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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’s CD relationship rates. Relationship rates require a Chase checking account. Rates are accurate as of Feb. 28, 2023.
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. In fact, many Chase CD rates are lower than the national averages posted by the FDIC—especially on most terms shorter than 24 months.
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.
About Chase Bank
Chase Bank is the consumer banking branch of JPMorgan Chase & Co. 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 16,000 ATMs nationwide, plus online and mobile access, customers can manage their bank accounts from almost anywhere in the world.
Frequently Asked Questions (FAQs)
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.
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 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.
