November 29, 2023

Chase Bank CD Rates

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Are Chase CD rates any good? You might find better options elsewhere. Find out more.

Chase offers a convenient banking experience thanks to their extensive catalog of products. But, if you're after high CD interest rates, Chase might not offer the best options.

They offer CDs with a decent APY and terms that go up to 120 months. Read on to learn more about Chase CDs and its features.

What Chase CD's are available?

Currently, Chase only offers regular CDs, but they give different rates for existing customers when they meet certain criteria. Here are the types of CD rates that Chase offers:

  • Relationship CD Rates: Available for customers with a linked Chase personal checking account
  • Standard CD Rates: Available for new customers of Chase

Do note that Chase Relationship CD Rates are typically higher than Standard Rates. With that, here's an overview of the different features of Chase CDs:

CDs AvailableStandard, Relationship
Minimum Deposit$1,000
Terms1-120 months
Interest PaymentsMonthly, Quarterly, Semiannually, Annually, or at Maturity (depending on the term)
Early Withdrawal Penalty*Terms < 6 months: lower of interest earned or 90 days' interest
Terms 6 months to < 24 months: lower of interest earned or 180 days' interest
Terms 24 months or more: lower of interest earned 365 days' interest
Grace Period10 days after maturity
FDIC-InsuredYes

Is there a minimum amount to open a Chase CD?
A minimum deposit of $1,000 is required to open a CD at Chase.

Chase Relationship CD Rates

Chase's Relationship CD Rates are for existing customers who also have a Chase Personal Checking Account and offer better rates than their standard rates.

They also have various terms ranging from 1 month to 120 months which have similar rates even with different balance tiers.

But, if you want to earn more, you can open a Chase Relationship CD with a featured term.

Ultimately, the wide range of CD terms allows you to be more flexible about how long you want to keep a CD at Chase.

What are the Chase CD account balance tiers?
Chase has three CD account balance tiers available only for Relationship CD rates. Rates may vary depending on the tier.
  • $1,000 to $9,999
  • $10,000 to $99,999
  • $100,000 or more

Chase Standard CD Rates

If you are a new Chase customer and do not have a Personal Checking Account with them, you can only get Standard Rates on your CD for now. Unfortunately, the rates can be quite low–even lower than the national average[1].

You can pick the same CD lengths with Standard Rates, which gives you some flexibility. But for higher earnings, you might want to check out CDs from different banks instead of Chase.

How Chase CDs Compare

Fees & Penalties

To maximize your earnings, you want to hold off withdrawing your CD until maturity. But if you do withdraw early, you can expect penalties.

For Chase's CDs, here are the early withdrawal penalties by CD term[2].

  • Terms less than 6 months: 90 days interest on the amount withdrawn or the total interest earned, whichever is lower.

  • Terms 6 months to less than 24 months: 180 days interest on the amount withdrawn or the total interest earned, whichever is lower.

  • Terms 24 months or more: 365 days interest on the amount withdrawn or the total interest earned, whichever is lower.

If you withdraw your CD within 7 days of opening the CD, you will be charged at least 7 days' worth of interest on the amount withdrawn.

Can I partially withdraw my Chase CD?
No, usually you cannot do partial withdrawals on your Chase CD before maturity. Otherwise, you need to pay early withdrawal penalties.

But Chase might let you waive early withdrawal penalties for reasons like the CD owner has passed on or if the CD is being moved into a living trust.[3]

Chase CDs Pros & Cons

Check out Chase CD's pros and cons to better decide whether you should open a CD at Chase.

Pros

  • No monthly service fees
  • No account opening fees
  • Wide range of CD terms available
  • Daily compounding interest
  • FDIC insurance for up to $250,000

Cons

  • APY is relatively low
  • $1,000 minimum for all CDs
  • Must have linked checking account for higher APY
  • $100,000 minimum required to get higher APY
  • IRA CDs no longer open to new applicants
  • Early withdrawal penalties

Can You Lose Money with a Chase CD?

CDs are generally one of the safest investments so you can't really lose money with it. Additionally, Chase is an FDIC-member bank which means deposits are insured up to $250,000.

The only way you can really lose money is when you are subjected to penalties for taking your money out prematurely. Early withdrawal fees can eat into your earnings.

How to Open a CD with Chase

You can open a CD at Chase online if you are already an existing customer. Here's how you can open a CD online:

  1. Log in to your Chase account online.
  2. Go to Open an Account and select CDs.
  3. Select your preferred term and amount to deposit.
  4. Fund your CD.

If you are not banking with Chase yet, you can open a Chase Personal Checking account online first, or visit a Chase branch near you to open a CD.

How to fund Chase CD
You can easily fund your CD once you have a linked Chase Personal Checking account. To fund your Chase CD, you can either transfer funds from an existing Chase account or from an external bank account[4].

How to Withdraw Upon Maturity

Most banks will send you a notice several days before your CD matures. Chase lets you check the maturity date of your CD by logging into your account on their website or on the Chase Mobile app[5]. Prior to maturity, it's best to decide what to do with your CD already.

Here are your options:

  • Close the CD and withdraw all funds
  • Add deposit to the CD or withdraw a part of the CD
  • Change the CD term
  • Automatic renewal

Chase gives you a 10-day grace period after the maturity date for CD terms of 14 days or longer.[6] Make sure you contact Chase about your plans during this period. Otherwise, the CD will automatically renew and you will need to pay penalties to close the CD.

You can reach out to their customer service, schedule a meeting, or visit a nearby Chase branch.

How do I reach Chase?
You can call Chase at 1-800-935-9935 to discuss your CD or other personal banking concerns and inquiries. Their lines are available 24/7. You can also contact them via Chase's Secure Message Center with your online account.

Chase CD Ladders

If you have a linked Chase Private Client CheckingSM account, a dedicated banker can help you set up a CD Ladder[7]. This is a strategy where you split your money into multiple CDs to have them mature at regular intervals to give you more flexibility with your money.

At Chase, you will have a 12-month CD Ladder with four CDs opened at the same time with the same amount. The CD terms will be 3, 6, 9, and 12 months. Each time a CD matures every three months, it will be automatically renewed and will be reinvested into a new 12-month CD.

The rates offered on CD Ladders can vary depending on the account balance tier. But the rates may not be as attractive. You might be better off building your own ladder at banks offering CDs with higher APY.

Use this CD ladder calculator to see how much you can earn.

Chase Offers

Frequently Asked Questions

What are Chase CD rates right now?
Chase CDs may not have the best rates in the market. If you are already banking with them you might be able to get some okay Relationship Rates.

What is Chase CD term?
Chase offers a wide range of CD terms starting from 1-month all the way up to 10 years. However, the rates on their CDs are quite low.

When can I withdraw from Chase CD?
Generally, you cannot withdraw from your Chase CD until it matures. Otherwise, you need to pay early withdrawal penalties. Check your CD's maturity date by logging into your account on the Chase website or Chase Mobile App.

Is Chase CD good?
Chase CDs are generally lower than most of the top CD offerings on the market–lower even than the national average.

Bottom Line

Chase CDs may not have the best rates in the market even with their Relationship CD Rates. But, Chase is a good choice if you prefer having the convenience and accessibility.

To score higher APY on a CD, try looking at online banks and credit unions instead.

References

  1. ^ FDIC. National Rates and Rate Caps, Retrieved 10/08/2023
  2. ^ Chase. Are there early withdrawal fees or penalties associated with a Chase CD?, Retrieved 10/08/2023
  3. ^ Chase. Deposit Account Agreement and Privacy Notice, Retrieved 10/08/2023
  4. ^ Chase. Add money to your account, Retrieved 10/08/2023
  5. ^ Chase. CD Maturity, Retrieved 10/08/2023
  6. ^ Chase. FAQ: What is my maturity date and grace period?, Retrieved 11/16/2023
  7. ^ Chase. Private Client: CD Ladders, Retrieved 10/08/2023
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 10/16/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Bluevine

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Rue Atanacio is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Rue Atanacio at rue.atanacio@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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