How to Close a Chase Savings Account: A Step-by-Step Guide

Have you ever had the impression that your bank account is simply lying there, inactive? You might have opened a Chase savings account some time ago for a rainy-day fund; now you’re not utilizing it or you discovered a better choice elsewhere. Your motivation may be different, but it’s absolutely acceptable to stop and reconsider your financial situation.

In this article, we’re walking you through how to close a Chase savings account—without stress, without hidden fees, and with your financial sanity intact. Let’s dive in.

Reasons People Close Savings Accounts (And Why It’s Okay)

Before we get into the “how,” let us briefly discuss the “why.” Ending a savings account is not a failure; rather, it is usually a wise financial decision. Here are few typical justifications:

You’re steering clear of monthly costs. Some Chase savings accounts have a maintenance charge should you fail to satisfy particular balance criteria.
You are combining accounts. Having too many accounts could make it difficult to monitor your money.
You are changing banks. Perhaps you discovered a no-fee or better interest rate online bank.

The account is no longer required. It’s that easy!

Your money, your rules, whatever your cause.

What to Know Before Closing Your Account

Let’s take a moment. Though it may seem obvious, closing a bank account calls for some preparation. Your first steps should be as follows:

Review Your Balance

Ensure your Chase savings account balance is zero—or near to it. Should the account include money, you must move it to another account—either with Chase or another bank—before closing.

Remember about pending transactions, please. To prevent problems, wait till everything clears.

Cancel Deposits and Transfers Automatic

Is this savings account receiving direct deposits? Perhaps you have established regular transfers from your checking account.

Should that be the case, reverse them. Your money might otherwise go into a closed account, which is an unnecessary hassle.

Save or Download Statements

Should the account be terminated, you could no longer have access to your previous account statements. Download them from your Chase online account if you believe you will need them for tax or budgeting reasons.

Three Simple Ways to Close a Chase Savings Account

You’ve crossed the t’s and dotted the i’s; now you should really shut your account. Using one of three techniques, this is the correct approach to end a Chase savings account.

Option 1: Close It Online (for Current Customers)

This one is for you if you enjoy doing business from your couch.

Use the Chase mobile app or log into your Chase online account.
Request account closure using the Secure Message Center. Be specific—give the account number and verify your want to close it.
Wait for a Chase representative to send you a confirmation message.

Heads-up: Especially if there is a leftover amount or odd behavior, not all Chase savings accounts can be terminated electronically. You will then be told to visit a branch or phone.

Option 2: Call Customer Service

Calling Chase’s customer care is a good choice if you’d want to talk to someone personally.

Keep your account details close to hand to confirm your identity.
Tell the official you want to shut your savings account.
They will walk you through the procedure, covering any last actions such transferring your leftover balance.

If you have questions, require quick advice, or wish to ensure everything is managed properly the first time, this approach is useful.

Option 3: Visit a Chase Branch

Would you like to ensure everything is handled personally? Simply go to your closest Chase branch.

Bring your Chase debit card and a government-issued ID.
Talk to a banker and tell them you wish to shut your savings account.
They can assist you in moving any leftover money and closing it right away.

If you’re closing several accounts or have joint ownership concerns to address, visiting a branch is particularly beneficial, according to experts.

What Happens After You Close the Account?

Alright, so the account is closed—what now?

You’ll receive a confirmation. Whether via email, phone, or in person, Chase will confirm that the account is closed.
No more fees. Monthly maintenance fees or minimum balance charges? Gone.
Keep an eye on your other accounts. If your Chase savings was linked to a Chase checking account for overdraft protection, you might want to review your options.

And remember—just because you’re closing your savings account doesn’t mean you’re cutting ties with Chase entirely. You can still keep other accounts, credit cards, or use their services if they suit your needs.

Options other than closing your Chase savings account

Hang on; are you completely certain you wish to close it?

Occasionally, other choices could be more suitable:

Change to a no-fee savings account. You can look around with online banks including Ally, Capital One 360, or Discover or Chase might provide more savings possibilities.
Lower your balance but leave the account active. This preserves your banking and credit history without compromising your money management.
Change the account type. Discuss with Chase changing to another account type rather than terminating it directly.

So before pulling the plug, it’s worth asking: Is there a better approach to reorganize your finances?

Conclusion

Closing a Chase savings account is all about seizing control of your financial life. Closing your account can be a wise, empowered move whether you’re ready for a fresh start, streamlining your banking system, or reducing fees.

The secret? Do it correctly. Check your balance again, stop those auto-transfers, and select the closure option—online, by phone, or in person—that suits you most. From then on, it is smooth sailing.

And come on—keep going. Look constantly for methods to help your money help you. Financial freedom is about making every dollar matter, not about having more accounts.

This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

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Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
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US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.