Chase certificates of deposit offers a wide range of terms, from one month to 10 years that should match your savings horizon. And while many of the CDs terms have low rates, there are a few competitive options to consider.
Annual percentage yields (APYs) and account details are accurate as of Aug. 1, 2024.
| CHASE FEATURED CD TERMS | APY |
|---|---|
2 Months | 3.25% |
6 Months | 3.00% |
9 Months | 4.00% |
Overviews of Chase Bank CDs
Chase CDs offer relationship rates, meaning you must have a Chase checking account to qualify, and the minimum deposit is $1,000. Standard rates (i.e. what you earn without a linked Chase account) offer just 0.01% APY on all CDs no matter the term, which obviously isn’t worth your time.
Rates can increase with larger deposits. For example, a two-month CD earns a relationship rate of 3.25% APY, depending on the balance. When you deposit an amount greater than $100,000, you’ll earn the higher range.
Any deposit larger than $1 million must be approved at a scheduled meeting with a Chase banker.
Withdrawing before the CD matures incurs a penalty in which your account forgoes some previously earned interest. Additionally, note that Chase automatically renews CDs unless you opt-out. You have a 10-day window once the CD renews to withdraw your funds if you choose. Otherwise, you’ll lock in your funds for the same period of time at the current interest rate.
| OVERVIEWS OF CHASE BANK CDS | |
|---|---|
Minimum Deposit | $1,000 |
Term Lengths | 1 month to 10 years |
Compounding Schedule | Daily |
Early Withdrawal Penalty |
|
Grace period for penalty-free withdrawals after maturity | 10 days after the CD matures and auto renews |
How much can you earn with Chase Bank CDs
The details of a CD, including its yield, minimum deposit requirements, interest payment schedule, and fees, depend on the issuer and whether you purchase it new. The available yields are listed in the table below.
| CD TERM LENGTH | APY |
|---|---|
1 Month | 0.02% |
2 Months | 3.25% |
3 Months | 4.25% |
6 Months | 3.00% |
9 Months | 4.00% |
12 Months | 2.00% |
15 Months | 2.50% |
18 Months | 2.50% |
21 Months | 2.50% |
24 Months | 2.50% |
30 Months | 2.50% |
36 Months | 2.50% |
42 Months | 2.50% |
48 Months | 2.50% |
60 Months | 2.50% |
84 Months | 2.50% |
120 Months | 2.50% |
With our CD calculator below, you can run the numbers to see how much you’d earn.
How Chase Bank CDs compare
The yields on most Chase CDs are outclassed by competitor offerings and some even fall below the national average. For example, the national deposit rate on a one-month CD is0.23%, according to data from the Federal Deposit Insurance Corporation (FDIC) as of July 15, 2024, while Chase’s standard rate offers only 0.01% APY.
Here’s a sampling of how Chase compares to other big-bank peers on CD APYs: Capital One 360 certificates of deposit, Citi® Certificates of Deposit and Bank of America Featured CDs.
| HOW CHASE CDS COMPARE | ||||
|---|---|---|---|---|
CD term | Chase Standard CD rates (APY) | Capital One 360 CD rates (APY) | Bank of America Featured CD rates (APY) | |
6 months | 0.01% | 4.25% | 5.00% (7 months) | |
12 months | 0.01% | 5.00% | 4.90%(13 months) | |
24 months | 0.01% | 4.00% | 3.00% (25 months) | |
Note: Rates may change depending on your particular zip code. We used 07030 for this table. Bank of America CD rates represent a deposit of $10,000 or less.
Is Chase a good option for a CD account?
Chase currently offers two terms (2 months and 9 months) with competitive rates. However, you’ll find better rates from the best 3-month and best 9-month options on the market.
Should you need to make an early withdrawal, the penalty will be no more than the total amount of interest earned. Some other CD providers have policies wherein the early withdrawal fee can eat into your principal.
Therefore, if you’re already a Chase customer and desiring CDs with those specific terms, it might be a suitable option.
However, you’ll likely find higher-yielding CDs elsewhere.
If you’re after heartier yields, check out the best CD rates.
How to open a Chase CD account
- Log in or sign up
If you’re already a Chase customer with a banking account, loan, credit card or other financial product from the company, you can log in and have the Chase CD application prefilled.
However you slice it, current customer or not, you need to have a Chase checking or savings account before investing in a Chase CD.
Once you do, you can open a Chase CD account online or in person. If you’re a fan of in-person banking, you can schedule a meeting with a banker; the button to do so is right on the Chase CD page.
You’ll only need to go in person if you’d like to open a joint account.
- Pick and fund your CD
Pick the term you want from all the available options and how often you’d like to receive the interest payments.
You can choose whether you’d like the CD interest to be paid to you monthly, quarterly, semi-annually, annually or at maturity, depending on the term.
To fund the CD, you need a minimum of $1,000, which you can transfer from your Chase checking account.
Documents you’ll need
If you already have a Chase Bank login, all you’ll likely need is your username and password.
Without being a current Chase customer, you may need to look up some information. In most cases, you won’t need to submit any documents online, simply information.
The bank requires that you share your name, residence address and a government identification number, which could be your Social Security number (SSN) or Taxpayer Identification Number (TIN).
If you go in person, you may be asked to show a document as proof of identity, such as a driver’s license.
Should you get a CD from Chase Bank?
The Chase CDs with competitive yields, such as the 2-months and 9-month options, could be worth it if you’re already a Chase customer and don’t want to open a CD at another financial institution.
There are better CD rates available at other financial institutions, however. Online banks tend to offer top-of-market rates. If you’re willing to open another account, your deposits could earn more interest elsewhere.
Alternatives to CDs
There are excellent alternatives to CDs that may better fit into your financial plan than or in addition to CDs.
- Get a high-yield savings account. Savings accounts have yields competitive to CDs, but feature much greater liquidity. While Chase Premier Savings℠ offer a offer a maximum yield of 0.01% to 0.02% APY, depending on the relationship, the best high-yield savings offer rates around 5% APY.
- Pay down debt. It can pay off to pay down high-interest debt. Rather than invest your cash, reduce your loan balances — you could potentially save more money than you could make.
If you’re waffling on which to do, try a balanced approach. Use half the money you wanted to invest in CDs to pay down debt and follow through earning yields on the other half.
About Chase Bank
Chase Bank has been around in some form or fashion for nearly 225 years and merged with J.P. Morgan & Co. (whose historic co-founders include Alexander Hamilton and Aaron Burr) in 2000.
Today, Chase Bank has branches across the nation. In 2007, the bank began implementing more environmentally friendly practices by opening its first green branch in Denver, which is LEED-certified and uses Energy Star appliances.
Frequently asked questions (FAQs)
The current rate for a standard CD at Chase is 0.01% APY, no matter the term or balance. However, relationship rates range from 0.02% to 4.25% APY, depending on the term and balance.
You may be able to find a 6% CD at a small, local institution, but we don’t currently see CD rates that high offered by national banks, credit unions or brokerage firms.
Online banks tend to pay the highest CD rates. Which bank pays the absolute highest depends on the CD term and it changes over time. Check out the best CD rates to see the most current yields.
By and large, Chase CDs aren’t worth it if you’re interested in a high yield. As one of the largest banks in the nation, Chase already has plenty of funds and doesn’t need to make a splash to gain attention (and cash deposits) by offering great rates.
Yes, your Chase deposits are insured up to $250,000 per depositor, per ownership type. If you have a Chase joint account or a Chase business account, you could receive even higher coverage.
CD rates have plateaued in the first half of 2024 and will likely start falling as the Fed cuts interest rates.
