Updated
Fact Checked
Nathan Alderman
While Chase's rewards credit cards offer considerable value, Chase CD rates leave a lot to be desired for new customers. For current customers and people looking for longer CD terms, Chase CDs could be a good long-term investment, but the rates are still generally lower than those at most online banks. Below is a closer look at Chase CD rates, how they compare to other banks, and whether they might be a fit for you.
Chase CD rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
| 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|---|
| 3.00% | up to 4.75% | 2.00% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Compare Chase CD rates
You probably won't find Chase CD interest rates on our best CDs list. Better CD rates are available from several top online banks. Compare CD rates below to find the right CD account for your needs.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Overview of Chase CDs
Getting a CD from Chase comes with a few perks, such as having the option to get both very short and very long CD terms.Here's what you can expect when you open CD accounts with Chase.
| Minimum deposit | $1,000 |
|---|---|
| Range of term lengths | 2 months to 120 months |
| Compounding schedule | Daily |
| Early withdrawal penalty | 90 days of interest (terms of 6 months or less); 180 days of interest (terms between 6- and 24 months); 365 days of interest (terms greater than 24 months) |
| Grace period | 10 days |
Data source: Chase.com
Chase CDs Pros and Cons
Though Chase CDs don't have the highest interest rates, they do have strengths that could balance out the weaknesses. Here's a look at the pros and cons of opening a Chase CD.
- Multiple CD terms, from one month up to 10 years
- Relationship CD rates for Chase customers
- Rates aren't competitive
- High minimum deposit
- Early withdrawal penalties of as much as 365 days of interest
Chase CD interest rates might compete with those at your local brick-and-mortar bank, especially for existing Chase customers. When measured against CDs from top banks, though, Chase CD interest rates aren't impressive.
Individuals with a linked Chase checking account have access to higher Chase CD interest rates. As a result, current customers benefit most from Chase CD interest rates.
Despite their unimpressive interest rates, Chase CDs are a solid option for customers looking to build a CD ladder. Chase offers 17 CD term options ranging from one month to 10 years -- perfect for a CD ladder.
And like most banks, there are no monthly fees associated with Chase CD accounts. Note that opening a Chase CD requires a $1,000 minimum deposit, and the bank's best rates often require a much higher balance.
RELATED: See The Ascent's list of the best Chase credit cards.
How much can you earn with a Chase CD?
Chase CDs are unique in that you can earn a higher APY if you link a Chase checking account to your CD. This activates the relationship rate on your CD, which can be 250 to 400 times higher than its standard CD rates. While Chase's CD rates can change at any time, once you lock into the rate, it's yours until the end of your term. To give you some perspective, here's how much a $1,000 deposit could earn you at Chase's relationship rates today.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
| Term | APY | Earnings |
|---|---|---|
| 1 month | 0.02% | $0.02 |
| 2 months | 4.00% | $6.69 |
| 3 months | 2.00% | $4.96 |
| 6 months | 3.00% | $14.91 |
| 9 months | 4.00% | $29.83 |
| 12 months | 2.00% | $20.00 |
| 15 months | 2.50% | $31.36 |
| 18 months | 2.50% | $37.74 |
| 21 months | 2.50% | $44.17 |
| 24 months | 2.50% | $50.64 |
| 30 months | 2.50% | $63.69 |
| 36 months | 2.50% | $76.91 |
| 42 months | 2.50% | $90.29 |
| 48 months | 2.50% | $103.84 |
| 60 months | 2.50% | $131.45 |
| 84 months | 2.50% | $188.74 |
| 120 months | 2.50% | $280.17 |
Data source: Author's calculations
Is a Chase CD safe?
Yes, Chase CDs are safe. Not only is Chase the largest bank in the U.S., but more crucially, it's protected by the FDIC. As a Chase account holder, you're insured up to $250,000 per account (per ownership category).
How to open a Chase CD
Luckily, opening a CD at Chase is pretty straightforward. Once you decide that Chase is the right CD provider for you, follow these basic steps.
1. Sign in to your Chase account
If you're not a Chase customer, you'll have to open a Chase checking or savings account first. You cannot open a Chase CD without one of these accounts.
2. Verify your information
You'll make sure your name, address, Social Security number, and employment information is still current. If nothing has changed, you'll sign the disclosures and move to the next step.
3. Choose your CD term
Next, Chase will ask you to choose your CD terms and decide how much you'll deposit. Note: Chase only lets you open four CDs at one time.
4. Add money and open your account
Finally, you'll choose an account from which you'll fund your CD. Once you've selected an account, check the box confirming your information is correct and open your CD.
Who is a Chase CD right for?
Chase CDs are a good option for people looking for CD terms beyond five years. They're also an attractive choice for customers with a Chase checking account, which gives you access to higher relationship rates.
Bottom Line: Chase CD Rates
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
Chase Standard CD
6 Mo.
9 Mo.
1 Yr.
1.5 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
3.00%
up to 4.75%
2.00%
2.50%
2.50%
2.50%
2.50%
2.50%
Chase CD rates are generally uncompetitive. Most of its standard rates are shockingly low, and even its relationship rates can't compete with the best CD rates on the market. One benefit is that Chase CDs come in a variety of terms, both short and long, which could help you build a long CD ladder. But if you want to earn the most interest on your savings, you're probably better off opening a CD at a bank with more competitive offers.
Keep reading about Chase Bank
- Chase Review
- Chase Savings℠ Review
- Chase Total Checking® Review
- Chase Business Complete Checking Review
- Chase Promotions
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
Few banks offer CD terms beyond five years. With terms up to 10 years, Chase CDs are ideal for customers who want to build a CD ladder.
-
Chase CD interest rates aren't competitive with those of the best online banks, but the APYs of several popular term lengths are quite high for a branch-based bank. For this reason, they could be a valuable savings tool for current Chase checking customers because of access to higher relationship CD rates.
-
The minimum opening deposit for Chase CDs is $1,000.
-
Chase CDs don't have monthly service fees, but you'll pay an early withdrawal penalty if you initiate a withdrawal before your CD matures.
-
Yes, but you have to pay an early withdrawal penalty. Chase will only waive the early withdrawal penalty if the CD owner has died, been disabled, or determined incompetent by a court. If you're moving the CD into a living trust, without making any other changes to the CD itself, Chase will generally permit the transfer without imposing a fee.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. SLM is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. Matt Frankel has positions in Ally Financial and American Express. The Motley Fool has positions in and recommends Charles Schwab, Goldman Sachs Group, JPMorgan Chase, PNC Financial Services, and Target. The Motley Fool recommends Barclays Plc and Discover Financial Services and recommends the following options: short June 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.