Table Of Content
Chase is one of the largest banks in the US, offering a varied product line including CDs. Chase currently has 17 CD terms, ranging from just one month to ten years. There are also standard and relationship rates for CD accounts. The relationship rates apply to customers who link their Chase personal checking account.
Unlike many financial institutions, Chase does not specifically incentivize taking out a longer-term CD. There is no progressive scale for longer term CDs, but we’ll explore this in more detail later. Another interesting point to note is that Chase renews CDs automatically.
Chase Bank CDs
APY Range
Minimum Deposit
Terms
Our Rating
Chase Bank CDs
APY Range
Minimum Deposit
Terms
Our Rating
How Chase Bank CDs Work
All Chase CDs have a minimum deposit of $1,000, but if you want to open a CD with an amount greater than $1 million, you will need to schedule a meeting with a Chase advisor.
Chase CDs are available with terms ranging from one month to ten years. This includes terms of one, two, three, six, nine months, one year, 15, 18 and 21 months, two years, 30 months, three years, 42 months, five years, seven years and ten years.
Opening a CD is as simple as a few taps on the app. Users can choose the type of CD, specify the deposit amount, and complete the process seamlessly:
It is important to bear in mind that if you withdraw funds prior to maturity, you will incur a penalty. The penalty varies according to your CD term.
- Term of less than six months: If your CD has a term of less than six months, you’ll incur a penalty of 90 days interest on the sum withdrawn. However, you won’t incur a penalty greater than the total amount of interest you’ve earned during the current CD term.
- Term of six months to two years: With these CD terms, the early withdrawal penalty you’ll incur is 180 days of interest, again this is capped by the total amount of interest you’ve earned during the current CD term.
- Term of two years or more: If you have a CD with a term of two years or more, the penalty for early withdrawal is 365 days of interest.
It is important to note that if you make a withdrawal less than seven days of opening your CD, the early withdrawal penalty will be calculated as we described above, but it will not be less than seven days interest.
The app provides detailed information about the terms, interest rates including featured CDs:
What Are The Chase Bank CDs Rates?
Most Chase CDs have a low rate regardless of the initial deposit or term. You can access a bit higher rate if you have a linked Chase personal checking account.
However, the most obvious difference in rates occurs with 12 month CDs or CDs with a term of 24 or longer. These CDs offer higher rates regardless of your initial balance.
Interest on Chase CDs is compounded daily and depending on your CD term, you can have the interest applied to your account monthly, quarterly, semi annually, annually or at maturity.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 4.25% – 4.25% | 90 days of interest |
6 Months | 3.00% | 180 days of interest |
9 Months | 4.00% – 4.50% | 180 days of interest |
12 Months | 2.00% | 180 days of interest |
18 Months | 2.50%
| 180 days of interest |
24 Months | 2.50% | 365 days interest |
30 Months | 2.50% | 365 days interest |
36 Months | 2.50% | 365 days interest |
48 Months | 2.50% | 365 days interest |
60 Months | 2.50% | 365 days interest |
120 Months | 2.50% | 365 days interest |
Furthermore, keep in mind that you won't be able to access long-term CDs offering high rates through Chase. For instance, if you're interested in finding the best rates for 5-year CDs, you'll have to explore options with different banks.
How Much Can You Earn If You Deposit $100,000 Today?
In case you deposit $100,00 to Chase bank CD, here are the expected earnings (before tax) in case the interest is compounded daily:
CD Term | APY | Interest Earned |
|---|---|---|
3 Months | 4.25% – 4.25% | $1,053 – $1,178 |
6 Months | 3.00% | $1,490 |
9 Months | 4.00% – 4.50%
| $3,003 – $3,385 |
12 Months | 2.00% | $1,992 |
18 Months | 2.50%
| $3,768 |
24 Months | 2.50% | $5,055 |
30 Months | 2.50% | $6,358 |
36 Months | 2.50% | $7,677 |
48 Months | 2.50% | $10,365 |
60 Months | 2.50% | $13,121 |
120 Months | 2.50% | $30,351 |
Are Chase Bank CD Rates Competitive Compared to Other Banks?
Since the national average for CD rates is approximately 1.82%, Chase is not especially competitive, unless you can establish a relationship with a Chase personal checking account, so the relationship rate is applied and you take out a CD with a term of 24 months or longer.
However, when you compare Chase CD rates with online banks, even with the relationship rates, Chase becomes far less competitive. Since you can get online bank CDs offering as much as twice the rate offered by Chase, if you’re looking to get the highest online CD rates, you may need to consider other alternatives.
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Chase Bank CD Rates vs Savings Rates
While Chase Bank does not have particularly high rates on its standard CDs, the rates are much higher what you can get with a standard Chase savings account. Of course, with a Chase savings account, you will have unlimited access to your funds with no early withdrawal penalties.
However, the standard savings accounts do have a monthly maintenance fee. While this can be waived if you have auto savings or a minimum daily balance of $300.
If you can’t comfortably meet these waiver requirements, the monthly fee could easily start to eat away at your savings balance.
About Chase Bank
Chase Bank is part of the JPMorgan Chase & Co brand. It is one of the largest banks in the U.S offering a full service line up of products and services with a broad range of both personal and business banking products.
While Chase may not offer the highest rates, as a Chase customer you’ll not only have online and mobile access to your accounts, but you can visit one of Chase’s branches. Chase has a network of more than 4,700 branches and over 16,000 ATMs across the country. This makes it easy to manage your account, and you can always access the customer support team if you have a query or concern.
Here's our Chase Bank rating for 2024.
FAQs
Does Chase Bank Offer No Penalty CD Rates?
No Chase does not currently offer a no penalty CD. This means that if you need to make a withdrawal before the CD matures, you will incur a penalty.
Does Chase Bank offer promotions on CDs?
Yes, Chase offers promotional rates for those who establish a relationship, by linking a Chase personal checking account. As a Chase customer, you may also receive notifications of potential promotional rates on CD products.
Do Chase Bank CDs come with a grace period? How does it work?
Chase CDs automatically mature, but there is a ten day grace period. This allows you 10 days to make changes to your CD, add further funds or withdraw the CD principal without incurring an early withdrawal penalty.
How is Chase Bank CDs interest calculated?
Chase CDs have interest that compounds daily and then depending on your CD term, it may be added to your account monthly, quarterly, semi annually or annually. Alternatively, the interest may be added to your account when the CD matures.
How does Chase Bank early withdrawal penalty work?
The early withdrawal penalty depends on the CD term. For less than 6 months CDs, the early withdrawal penalty is 90 days of interest, if the term is between 6 months to less than 24 months you'll be charged 180 days of interest and if you lock your funds for 24 months or more, there is 365 days interest penalty.
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How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
