaction tries to go through after closure, it will be rejected and may trigger an overdraft fee on your other account.
Remove the account from any linked services. If you use Chase Mobile or Chase Online, the account will disappear from your view once it closes, but it is good practice to unlink it manually first. If you have a debit card tied only to this savings account, you can keep the card but it will no longer work once the account closes.
What happens after you close the account
The account will stop appearing in your Chase Mobile app or online banking within one business day. Your debit card will no longer work for this account. Chase will keep records of the account for seven years for tax and regulatory reasons, but you will not be able to access it or make transactions.
If you close the account and then realize you need it back, you can open a new Chase savings account. There is no waiting period, and you can do it online or at a branch. The new account will have a different account number.
If your account has a negative balance
If your account is overdrawn—meaning you owe Chase money—you cannot close it until you pay the negative balance. Deposit enough money to bring the account to zero, then close it. If you do not pay the overdraft, Chase may send the debt to a collection agency or report it to ChexSystems, which can affect your ability to open accounts at other banks.
If you are unsure whether your account has a negative balance, log into your Chase account online or call customer service to check before you go to a branch.
Frequently Asked Questions
Will closing my Chase savings account hurt my credit?
No. Closing a savings account does not affect your credit score because savings accounts do not appear on your credit report. Credit bureaus only track credit products like credit cards, loans, and lines of credit. Closing a savings account is a banking transaction, not a credit event.
What if I have a pending check or transfer that has not cleared yet?
Wait for all pending transactions to clear before you close the account. If a check or transfer is still pending when you close, it may be rejected and bounce. Contact the person or business who sent the check and ask them to reissue it to your new account, or wait a few more days and close the account after everything clears.
Can I close my account if I still owe Chase money on a loan or credit card?
Yes. Your savings account and your loans or credit cards are separate. Closing the savings account will not affect your loan or credit card account. You will still owe the debt and still need to make payments, but you can close the savings account independently.
How long does it take for Chase to close my account after I request it?
In person: a few minutes. By phone: same day, with written confirmation in 10 business days. By mail: 10 to 15 business days from receipt. If you do not see the account disappear from your online banking after 15 days, call Chase to confirm the closure went through.
Do I need to close my debit card when I close my savings account?
No. You can keep the debit card, but it will no longer work once the account closes. If you want to close the card as well, you can ask Chase to do that at the same time you close the account. If you want to keep the card active, link it to a different Chase account.