Chase Bank is one of the biggest banks in the US, with more than 4,700 branches and a wide range of banking services. However, we carefully track the top CD rates here at CNET, and Chase’s deposit rates fall short unless you already have an established relationship with Chase.
Chase offers CD terms ranging from one month to 10 years, but its standard CD rates are well below the Federal Deposit Insurance Corporation’s national average. If you already bank with Chase and prefer to keep all your money in one place, you might be comfortable forfeiting better interest rates for convenience. But you’ll find more competitive rates at other banks.
Chase CDs: At a glance
| Minimum deposit | $1,000 |
|---|---|
| Term lengths | One month to 120 months (10 years) |
| Compounding schedule | Daily |
| Early withdrawal penalties | Terms less than 6 months: 90 days’ worth of interest Terms 6 to 24 months: 180 days’ worth of interest Terms over 24 months: 365 days’ worth of interest |
| Grace period | 10 days |
What’s going on with CD rates right now?
A certificate of deposit is considered a safe investment, making it a great place to stash your cash in an unpredictable economic environment. When you lock in an interest rate with a CD, your rate is guaranteed, even if rates take a hit.
However, banks are slowly lowering CD rates across multiple terms in anticipation of the Federal Reserve’s rate cut, which many experts expect in September, according to Stephen Kates, a certified financial planner.
“Rates today are higher than they have been in decades, so now is a great time to lock in a medium to long-term CD for a guaranteed return,” Kates said. When the Fed does opt to cut rates, CD rates will likely fall faster, so securing a high rate now is a smart money move, Kates added.
What are the CD rates at Chase Bank?
There are two main categories for Chase’s CDs: Standard and Relationship. If you don’t have a checking account with Chase, you’ll have access to its Standard CD. If you do have a current Chase checking account and link it to your CD account, you’ll get access to slightly higher APYs with Relationship CDs.
Each CD requires a $1,000 minimum deposit and is subject to an early withdrawal penalty if you withdraw funds before the CD matures, or reaches the end of its term.
Chase Standard CD rates
| Terms | 1 month to 120 months (10 years) |
|---|---|
| Interest rate | 0.01% |
| APY | 0.01% |
| Minimum deposit | $1,000 |
Chase Relationship CD rates
| Term length | APY for initial deposit ($1,000 – $9,999) | APY for initial deposit ($10,000 – $99,999) | APY for initial deposit ($100,000 and above) |
| 1 month | 0.02% | 0.02% | 0.02% |
| 2 months | 3.25% | 3.25% | 3.25% |
| 3 months | 4.25% | 4.25% | 4.25% |
| 6 months | 2.00% | 2.00% | 2.00% |
| 9 months | 3.50% | 3.50% | 3.50% |
| 12 months | 2.00% | 2.00% | 2.00% |
| 15 months | 2.50% | 2.50% | 2.50% |
| 18 months | 2.50% | 2.50% | 2.50% |
| 21 months | 2.50% | 2.50% | 2.50% |
| 24 months | 2.50% | 2.50% | 2.50% |
| 30 months | 2.50% | 2.50% | 2.50% |
| 36 months | 2.50% | 2.50% | 2.50% |
| 42 months | 2.50% | 2.50% | 2.50% |
| 48 months | 2.50% | 2.50% | 2.50% |
| 60 months | 2.50% | 2.50% | 2.50% |
| 84 months | 2.50% | 2.50% | 2.50% |
| 120 months | 2.50% | 2.50% | 2.50% |
No matter how much you deposit in a standard Chase CD, the interest rate and APY are identical — and leave a lot to be desired. If you deposit $1,000 in Chase’s standard five-year CD with a 0.01% APY, you’ll earn $0.50 in five years. But if you deposit $1,000 in Chase’s Relationship five-year CD with a 2.50% APY, you’ll earn $131.41 in interest in five years. Still, it’s important to note that you must have an established relationship with the bank to open a Relationship CD.
Comparatively, Synchrony Bank, an online-only bank, offers 4.00% APY on its five-year CD. If you deposit the same $1,000 in that account, you’ll earn $216.65 at that rate.
Here’s how much you can earn if you deposit $1,000, based on Chase’s current Relationship CD rates.
| Term | APY | Total interest earned |
| 1 month | 0.02% | $0.02 |
| 3 months | 4.25% | $10.46 |
| 6 months | 3.00% | $14.89 |
| 9 months | 3.50% | $26.14 |
| 12 months | 2.00% | $20.00 |
| 15 months | 2.50% | $31.35 |
| 18 months | 2.50% | $37.73 |
| 21 months | 2.50% | $44.16 |
| 24 months | 2.50% | $50.63 |
| 30 months | 2.50% | $63.68 |
| 36 months | 2.50% | $76.89 |
| 42 months | 2.50% | $90.27 |
| 48 months | 2.50% | $103.81 |
| 84 months | 2.50% | $188.69 |
| 120 months | 2.50% | $280.08 |
APYs as of Aug. 16, 2024.
Is Chase a good choice for a savings or CD account?
Chase’s savings and CD options won’t earn you as much money in interest as online-only banks and credit unions.
For example, Chase’s six-month Standard CD rate is 0.01%, much lower than the national average rate of 1.81%. It’s also much lower than some of the best CD rates available, which offer between 4% and 5% (or higher).
But if you already have an account with Chase and prefer convenience instead of chasing yield, this account may work in your favor. You’ll be able to manage your account online and in person.
If you’re looking for the best bank to earn interest on your savings, compare rates and other factors that affect your financial goals. For example, you may consider the bank’s customer service and minimum deposit. Most importantly, make sure the financial institution you choose is insured by the FDIC or National Credit Union Administration, which protects your savings for up to $250,000 per person, per account from bank failure.
How to open a Chase CD account
You can open a CD online if you’re an existing Chase customer. If you aren’t, you’ll need to schedule a meeting with a Chase representative online before opening a CD.
When you’re ready to open the account, you’ll need your personal information, including your full name, address and Social Security number or Individual Taxpayer Identification Number. You’ll need to select your CD term and fund the account with a minimum of $1,000. You won’t be able to add more money to your CD account after the initial deposit, so make sure you’re prepared to deposit the full amount.
Chase offers two main savings account options: Chase Savings and Chase Premier Savings. These savings accounts have a monthly service fee of $5 and $25, respectively. But these fees can be waived if you maintain a minimum daily balance, set up automatic transfers or link a Chase Premier Plus Checking or Chase Sapphire Checking account.
The Chase Savings account earns a 0.01% APY, which is well below the FDIC’s national average. The Premier Savings account pays a slightly higher yield of 0.2% APY, but it’s also well below the national average. And to qualify for the Premier relationship rate, you have to link your account to a Chase Premier Plus Checking or Chase Sapphire Checking account and make at least five transactions each statement period using your linked checking account.
FAQs
The minimum deposit to open a Chase CD account is $1,000.
If your CD term is less than six months, you’ll lose 90 days’ worth of interest. If your CD term is between six and 24 months, you’ll lose 180 days’ worth of interest. And if your CD term is 24 months or more, you’ll lose 365 days’ worth of interest.
Once your Chase CD matures, you’ll have a 10-day grace period to adjust your CD, including changing the term, withdrawing or depositing funds or closing the account. If you don’t make adjustments to your CD during the 10-day grace period, your CD will automatically renew for the same term with a new maturity date.
CommunityWide Federal Credit Union currently has the highest CD rate available at 5.30% APY, based on the banks we track at CNET. This rate is accurate as of Aug. 16, 2024.
You need to deposit at least $1,000 to get started, but we like that CommunityWide Federal Credit Union does not charge any monthly fees.
This article includes some material that was previously published on NextAdvisor, a CNET Money sister site that was also owned by Red Ventures and which has merged with CNET Money. It has been edited and updated by CNET Money editors.
+ There are no comments
Add yours