Chase Bank offers 17 certificate of deposit (CD) terms, ranging from one month to 120 months. The bank’s CD rates are not as competitive as those offered by online banks, though Chase recently began increasing the APYs, or annual percentage yields, on some CD terms. There’s a $1,000 minimum deposit requirement to open a CD.
Here’s an overview of Chase Bank Certificates of Deposit. Relationship rates require a Chase checking account. Rates are accurate as of May 3, 2024.
Overview of Chase Bank CDs
Chase Bank offers both standard and relationship interest rates on its CD accounts. Relationship rates are specifically for customers with a linked Chase personal checking account. All standard rate CDs currently earn 0.01% interest, regardless of term length or CD balance. Chase CDs have a $1,000 minimum opening deposit.
Interest earned on Chase CDs compounds daily, with the option to receive interest payments monthly, quarterly, semiannually, annually or at maturity.
Chase CDs renew automatically. You also have the option to add funds, change CD terms or withdraw funds (without penalty) during the 10-day grace period following maturity.
Like most banks, Chase charges a penalty for withdrawing funds before the CD’s maturity date. Early withdrawal penalties range from 90 days’ interest to 365 days’ interest, depending on the CD term.
How Much Can You Earn With Chase’s CD Rates?
CDs allow you to deposit funds into an account for a specified period of time, typically in exchange for more competitive interest rates. The interest you’ll earn on a Chase CD depends on your CD and account balance.
To find out what you can earn on Chase relationship rate CDs, plug the numbers into our CD calculator:
How Chase Bank CDs Compare
Chase CDs are often not competitive with the best CD rates, but many Chase relationship CD rates are higher than the national averages. For example, the average rate on a six-month CD is 1.57% as of April 2024, according to the FDIC, but the same term will earn you 3.00% APY with Chase.
To find the best rates possible, take time to compare CD rates at numerous banks and credit unions, in order to achieve the highest possible return on your investment.
How To Open a Chase CD Account
- Pick the type of CD you want. CDs can vary based on term length, minimum deposit requirement and rates. Figure out what your savings goal is and choose a CD that aligns with that goal.
- Apply for an account. Log onto Chase’s website or visit a branch. If you’re already a Chase customer, you can use a pre-filled application to expedite the process. If you’re not a customer, you’ll be asked to open a checking or savings account first before opening a CD.
- Provide documentation to verify your identity. To create your account, you’ll need to provide your license, Social Security number or tax identification number, and proof of address.
- Fund your account. After your account is approved, provide an initial deposit to finalize the set-up process. Depending on the CD you choose, there may be a minimum amount you have to deposit.
About Chase Bank
Chase Bank is the consumer banking branch of JPMorgan Chase. One of the largest full-service banks in the U.S., Chase offers a broad range of personal banking and business products and services. With over 4,700 branches and 15,000 ATMs nationwide, plus online and mobile access, customers can manage their bank accounts from almost anywhere in the world.
Is a Chase CD Worth It?
Unless you’re already a Chase customer and want the convenience of opening a CD where you currently bank, a Chase CD might not be worth it.
Chase’s CD rates are well below what the best CDs offer. The bank’s standard rate of 0.01% APY is below the national average for both CDs and savings accounts. Its relationship rates of 2.00% APY to 3.00% APY are above average for most terms but still below the highest rates available. Select terms offer higher promotional rates for relationship customers, but the highest rates are reserved for customers who make deposits of $100,000 or more.
All Chase CDs require a minimum deposit of $1,000. This isn’t unusual, but some banks offer CDs with a minimum deposit requirement as low as $50, which may be more accessible for you.
Frequently Asked Questions (FAQs)
What is the current CD rate at Chase Bank?
The current Chase CD rate for customers who already have a relationship with Chase ranges from 0.02% to 5.00% APY, with most CDs offering 2.00% or 3.00% APY. The bank’s featured nine-month CD pays a relationship rate from 4.00% to 4.75% APY. You’ll earn the higher APY if you deposit $100,000 or more and the lower APY if you deposit less than $100,000. Customers who do not have a pre-existing relationship with Chase will earn a standard rate of 0.01% on all CDs.
Does Chase Bank have good CD rates?
Chase offers decent relationship rates on some CD terms, but they don’t compete with the best rates available. The bank’s standard rates are well below average. What’s more, the best Chase CD rates are only for existing Chase checking customers who deposit $100,000 or more. Individuals who do not have a current banking relationship with Chase will earn a negligible amount of interest.
Are Chase CDs FDIC-insured?
Yes, Chase CDs are FDIC-insured. FDIC insurance covers up to $250,000 per depositor, per bank, per ownership category. Given that Chase offers the best CD rates to pre-existing customers, it’s important to note that FDIC insurance limits could apply to the total money in all your single-owner bank accounts with Chase, not just the amount in your CD.
What are the pros and cons of a CD?
CDs are a safe way to maximize savings because they are FDIC insured up to legal limits and often have higher interest rates than other interest-bearing deposit accounts. Also, interest rates on CDs are fixed, meaning you’ll still earn at a higher rate even if market interest rates drop. Assessing both the pros and the cons, depending on your CD term length, your money could be inaccessible long term without paying costly penalties. There’s also the chance that interest rates rise while you’re locked into a lower rate.
Are CDs safe?
Yes, CD accounts held at banks are FDIC insured, meaning the federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure. CDs held at credit unions offer similar protection through the National Credit Union Administration (NCUA).
What alternatives are there to saving with CDs?
CDs aren’t the only bank accounts that offer higher interest rates. Other bank accounts that earn competitive interest rates include high-yield savings accounts, money market accounts and interest-bearing checking accounts.
What is a CD ladder strategy?
A CD ladder strategy is the process of opening several CD accounts with varying maturity dates. Using a CD ladder allows you to take advantage of competitive interest rates while maintaining some flexibility with your funds—which may help you avoid early withdrawal penalties if you need to access your money sooner than expected.
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